Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 28, 2018 | Nov. 02, 2018 | |
Document And Entity Information [Abstract] | ||
Trading Symbol | HCKT | |
Entity Registrant Name | HACKETT GROUP, INC. | |
Entity Central Index Key | 1,057,379 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 28, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-28 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 29,518,236 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 |
Current assets: | ||
Cash | $ 13,177 | $ 17,512 |
Accounts receivable and unbilled revenue, net of allowance of $1,620 and $2,601 at September 28, 2018 and December 29, 2017, respectively | 56,875 | 55,262 |
Prepaid expenses and other current assets | 3,742 | 2,511 |
Total current assets | 73,794 | 75,285 |
Property and equipment, net | 24,313 | 18,851 |
Other assets | 4,386 | 6,021 |
Goodwill, net | 84,612 | 85,074 |
Total assets | 187,105 | 185,231 |
Current liabilities: | ||
Accounts payable | 5,119 | 8,434 |
Accrued expenses and other liabilities | 34,065 | 43,014 |
Total current liabilities | 39,184 | 51,448 |
Non-current accrued expenses and other liabilities | 244 | 1,268 |
Long-term deferred tax liability, net | 7,805 | 6,240 |
Long-term debt | 11,500 | 19,000 |
Total liabilities | 58,733 | 77,956 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, $0.001 par value, 1,250,000 shares authorized; none issued and outstanding | ||
Common stock, $0.001 par value, 125,000,000 shares authorized 56,535,542 and 55,744,893 shares issued at September 28, 2018 and December 29, 2017, respectively | 57 | 56 |
Additional paid-in capital | 294,680 | 288,297 |
Treasury stock, at cost, 27,071,782 and 26,945,776 shares September 28, 2018 and December 29, 2017, respectively | (136,364) | (134,054) |
Accumulated deficit | (19,866) | (38,515) |
Accumulated other comprehensive loss | (10,135) | (8,509) |
Total shareholders' equity | 128,372 | 107,275 |
Total liabilities and shareholders' equity | $ 187,105 | $ 185,231 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable and unbilled revenue, allowance | $ 1,620 | $ 2,601 |
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 | 56,535,542 | 55,744,893 |
Treasury stock, at cost, shares | 27,071,782 | 26,945,776 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Revenue: | ||||
Total revenue | $ 73,840 | $ 71,462 | $ 222,222 | $ 216,461 |
Cost of service: | ||||
Stock compensation expense | 1,671 | 1,876 | 4,437 | 5,160 |
Total cost of service | 48,869 | 47,817 | 146,753 | 144,827 |
Selling, general and administrative costs | 15,690 | 14,877 | 46,738 | 45,612 |
Stock compensation expense | 850 | 894 | 2,495 | 2,427 |
Acquisition-related contingent consideration liability | 803 | (3,750) | ||
Restructuring | 1,293 | |||
Total costs and operating expenses | 66,212 | 63,588 | 192,236 | 194,159 |
Income from operations | 7,628 | 7,874 | 29,986 | 22,302 |
Other expense: | ||||
Interest expense | (158) | (184) | (515) | (401) |
Income from operations before income taxes | 7,470 | 7,690 | 29,471 | 21,901 |
Income tax expense | 2,313 | 2,401 | 5,426 | 3,988 |
Net income | $ 5,157 | $ 5,289 | $ 24,045 | $ 17,913 |
Basic net income per common share: | ||||
Income per common share from operations | $ 0.17 | $ 0.18 | $ 0.82 | $ 0.62 |
Weighted average common shares outstanding | 29,478,243 | 28,764,661 | 29,332,508 | 28,891,301 |
Diluted net income per common share: | ||||
Income per common share from operations | $ 0.16 | $ 0.17 | $ 0.75 | $ 0.56 |
Weighted average common and common equivalent shares outstanding | 32,593,359 | 31,957,665 | 32,214,419 | 32,254,227 |
Revenue Before Reimbursements [Member] | ||||
Revenue: | ||||
Total revenue | $ 68,243 | $ 65,947 | $ 205,332 | $ 198,742 |
Reimbursements [Member] | ||||
Revenue: | ||||
Total revenue | 5,597 | 5,515 | 16,890 | 17,719 |
Cost of service: | ||||
Total cost of service | 5,597 | 5,515 | 16,890 | 17,719 |
Cost Before Reimbursements [Member] | ||||
Cost of service: | ||||
Total cost of service | $ 41,601 | $ 40,426 | $ 125,426 | $ 121,948 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 5,157 | $ 5,289 | $ 24,045 | $ 17,913 |
Foreign currency translation adjustment | (432) | 829 | (1,626) | 2,297 |
Total comprehensive income | $ 4,725 | $ 6,118 | $ 22,419 | $ 20,210 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 24,045 | $ 17,913 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 1,857 | 1,841 |
Amortization expense | 1,789 | 1,475 |
Amortization of debt issuance costs | 68 | 68 |
Non-cash stock compensation expense | 6,932 | 7,588 |
Provision for doubtful accounts | 313 | 142 |
(Gain) loss on foreign currency translation | (425) | 530 |
Release of valuation allowance | 1,565 | 1,815 |
Changes in assets and liabilities: | ||
Increase in accounts receivable and unbilled revenue | (1,612) | (4,935) |
Increase in prepaid expenses and other assets | (1,352) | (1,172) |
Decrease in accounts payable | (3,317) | (902) |
Decrease in accrued expenses and other liabilities | (3,033) | (3,938) |
Decrease in income tax payable | (2,476) | (1,474) |
Net cash provided by operating activities | 24,354 | 18,951 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (7,273) | (4,919) |
Cash consideration paid for acquisitions | (9,268) | |
Cash acquired in acquisitions | 261 | |
Net cash used in investing activities | (7,273) | (13,926) |
Cash flows from financing activities: | ||
Proceeds from ESPP | 387 | 562 |
Proceeds from borrowings | 5,000 | 26,000 |
Repayment of borrowings | (12,500) | (11,000) |
Dividends paid | (10,048) | (8,670) |
Exercise of stock options | 200 | |
Repurchase of common stock | (4,272) | (15,598) |
Net cash used in financing activities | (21,433) | (8,506) |
Effect of exchange rate on cash | 17 | (3) |
Net decrease in cash and cash equivalents | (4,335) | (3,484) |
Cash at beginning of period | 17,512 | 19,710 |
Cash at end of period | 13,177 | 16,226 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 5,406 | 3,696 |
Cash paid for interest | $ 450 | 292 |
Supplemental disclosure of non-cash acquisition financing activities: | ||
Shares issued to sellers of Jibe Consulting | $ 3,600,000 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 9 Months Ended |
Sep. 28, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information Basis of Presentation The accompanying consolidated financial statements of The Hackett Group , 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 December 29, 2017, included in the Annual Report on Form 10-K filed by the Company with the SEC on March 9, 2018. The consolidated results of operations for the quarter and nine months ended September 28, 2018, 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. Revenue Recognition We generate substantially all of our revenue from providing professional services to our clients. We also generate revenue from software licenses, software support, maintenance and subscriptions to our executive and best practices advisory programs. A single contract could include one or multiple performance obligations. For those contracts that have multiple performance obligations, we allocate the total transaction price to each performance obligation based on its relative standalone selling price. We determine the standalone selling price based on the respective selling price of the individual elements when they are sold separately. Revenue is recognized when control of the goods and services provided are transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services using the following steps: 1) identify the contract, 2) identify the performance obligations, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue as or when we satisfy the performance obligations. We typically satisfy our performance obligations for professional services over time as the related services are provided. The performance obligations related to software support, maintenance and subscriptions to our executive and best practice advisory programs are typically satisfied evenly over the course of the service period. Other performance obligations, such as software licenses, are satisfied at a point in time. We generate our revenue under four types of billing arrangements: fixed-fee (including software license revenue); time-and-materials; executive and best practice advisory services; and software sales, software maintenance and support. In fixed-fee billing arrangements, which would also include contracts with capped fees, we agree to a pre-established fee or fee cap in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements. We generally recognize revenue under fixed-fee or capped fee arrangements using a proportionate performance approach, which is based on work completed to-date as compared to estimates of the total services to be provided under the engagement. Estimates of total engagement revenue and cost of services are monitored regularly during the term of the engagement. If our estimates indicate a potential loss, such loss is recognized in the period in which the loss first becomes probable and reasonably estimable. The customer is invoiced based on the contractual agreement between the parties, typically bi-weekly, monthly or mile-stone driven, with net thirty-day terms, however client terms are subject to change. Time-and-material billing arrangements require the client to pay based on the number of hours worked by our consultants at agreed upon hourly rates. We recognize revenue under time-and-material arrangements as the related services or goods are provided, using the right to invoice practical expedient which allows us to recognize revenue in the amount based on the number of hours worked and the agreed upon hourly rates. The customer is invoiced based on the contractual agreement between the parties, typically bi-weekly, monthly or milestone driven, with net thirty-day terms, however client terms are subject to change. 1. Basis of Presentation and General Information (continued) Advisory services contracts are typically in the form of a subscription agreement which allows the customer access to the Company’s executive and best practice advisory programs. There is typically a single performance obligation and the transaction price is the contractual amount of the subscription agreement. Revenue from advisory service contracts is recognized ratably over the life of the agreements. Customers are typically invoiced at the inception of the contract, with net thirty-day terms, however client terms are subject to change. The resale of software and maintenance contracts are in the form of SAP America software license or maintenance agreements provided by SAP America. SAP is the principal and the Company is the agent in these transactions as the Company does not obtain title to the software and the maintenance is sold simultaneously. The transaction price is the Company’s agreed-upon percentage of the software license or maintenance amount in the contract with the vendor. Revenue for the resale of software licenses is recognized upon contract execution and customer’s receipt of the software. Revenue from maintenance contracts is recognized ratably over the life of the agreements. The customer is typically invoiced at contract inception, with net thirty-day terms, however client terms are subject to change. Expense reimbursements that are billable to clients are included in total revenue, and are substantially all billed as time-and-material billing arrangements. Therefore, the Company recognizes all reimbursable expenses as revenue as the related services are provided, using the right to invoice practical expedient. Reimbursable expenses are recognized as expenses in the period in which the expense is incurred. Any expense reimbursements that are billable to clients under fixed-fee billing arrangements are recognized in line with the proportionate performance approach. The payment terms and conditions in our customer contracts vary. The agreements entered into in connection with a project, whether time-and-materials based or fixed-fee or capped-fee based, typically allow clients to terminate early due to breach or for convenience with 30 days’ notice. In the event of termination, the client is contractually required to pay for all time, materials and expenses incurred by the Company through the effective date of the termination. In addition, from time to time the Company enters into agreements with its clients that limit its right to enter into business relationships with specific competitors of that client for a specific time period. These provisions typically prohibit the Company from performing a defined range of services which it might otherwise be willing to perform for potential clients. These provisions are generally limited to six to twelve months and usually apply only to specific employees or the specific project team. Sales tax collected from customers and remitted to the applicable taxing authorities is accounted for on a net basis, with no impact to revenue. Differences between the timing of billings and the recognition of revenue are recognized as either unbilled services or deferred revenue in the accompanying consolidated balance sheets. Revenue recognized for services performed but not yet billed to clients are recorded as unbilled services. Revenue recognized, but for which are not yet entitled to bill because certain events, such as the completion of the measurement period, are recorded as contract assets and included within unbilled services. Client prepayments are classified as deferred revenue and recognized over future periods as earned in accordance with the applicable engagement agreement. See Note 3 for the accounts receivable and unbilled revenue balances and see Note 4 for the deferred revenue balances. During the quarter and nine months ended September 28, 2018, the Company recognized $4.2 million and $14.0 million of revenue as a result of changes in deferred revenue liability balance, respectively, as compared to $5.8 million and $17.1 million for the quarter and nine months ended September 29, 2017, respectively. The following table reflects the Company’s disaggregation of total revenue including reimbursable expenses for the quarters and nine months ended September 28, 2018 and September 29, 2017: Quarter Ended Nine Months Ended September 28, September 29, September 28, September 29, 2018 2017 2018 2017 Consulting $ 73,271 $ 70,532 $ 220,197 $ 214,273 Software License Sales 569 930 2,025 2,188 Total revenue $ 73,840 $ 71,462 $ 222,222 $ 216,461 1. Basis of Presentation and General Information (continued) Capitalized Sales Commissions Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and then amortized as project revenue is recognized. We determined the period of amortization by taking into consideration the customer contract period, which are generally less than 12 months. Commission expense is included in Selling, General and Administrative Costs in the accompanying condensed consolidated statements of operations. As of December 29, 2017 and December 30, 2016, the Company had $1.4 million and $1.8 million, respectively, of deferred commissions, of which $0.1 million and $0.7 million was amortized during the quarters and nine months ended September 28, 2018, respectively, as compared to $0.2 million and $1.2 million during the quarter and nine months ended September 29, 2017, respectively. No impairment loss was recognized relating to the capitalization of deferred commission. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be less than one year. 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 28, 2018 and December 29, 2017, the carrying amount of each financial instrument 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 the carrying amount, using Level 2 inputs, due to the short-term variable interest rates based on market rates. 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 FASB issued ASU 2014-09, Revenue from Contracts with Customers 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. 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 assessing the impact of this standard on its consolidated financial statements and related disclosures. The Hackett Group, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Basis of Presentation and General Information (continued) In July 2018, the FASB issued ASU 2018-09, which affects a wide variety of Topics in the Codification and applies to all reporting entities within the scope of the affected accounting guidance. The amendments in the ASU represent changes that clarify, correct errors in, or make minor improvements to the Codification. Ultimately, the amendments make the Codification easier to understand and apply by eliminating inconsistencies and providing clarifications. Some of the amendments in this ASU do not require transition guidance and are effective upon issuance of the ASU, while many of the amendments have transition guidance with effective dates for annual periods beginning after December 15, 2018. The adoption of the amendments in this ASU are not expected to have a material impact on the Company’s consolidated financial statements and related disclosures. Reclassifications Certain prior period amounts in the consolidated financial statements, and notes thereto, have been reclassified to conform to current period presentation. 1 |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 28, 2018 | |
Earnings Per 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. Diluted 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 28, September 29, September 28, September 29, 2018 2017 2018 2017 Basic weighted average common shares outstanding 29,478,243 28,764,661 29,332,508 28,891,301 Effect of dilutive securities: Unvested restricted stock units and common stock subject to vesting requirements issued to employees and non-employees 684,045 928,103 507,508 1,008,159 Common stock issuable upon the exercise of stock options and SARs 2,431,071 2,264,901 2,374,403 2,354,767 Dilutive weighted average common shares outstanding 32,593,359 31,957,665 32,214,419 32,254,227 Approximately 1 thousand shares of common stock equivalents were excluded from the computations of diluted net income per common share for both the quarter and nine months ended September 28, 2018, as compared to 41 thousand and 20 thousand for the quarter and nine months ended September 29, 2017, 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. 28, 2018 | |
Receivables Net Current [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 28, December 29, 2018 2017 Accounts receivable $ 44,636 $ 44,972 Unbilled revenue 13,859 12,891 Allowance for doubtful accounts (1,620 ) (2,601 ) Accounts receivable and unbilled revenue, net $ 56,875 $ 55,262 Accounts receivable is net of uncollected advanced billings. Unbilled revenue represents revenue for services performed that have not been invoiced. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 9 Months Ended |
Sep. 28, 2018 | |
Accrued Liabilities And Other Liabilities Current [Abstract] | |
Accrued Expenses and Other Liabilities | 4. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): September 28, December 29, 2018 2017 Accrued compensation and benefits $ 10,152 $ 5,289 Accrued bonuses 4,230 4,119 Accrued dividend payable — 4,656 Acquisition earnout accruals 2,928 6,207 Deferred revenue 9,083 9,271 Accrued sales, use, franchise and VAT tax 1,506 3,670 Non-cash stock compensation accrual 872 1,890 Income tax payable 3,173 5,649 Other accrued expenses 2,121 2,263 Total accrued expenses and other liabilities $ 34,065 $ 43,014 |
Restructuring Costs
Restructuring Costs | 9 Months Ended |
Sep. 28, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs | 5. Restructuring Costs During 2017, the Company recorded restructuring costs of $1.3 million, |
Credit Facility
Credit Facility | 9 Months Ended |
Sep. 28, 2018 | |
Debt Disclosure [Abstract] | |
Credit Facility | 6. Credit Facility In February 2012, 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”). The Company has fully utilized and repaid its Term Loan. On May 9, 2016, the Company amended and restated the credit agreement with Bank of America (the “Credit Agreement”) 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 • 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 Revolver 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). During the quarter and nine months ended September 28, 2018, the Company paid down a net $2.0 million and $7.5 million, respectively, of debt 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 September 28, 2018, the Company was in compliance with all covenants. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 28, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 7. Stock Based Compensation During the nine months ended September 28, 2018, the Company issued 398,174 restricted stock units at a weighted average grant-date fair value of $16.30 per share. As of September 28, 2018, the Company had 1,178,222 restricted stock units outstanding at a weighted average grant-date fair value of $15.19 per share. As of September 28, 2018, $9.6 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 2.3 years. As of September 28, 2018, the Company had 289,507 shares of common stock subject to vesting requirements outstanding at a weighted average grant-date fair value of $16.03 per share. As of September 28, 2018, $2.7 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 2.3 years. Forfeitures for all of the Company’s outstanding equity are recognized as incurred. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 28, 2018 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | 8. Shareholders’ Equity Stock Appreciation Rights (“SARs”) As of September 28, 2018, the Company had 2.9 million SARs outstanding with an exercise price of $4.00 per share and an expiration date of February 2022. Treasury Stock Under the Company’s share repurchase plan, the Company may repurchase shares of its outstanding common stock either on the open market or through privately negotiated transactions subject to market conditions and trading restrictions. During the nine months ended September 28, 2018, the Company repurchased 53 thousand shares of its common stock at an average price of $18.33 per share for a total cost of $1.0 million. During the quarter and nine months ended September 29, 2017, the Company repurchased 182 thousand and 748 thousand shares of its common stock at an average price of $13.73 and $15.11 per share for a total cost of $2.5 million and $11.3 million, respectively. The shares repurchased under the share repurchase plan during the quarter and nine months ended September 28, 2018, do not include 8 thousand and 191 thousand shares which the Company bought back to satisfy employee net vesting obligations for a cost of $0.1 million and $3.3 million, respectively. During the quarter and nine months ended September 29, 2017, the Company bought back 68 thousand and 262 thousand shares at a cost of $1.1 million and $4.3 million, respectively, to satisfy employee net vesting obligations. Dividend Program In 2017, the Company increased the annual dividend from $0.26 per share to $0.30 per share to be paid on a semi-annual basis which resulted in aggregate dividends of $4.6 million and $4.7 million paid to shareholders in July 2017 and January 2018. During the quarter ended March 30, 2018, the Company increased its annual dividend to $0.34 per share to be paid on a semi-annual basis. During the quarter ended June 29, 2018, the Company declared its semi-annual dividend of $0.17 per share for shareholders of record as of June 29, 2018, which was paid on July 11, 2018 for a total of $5.4 million. These dividends were paid from U.S. domestic sources and are accounted for as an increase to accumulated deficit. Subsequent to quarter end, the Company declared its semi-annual dividend of $0.17 per share for shareholders of record as of December 21, 2018, which is to be paid on January 4, 2019. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 28, 2018 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 9. Transactions with Related Parties During the nine months ended September 28, 2018, the Company bought back 53 thousand shares of its common stock from members of its Board of Directors and executives for $1.0 million, or $18.33 per share. |
Litigation
Litigation | 9 Months Ended |
Sep. 28, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation | 10. 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. 28, 2018 | |
Segment Reporting [Abstract] | |
Geographic and Group Information | 11. Geographic and Group Information Revenue before reimbursements, which is primarily based on the country of the contracting entity, was attributed to the following geographical areas (in thousands): Quarter Ended Nine Months Ended September 28, September 29, September 28, September 29, 2018 2017 2018 2017 Revenue before reimbursements: North America $ 55,321 $ 53,142 $ 166,092 $ 158,786 International (primarily European countries) 12,922 12,805 39,240 39,956 Revenue before reimbursements $ 68,243 $ 65,947 $ 205,332 $ 198,742 Long-lived assets are attributable to the following geographic areas (in thousands): September 28, December 29, 2018 2017 Long-lived assets: North America $ 93,758 $ 90,605 International (primarily European countries) 19,553 19,341 Total long-lived assets $ 113,311 $ 109,946 As of September 28, 2018 and December 29, 2017, foreign assets included $14.6 million and $15.1 million, respectively, of goodwill related to acquisitions. In the following table, “The Hackett Group” encompasses the Strategy and Business Transformation practice, Benchmarking, Executive Advisory and Business Transformation practices, and the ERP, EPM and Analytics practices including Enterprise Analytics Transformation, as well as the Oracle ERP Applications and Application Managed Services practices. The “SAP Solutions Group” which goes to market under the Answerthink brand, encompasses SAP Reseller, Implementation and Application Managed Services practices (in thousands): Quarter Ended Nine Months Ended September 28, September 29, September 28, September 29, 2018 2017 2018 2017 The Hackett Group $ 60,285 $ 56,107 $ 180,470 $ 168,757 SAP Solutions 7,958 9,840 24,862 29,985 Revenue before reimbursements $ 68,243 $ 65,947 $ 205,332 $ 198,742 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 28, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | 12. Acquisitions Jibe Consulting, Inc. Effective May 1, 2017, the Company acquired certain assets and liabilities of Jibe Consulting, Inc. (“Jibe”), a U.S.-based Oracle E-Business Suite (“EBS”) and Oracle Cloud Business Application implementation firm. The acquisition of Jibe enhances the Company’s Cloud Application capabilities and strongly complements its market leading EPM transformation and technology implementation group. The sellers’ purchase consideration was $5.4 The Hackett Group, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited ) 12. Acquisitions (continued) The cash related to the contingent consideration, which is to be paid to the sellers, is not subject to service vesting and has been accounted for as part of the purchase consideration. The cash related to the contingent consideration, which is to be paid to the key employees, is subject to service vesting and is being accounted for as compensation expense. Due to the projected earnout results, during the second quarter of 2018, the acquisition-related purchase consideration and compensation expense allocated to both the selling shareholders and key employees resulted in a benefit. During the quarter and nine months ended September 28, 2018, the Company recorded expense of $0.8 million and a benefit of $3.8 million in earnings from operations on the consolidated statement of operations related to the contingent earnout liability for the Jibe acquisition. During the quarter and nine months ended September 28, 2018, the Company recorded, in personnel costs before reimbursements on the consolidated statement of operations, expense of $0.1 million and a benefit of $0.1 million, respectively, related to the key employees’ portion of the cash related contingent consideration. Management utilizes the most recent financial results from which to base these estimates. These contingent liabilities have been recorded in the consolidated balance sheet as current accrued expenses and other liabilities. The equity related to the contingent consideration will be subject to service vesting and will be recorded as compensation expense over the respective vesting period. As mentioned above, due to the projected results, the Company recorded for the quarter and nine months ended September 28, 2018, expense of $0.2 million and benefit of $0.1 million, respectively, of acquisition-related non-cash stock compensation in cost of sales on the consolidated statement of operations. The purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The fair value of identifiable intangible assets acquired was based on estimates and assumptions made by management at the time of the acquisition. Purchase Price Allocation (in thousands) Total purchase consideration $ 11,293 Accounts receivable 1,932 Other current assets 59 Total current assets acquired 1,991 Intangible assets 931 Goodwill 9,538 Total assets 12,460 Other accrued expenses 1,167 Total liabilities acquired 1,167 Purchase consideration on acquisition $ 11,293 The recognized goodwill is primarily attributable to the benefits the Company expects to derive from enhanced market opportunities. The acquired intangible assets with definite lives are amortized over periods ranging from 2 to 5 years. The following table presents the intangible assets acquired from Jibe: Amount Useful Life Category (in thousands) (in years) Customer Base $ 140 5 Customer Backlog 325 2 Non-Compete 466 5 $ 931 The acquisition was not material to the Company's results of operations, financial position or cash flows and therefore, the pro forma impact of these acquisitions is not presented. Jibe contributed $12.3 million of revenue before reimbursable expenses and contribution before depreciation, amortization, interest, corporate overhead allocation and taxes totaled $1.2 million for the year ended December 29, 2017. The acquisition related costs incurred in the second quarter of 2017 totaled $0.2 million and were all classified in selling, general and administrative costs in the Company’s consolidated statements of operations. All goodwill is expected to be deductible for tax purposes. The Hackett Group, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited ) 12. Acquisitions (continued) Aecus Limited Effective April 6, 2017, the Company acquired 100% of the equity of the U.K.-based operations of Aecus Limited (“Aecus”), a European Outsourcing Advisory and RPA consulting firm. This acquisition complements the global strategy and business transformation offerings of the Hackett Group. The sellers’ purchase consideration was £3.2 million in cash. The closing purchase consideration was funded with the Company’s available funds. In addition, the sellers had the opportunity to earn an additional £2.4 million in contingent consideration in cash based on the achievement of performance targets achieved over the next 12 months, and key personnel had the opportunity to earn £0.3 million in cash and £0.3 million in the Company’s common stock. The contingent consideration for the selling shareholders and key personnel is subject to performance and service periods and will be accounted for as compensation expense and in non-current accrued expenses and other liabilities. During the first quarter of 2018, the acquisition related compensation expense for Aecus resulted in a benefit due to the estimated results of the contingent earnout calculation. During the first quarter of 2018, the Company recorded a £0.5 million compensation benefit from acquisition-related cash and non-cash compensation for the cash portion of the contingent consideration. During the quarter and nine months ended September 28, 2018, the Company recorded compensation expense of £0.1 million and a compensation benefit of £0.3 million, respectively, from acquisition-related cash compensation for the cash portion of the contingent consideration. The purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The fair value of identifiable intangible assets acquired was based on estimates and assumptions made by management at the time of the acquisition. Purchase Price Allocation (in thousands) Total purchase consideration £ 3,173 Cash 209 Accounts receivable 898 Other current assets 46 Total current assets acquired 1,153 Intangible assets 1,515 Goodwill 1,306 Total assets 3,974 Other accrued expenses 801 Total liabilities acquired 801 Purchase consideration on acquisition £ 3,173 12. Acquisitions (continued) The recognized goodwill is primarily attributable to the benefits the Company expects to derive from enhanced market opportunities. The acquired intangible assets with definite lives are amortized over periods ranging from 2 to 5 years. The following table presents the intangible assets acquired from Aecus: Amount Useful Life Category (in thousands) (in years) Customer Base £ 455 5 Customer Backlog 52 2 Non-Compete 1,008 5 £ 1,515 The acquisition was not material to the Company's results of operations, financial position or cash flows and therefore, the pro forma impact of these acquisitions is not presented. Aecus contributed $3.9 million of revenue before reimbursable expenses and Chartered Institute of Management Accountants Effective October 2017, Hackett-REL, Ltd., a subsidiary of the Company located in the United Kingdom, acquired The Chartered Institute of Management Accountants' share of the Certified GBS Professionals program. This acquisition allows those studying under the program and their employers to benefit further from the Company’s sector specific expertise and focus on the growing global business services market. Purchase consideration was $2.0 million in cash and was funded with the Company’s available funds. Also in connection with this transaction, the Alliance and Program Development Agreement between the Company, Hackett-REL, Ltd. and The Chartered Institute of Management Accountants was terminated. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Policies) | 9 Months Ended |
Sep. 28, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of The Hackett Group , 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 December 29, 2017, included in the Annual Report on Form 10-K filed by the Company with the SEC on March 9, 2018. The consolidated results of operations for the quarter and nine months ended September 28, 2018, 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. |
Revenue Recognition | Revenue Recognition We generate substantially all of our revenue from providing professional services to our clients. We also generate revenue from software licenses, software support, maintenance and subscriptions to our executive and best practices advisory programs. A single contract could include one or multiple performance obligations. For those contracts that have multiple performance obligations, we allocate the total transaction price to each performance obligation based on its relative standalone selling price. We determine the standalone selling price based on the respective selling price of the individual elements when they are sold separately. Revenue is recognized when control of the goods and services provided are transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services using the following steps: 1) identify the contract, 2) identify the performance obligations, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue as or when we satisfy the performance obligations. We typically satisfy our performance obligations for professional services over time as the related services are provided. The performance obligations related to software support, maintenance and subscriptions to our executive and best practice advisory programs are typically satisfied evenly over the course of the service period. Other performance obligations, such as software licenses, are satisfied at a point in time. We generate our revenue under four types of billing arrangements: fixed-fee (including software license revenue); time-and-materials; executive and best practice advisory services; and software sales, software maintenance and support. In fixed-fee billing arrangements, which would also include contracts with capped fees, we agree to a pre-established fee or fee cap in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements. We generally recognize revenue under fixed-fee or capped fee arrangements using a proportionate performance approach, which is based on work completed to-date as compared to estimates of the total services to be provided under the engagement. Estimates of total engagement revenue and cost of services are monitored regularly during the term of the engagement. If our estimates indicate a potential loss, such loss is recognized in the period in which the loss first becomes probable and reasonably estimable. The customer is invoiced based on the contractual agreement between the parties, typically bi-weekly, monthly or mile-stone driven, with net thirty-day terms, however client terms are subject to change. Time-and-material billing arrangements require the client to pay based on the number of hours worked by our consultants at agreed upon hourly rates. We recognize revenue under time-and-material arrangements as the related services or goods are provided, using the right to invoice practical expedient which allows us to recognize revenue in the amount based on the number of hours worked and the agreed upon hourly rates. The customer is invoiced based on the contractual agreement between the parties, typically bi-weekly, monthly or milestone driven, with net thirty-day terms, however client terms are subject to change. 1. Basis of Presentation and General Information (continued) Advisory services contracts are typically in the form of a subscription agreement which allows the customer access to the Company’s executive and best practice advisory programs. There is typically a single performance obligation and the transaction price is the contractual amount of the subscription agreement. Revenue from advisory service contracts is recognized ratably over the life of the agreements. Customers are typically invoiced at the inception of the contract, with net thirty-day terms, however client terms are subject to change. The resale of software and maintenance contracts are in the form of SAP America software license or maintenance agreements provided by SAP America. SAP is the principal and the Company is the agent in these transactions as the Company does not obtain title to the software and the maintenance is sold simultaneously. The transaction price is the Company’s agreed-upon percentage of the software license or maintenance amount in the contract with the vendor. Revenue for the resale of software licenses is recognized upon contract execution and customer’s receipt of the software. Revenue from maintenance contracts is recognized ratably over the life of the agreements. The customer is typically invoiced at contract inception, with net thirty-day terms, however client terms are subject to change. Expense reimbursements that are billable to clients are included in total revenue, and are substantially all billed as time-and-material billing arrangements. Therefore, the Company recognizes all reimbursable expenses as revenue as the related services are provided, using the right to invoice practical expedient. Reimbursable expenses are recognized as expenses in the period in which the expense is incurred. Any expense reimbursements that are billable to clients under fixed-fee billing arrangements are recognized in line with the proportionate performance approach. The payment terms and conditions in our customer contracts vary. The agreements entered into in connection with a project, whether time-and-materials based or fixed-fee or capped-fee based, typically allow clients to terminate early due to breach or for convenience with 30 days’ notice. In the event of termination, the client is contractually required to pay for all time, materials and expenses incurred by the Company through the effective date of the termination. In addition, from time to time the Company enters into agreements with its clients that limit its right to enter into business relationships with specific competitors of that client for a specific time period. These provisions typically prohibit the Company from performing a defined range of services which it might otherwise be willing to perform for potential clients. These provisions are generally limited to six to twelve months and usually apply only to specific employees or the specific project team. Sales tax collected from customers and remitted to the applicable taxing authorities is accounted for on a net basis, with no impact to revenue. Differences between the timing of billings and the recognition of revenue are recognized as either unbilled services or deferred revenue in the accompanying consolidated balance sheets. Revenue recognized for services performed but not yet billed to clients are recorded as unbilled services. Revenue recognized, but for which are not yet entitled to bill because certain events, such as the completion of the measurement period, are recorded as contract assets and included within unbilled services. Client prepayments are classified as deferred revenue and recognized over future periods as earned in accordance with the applicable engagement agreement. See Note 3 for the accounts receivable and unbilled revenue balances and see Note 4 for the deferred revenue balances. During the quarter and nine months ended September 28, 2018, the Company recognized $4.2 million and $14.0 million of revenue as a result of changes in deferred revenue liability balance, respectively, as compared to $5.8 million and $17.1 million for the quarter and nine months ended September 29, 2017, respectively. The following table reflects the Company’s disaggregation of total revenue including reimbursable expenses for the quarters and nine months ended September 28, 2018 and September 29, 2017: Quarter Ended Nine Months Ended September 28, September 29, September 28, September 29, 2018 2017 2018 2017 Consulting $ 73,271 $ 70,532 $ 220,197 $ 214,273 Software License Sales 569 930 2,025 2,188 Total revenue $ 73,840 $ 71,462 $ 222,222 $ 216,461 1. Basis of Presentation and General Information (continued) Capitalized Sales Commissions Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and then amortized as project revenue is recognized. We determined the period of amortization by taking into consideration the customer contract period, which are generally less than 12 months. Commission expense is included in Selling, General and Administrative Costs in the accompanying condensed consolidated statements of operations. As of December 29, 2017 and December 30, 2016, the Company had $1.4 million and $1.8 million, respectively, of deferred commissions, of which $0.1 million and $0.7 million was amortized during the quarters and nine months ended September 28, 2018, respectively, as compared to $0.2 million and $1.2 million during the quarter and nine months ended September 29, 2017, respectively. No impairment loss was recognized relating to the capitalization of deferred commission. Practical Expedients The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be less than one year. |
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 28, 2018 and December 29, 2017, the carrying amount of each financial instrument 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 the carrying amount, using Level 2 inputs, due to the short-term variable interest rates based on market rates. |
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 FASB issued ASU 2014-09, Revenue from Contracts with Customers 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. 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 assessing the impact of this standard on its consolidated financial statements and related disclosures. The Hackett Group, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Basis of Presentation and General Information (continued) In July 2018, the FASB issued ASU 2018-09, which affects a wide variety of Topics in the Codification and applies to all reporting entities within the scope of the affected accounting guidance. The amendments in the ASU represent changes that clarify, correct errors in, or make minor improvements to the Codification. Ultimately, the amendments make the Codification easier to understand and apply by eliminating inconsistencies and providing clarifications. Some of the amendments in this ASU do not require transition guidance and are effective upon issuance of the ASU, while many of the amendments have transition guidance with effective dates for annual periods beginning after December 15, 2018. The adoption of the amendments in this ASU are not expected to have a material impact on the Company’s consolidated financial statements and related disclosures. 1 |
Reclassifications | Reclassifications Certain prior period amounts in the consolidated financial statements, and notes thereto, have been reclassified to conform to current period presentation. |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Tables) | 9 Months Ended |
Sep. 28, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Disaggregation of Total Revenue Including Reimbursable Expenses | The following table reflects the Company’s disaggregation of total revenue including reimbursable expenses for the quarters and nine months ended September 28, 2018 and September 29, 2017: Quarter Ended Nine Months Ended September 28, September 29, September 28, September 29, 2018 2017 2018 2017 Consulting $ 73,271 $ 70,532 $ 220,197 $ 214,273 Software License Sales 569 930 2,025 2,188 Total revenue $ 73,840 $ 71,462 $ 222,222 $ 216,461 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 28, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Basic And Diluted Weighted Average Shares | The following table reconciles basic and dilutive weighted average common shares: Quarter Ended Nine Months Ended September 28, September 29, September 28, September 29, 2018 2017 2018 2017 Basic weighted average common shares outstanding 29,478,243 28,764,661 29,332,508 28,891,301 Effect of dilutive securities: Unvested restricted stock units and common stock subject to vesting requirements issued to employees and non-employees 684,045 928,103 507,508 1,008,159 Common stock issuable upon the exercise of stock options and SARs 2,431,071 2,264,901 2,374,403 2,354,767 Dilutive weighted average common shares outstanding 32,593,359 31,957,665 32,214,419 32,254,227 |
Accounts Receivable and Unbil_2
Accounts Receivable and Unbilled Revenue, Net (Tables) | 9 Months Ended |
Sep. 28, 2018 | |
Receivables Net Current [Abstract] | |
Accounts Receivable and Unbilled Revenue, Net | Accounts receivable and unbilled revenue, net, consisted of the following (in thousands): September 28, December 29, 2018 2017 Accounts receivable $ 44,636 $ 44,972 Unbilled revenue 13,859 12,891 Allowance for doubtful accounts (1,620 ) (2,601 ) Accounts receivable and unbilled revenue, net $ 56,875 $ 55,262 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Sep. 28, 2018 | |
Accrued Liabilities And Other Liabilities Current [Abstract] | |
Components Of Accrued Expenses And Other Liabilities | Accrued expenses and other liabilities consisted of the following (in thousands): September 28, December 29, 2018 2017 Accrued compensation and benefits $ 10,152 $ 5,289 Accrued bonuses 4,230 4,119 Accrued dividend payable — 4,656 Acquisition earnout accruals 2,928 6,207 Deferred revenue 9,083 9,271 Accrued sales, use, franchise and VAT tax 1,506 3,670 Non-cash stock compensation accrual 872 1,890 Income tax payable 3,173 5,649 Other accrued expenses 2,121 2,263 Total accrued expenses and other liabilities $ 34,065 $ 43,014 |
Geographic and Group Informat_2
Geographic and Group Information (Tables) | 9 Months Ended |
Sep. 28, 2018 | |
Segment Reporting [Abstract] | |
Geographic Revenue before Reimbursements | Revenue before reimbursements, which is primarily based on the country of the contracting entity, was attributed to the following geographical areas (in thousands): Quarter Ended Nine Months Ended September 28, September 29, September 28, September 29, 2018 2017 2018 2017 Revenue before reimbursements: North America $ 55,321 $ 53,142 $ 166,092 $ 158,786 International (primarily European countries) 12,922 12,805 39,240 39,956 Revenue before reimbursements $ 68,243 $ 65,947 $ 205,332 $ 198,742 |
Long-Lived Assets Attributable To Geographic Area | Long-lived assets are attributable to the following geographic areas (in thousands): September 28, December 29, 2018 2017 Long-lived assets: North America $ 93,758 $ 90,605 International (primarily European countries) 19,553 19,341 Total long-lived assets $ 113,311 $ 109,946 |
Revenue By Service Group | In the following table, “The Hackett Group” encompasses the Strategy and Business Transformation practice, Benchmarking, Executive Advisory and Business Transformation practices, and the ERP, EPM and Analytics practices including Enterprise Analytics Transformation, as well as the Oracle ERP Applications and Application Managed Services practices. The “SAP Solutions Group” which goes to market under the Answerthink brand, encompasses SAP Reseller, Implementation and Application Managed Services practices (in thousands): Quarter Ended Nine Months Ended September 28, September 29, September 28, September 29, 2018 2017 2018 2017 The Hackett Group $ 60,285 $ 56,107 $ 180,470 $ 168,757 SAP Solutions 7,958 9,840 24,862 29,985 Revenue before reimbursements $ 68,243 $ 65,947 $ 205,332 $ 198,742 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 28, 2018 | |
Jibe Consulting, Inc [Member] | |
Business Acquisition [Line Items] | |
Purchase Price Allocation | The following table presents the purchase price allocation of the assets acquired and liabilities assumed, based on the fair values: Purchase Price Allocation (in thousands) Total purchase consideration $ 11,293 Accounts receivable 1,932 Other current assets 59 Total current assets acquired 1,991 Intangible assets 931 Goodwill 9,538 Total assets 12,460 Other accrued expenses 1,167 Total liabilities acquired 1,167 Purchase consideration on acquisition $ 11,293 |
Acquired Intangible Assets | The following table presents the intangible assets acquired from Jibe: Amount Useful Life Category (in thousands) (in years) Customer Base $ 140 5 Customer Backlog 325 2 Non-Compete 466 5 $ 931 |
Aecus Limited [Member] | |
Business Acquisition [Line Items] | |
Purchase Price Allocation | The following table presents the purchase price allocation of the assets acquired and liabilities assumed, based on the fair values: Purchase Price Allocation (in thousands) Total purchase consideration £ 3,173 Cash 209 Accounts receivable 898 Other current assets 46 Total current assets acquired 1,153 Intangible assets 1,515 Goodwill 1,306 Total assets 3,974 Other accrued expenses 801 Total liabilities acquired 801 Purchase consideration on acquisition £ 3,173 |
Acquired Intangible Assets | The following table presents the intangible assets acquired from Aecus: Amount Useful Life Category (in thousands) (in years) Customer Base £ 455 5 Customer Backlog 52 2 Non-Compete 1,008 5 £ 1,515 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | Dec. 29, 2017 | Dec. 30, 2016 | |
Basis Of Presentation And General Information [Line Items] | ||||||
Revenue recognized as a result of change in contract liability | $ 4,200,000 | $ 5,800,000 | $ 14,000,000 | $ 17,100,000 | ||
Deferred commissions | $ 1,400,000 | $ 1,800,000 | ||||
Commissions expense | 100,000 | 200,000 | 700,000 | 1,200,000 | ||
Impairment loss recognized to capitalization of deferred commission | $ 0 | $ 0 | $ 0 | $ 0 | ||
Minimum [Member] | ||||||
Basis Of Presentation And General Information [Line Items] | ||||||
Business relationship agreement period | 6 months | |||||
Maximum [Member] | ||||||
Basis Of Presentation And General Information [Line Items] | ||||||
Business relationship agreement period | 12 months | |||||
Customer contract period | 12 months |
Basis of Presentation and Gen_5
Basis of Presentation and General Information (Summary of Disaggregation of Total Revenue Including Reimbursable Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 73,840 | $ 71,462 | $ 222,222 | $ 216,461 |
Consulting [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 73,271 | 70,532 | 220,197 | 214,273 |
Software License Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 569 | $ 930 | $ 2,025 | $ 2,188 |
Net Income Per Common Share (Re
Net Income Per Common Share (Reconciliation Of Basic And Diluted Weighted Average Shares) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average common shares outstanding | 29,478,243 | 28,764,661 | 29,332,508 | 28,891,301 |
Unvested restricted stock units and common stock subject to vesting requirements issued to employees and non-employees | 684,045 | 928,103 | 507,508 | 1,008,159 |
Common stock issuable upon the exercise of stock options and SARs | 2,431,071 | 2,264,901 | 2,374,403 | 2,354,767 |
Dilutive weighted average common shares outstanding | 32,593,359 | 31,957,665 | 32,214,419 | 32,254,227 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive common share equivalents | 1 | 41 | 1 | 20 |
Accounts Receivable and Unbil_3
Accounts Receivable and Unbilled Revenue, Net (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 |
Receivables Net Current [Abstract] | ||
Accounts receivable | $ 44,636 | $ 44,972 |
Unbilled revenue | 13,859 | 12,891 |
Allowance for doubtful accounts | (1,620) | (2,601) |
Accounts receivable and unbilled revenue, net | $ 56,875 | $ 55,262 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 |
Accrued Liabilities And Other Liabilities Current [Abstract] | ||
Accrued compensation and benefits | $ 10,152 | $ 5,289 |
Accrued bonuses | 4,230 | 4,119 |
Accrued dividend payable | 4,656 | |
Acquisition earnout accruals | 2,928 | 6,207 |
Deferred revenue | 9,083 | 9,271 |
Accrued sales, use, franchise and VAT tax | 1,506 | 3,670 |
Non-cash stock compensation accrual | 872 | 1,890 |
Income tax payable | 3,173 | 5,649 |
Other accrued expenses | 2,121 | 2,263 |
Total accrued expenses and other liabilities | $ 34,065 | $ 43,014 |
Restructuring Costs (Narrative)
Restructuring Costs (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 29, 2017 | Sep. 28, 2018 | |
Restructuring And Related Activities [Abstract] | ||
Restructuring costs | $ 1,300,000 | |
Remaining restructuring commitments | $ 0 | $ 0 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) | Nov. 07, 2018 | Sep. 28, 2018 | Sep. 28, 2018 | May 09, 2016 | Feb. 28, 2012 |
Revolving line of credit facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity under credit facility | $ 45,000,000 | $ 20,000,000 | |||
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% | ||||
Payment of principal | $ 2,000,000 | $ 7,500,000 | |||
Outstanding balance | $ 11,500,000 | $ 11,500,000 | |||
Interest rate | 3.60% | 3.60% | |||
Revolving line of credit facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Margin percentage base rate | 1.50% | ||||
Revolving line of credit facility [Member] | Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Margin percentage base rate | 0.75% | ||||
Revolving line of credit facility [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Payment of principal | $ 3,000,000 | ||||
Outstanding balance | $ 8,500,000 | ||||
Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Borrowing capacity under credit facility | $ 47,000,000 | ||||
Term of debt | 5 years |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 28, 2018USD ($)$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | shares | 398,174 |
Weighted average grant-date fair value | $ / shares | $ 16.30 |
Shares outstanding | shares | 1,178,222 |
Nonvested weighted average grant-date fair value | $ / shares | $ 15.19 |
Compensation expense | $ | $ 9.6 |
Weighted average period | 2 years 3 months 18 days |
Common Stock Subject to Vesting Requirements [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares outstanding | shares | 289,507 |
Nonvested weighted average grant-date fair value | $ / shares | $ 16.03 |
Compensation expense | $ | $ 2.7 |
Weighted average period | 2 years 3 months 18 days |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands | Nov. 07, 2018 | Jan. 31, 2018 | Jul. 31, 2017 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 |
Equity, Class of Treasury Stock [Line Items] | |||||||||
Amount available under repurchase plan | $ 7,200,000 | $ 7,200,000 | |||||||
Total authorized amount under stock repurchase plan | $ 142,200,000 | $ 142,200,000 | |||||||
Shares repurchased for employee net vesting obligations, shares | 8 | 68 | 191 | 262 | |||||
Shares repurchased for employee net vesting obligations, value | $ 100,000 | $ 1,100,000 | $ 3,300,000 | $ 4,300,000 | |||||
Annual cash dividend per share | $ 0.30 | $ 0.26 | |||||||
Dividend payment | $ 4,700,000 | $ 4,600,000 | $ 5,400,000 | ||||||
Dividend declared | $ 0.17 | $ 0.34 | |||||||
Dividend declared, date of record | Jun. 29, 2018 | ||||||||
Dividend declared, date of payment | Jul. 11, 2018 | ||||||||
Subsequent Event [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Dividend declared | $ 0.17 | ||||||||
Dividend declared, date of record | Dec. 21, 2018 | ||||||||
Dividend declared, date of payment | Jan. 4, 2019 | ||||||||
Share Repurchase Plan [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Repurchase of common stock | 182 | 53 | 748 | ||||||
Purchase price per share | $ 13.73 | $ 18.33 | $ 15.11 | ||||||
Total cost | $ 2,500,000 | $ 1,000,000 | $ 11,300,000 | ||||||
Stock Appreciation Rights (SARs) [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
SARs outstanding | 2,900 | 2,900 | |||||||
Exercise price | $ 4 | $ 4 | |||||||
Expiration date | Feb. 28, 2022 |
Transactions with Related Par_2
Transactions with Related Parties (Details) - Director and Executives [Member] $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended |
Sep. 28, 2018USD ($)$ / sharesshares | |
Related Party Transaction [Line Items] | |
Repurchase of common stock | shares | 53 |
Total cost | $ | $ 1 |
Purchase price per share | $ / shares | $ 18.33 |
Geographic and Group Informat_3
Geographic and Group Information (Geographic Revenue before Reimbursements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue before reimbursements | $ 73,840 | $ 71,462 | $ 222,222 | $ 216,461 |
Revenue Before Reimbursements [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue before reimbursements | 68,243 | 65,947 | 205,332 | 198,742 |
Revenue Before Reimbursements [Member] | North America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue before reimbursements | 55,321 | 53,142 | 166,092 | 158,786 |
Revenue Before Reimbursements [Member] | International (Primarily European Countries) [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue before reimbursements | $ 12,922 | $ 12,805 | $ 39,240 | $ 39,956 |
Geographic and Group Informat_4
Geographic and Group Information (Long-Lived Assets Attributable To Geographic Area) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 29, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 113,311 | $ 109,946 |
North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 93,758 | 90,605 |
International (Primarily European Countries) [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 19,553 | $ 19,341 |
Geographic and Group Informat_5
Geographic and Group Information (Narrative) (Details) - USD ($) $ in Millions | Sep. 28, 2018 | Dec. 29, 2017 |
Segment Reporting [Abstract] | ||
Goodwill included in foreign assets | $ 14.6 | $ 15.1 |
Geographic and Group Informat_6
Geographic and Group Information (Revenue By Service Group) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenue before reimbursements | $ 73,840 | $ 71,462 | $ 222,222 | $ 216,461 |
Revenue Before Reimbursements [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue before reimbursements | 68,243 | 65,947 | 205,332 | 198,742 |
The Hackett Group [Member] | Revenue Before Reimbursements [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue before reimbursements | 60,285 | 56,107 | 180,470 | 168,757 |
SAP Solutions [Member] | Revenue Before Reimbursements [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue before reimbursements | $ 7,958 | $ 9,840 | $ 24,862 | $ 29,985 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands, £ in Millions | May 01, 2017USD ($) | Apr. 06, 2017GBP (£) | Oct. 31, 2017USD ($) | Sep. 28, 2018USD ($) | Sep. 28, 2018GBP (£) | Mar. 30, 2018GBP (£) | Sep. 28, 2018USD ($) | Sep. 28, 2018GBP (£) | Sep. 29, 2017USD ($) | Dec. 29, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||||
Purchase consideration | $ 9,268 | |||||||||
Non-cash stock compensation expense | $ 6,932 | $ 7,588 | ||||||||
Jibe Consulting, Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Effective date of acquisition | May 1, 2017 | |||||||||
Purchase consideration | $ 5,400 | |||||||||
Purchase consideration, common stock | $ 3,600 | |||||||||
Common stock vesting period | 4 years | |||||||||
Contingent consideration | $ 11,000 | |||||||||
Contingent consideration performance period | 18 months | |||||||||
Contributed total revenue | $ 12,300 | |||||||||
Contribution before depreciation, amortization, interest, corporate overhead allocation and taxes | 1,200 | |||||||||
Acquisition related costs | 200 | |||||||||
Jibe Consulting, Inc [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization period | 2 years | |||||||||
Jibe Consulting, Inc [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization period | 5 years | |||||||||
Jibe Consulting, Inc [Member] | Cost of Sales [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Non-cash stock compensation expense | $ 200 | (100) | ||||||||
Jibe Consulting, Inc [Member] | Selling Shareholder's [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash compensation benefit (expense) | (800) | 3,800 | ||||||||
Jibe Consulting, Inc [Member] | Key Employees [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash compensation benefit (expense) | $ (100) | $ 100 | ||||||||
Jibe Consulting, Inc [Member] | Cash Contingent Consideration [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Contingent consideration | $ 6,600 | |||||||||
Jibe Consulting, Inc [Member] | Stock Based Contingent Consideration [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Contingent consideration | $ 4,400 | |||||||||
Aecus Limited [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Effective date of acquisition | Apr. 6, 2017 | |||||||||
Purchase consideration | £ | £ 3.2 | |||||||||
Contingent consideration performance period | 12 months | |||||||||
Contributed total revenue | 3,900 | |||||||||
Contribution before depreciation, amortization, interest, corporate overhead allocation and taxes | 500 | |||||||||
Acquisition related costs | $ 100 | |||||||||
Acquired percentage | 100.00% | |||||||||
Cash and non-cash compensation benefit (expense) | £ | £ 0.5 | |||||||||
Aecus Limited [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization period | 2 years | |||||||||
Aecus Limited [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization period | 5 years | |||||||||
Aecus Limited [Member] | Cash Contingent Consideration [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash compensation benefit (expense) | £ | £ (0.1) | £ 0.3 | ||||||||
Aecus Limited [Member] | Cash Contingent Consideration [Member] | Sellers [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Contingent consideration | £ | £ 2.4 | |||||||||
Aecus Limited [Member] | Cash Contingent Consideration [Member] | Key Personnel [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Contingent consideration | £ | 0.3 | |||||||||
Aecus Limited [Member] | Stock Based Contingent Consideration [Member] | Key Personnel [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Contingent consideration | £ | £ 0.3 | |||||||||
The Chartered Institute of Management Accountants [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase consideration | $ 2,000 | |||||||||
Amortization period | 4 years |
Acquisition (Purchase Price All
Acquisition (Purchase Price Allocation) (Details) £ in Thousands, $ in Thousands | May 01, 2017USD ($) | Apr. 06, 2017GBP (£) | Sep. 28, 2018USD ($) | Dec. 29, 2017USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill, net | $ | $ 84,612 | $ 85,074 | ||
Jibe Consulting, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Total purchase consideration | $ | $ 11,293 | |||
Accounts receivable | $ | 1,932 | |||
Other current assets | $ | 59 | |||
Total current assets acquired | $ | 1,991 | |||
Intangible assets | $ | 931 | |||
Goodwill, net | $ | 9,538 | |||
Total assets | $ | 12,460 | |||
Other accrued expenses | $ | 1,167 | |||
Total liabilities acquired | $ | 1,167 | |||
Purchase consideration on acquisition | $ | $ 11,293 | |||
Aecus Limited [Member] | ||||
Business Acquisition [Line Items] | ||||
Total purchase consideration | £ | £ 3,173 | |||
Cash | £ | 209 | |||
Accounts receivable | £ | 898 | |||
Other current assets | £ | 46 | |||
Total current assets acquired | £ | 1,153 | |||
Intangible assets | £ | 1,515 | |||
Goodwill, net | £ | 1,306 | |||
Total assets | £ | 3,974 | |||
Other accrued expenses | £ | 801 | |||
Total liabilities acquired | £ | 801 | |||
Purchase consideration on acquisition | £ | £ 3,173 |
Acquisition (Intangible Assets
Acquisition (Intangible Assets Acquired) (Details) £ in Thousands, $ in Thousands | May 01, 2017USD ($) | Apr. 06, 2017GBP (£) | Sep. 28, 2018 |
Jibe Consulting, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Amount | $ | $ 931 | ||
Jibe Consulting, Inc [Member] | Customer Base [Member] | |||
Business Acquisition [Line Items] | |||
Amount | $ | 140 | ||
Useful Life (in years) | 5 years | ||
Jibe Consulting, Inc [Member] | Customer Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Amount | $ | 325 | ||
Useful Life (in years) | 2 years | ||
Jibe Consulting, Inc [Member] | Non-Compete [Member] | |||
Business Acquisition [Line Items] | |||
Amount | $ | $ 466 | ||
Useful Life (in years) | 5 years | ||
Aecus Limited [Member] | |||
Business Acquisition [Line Items] | |||
Amount | £ | £ 1,515 | ||
Aecus Limited [Member] | Customer Base [Member] | |||
Business Acquisition [Line Items] | |||
Amount | £ | 455 | ||
Useful Life (in years) | 5 years | ||
Aecus Limited [Member] | Customer Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Amount | £ | 52 | ||
Useful Life (in years) | 2 years | ||
Aecus Limited [Member] | Non-Compete [Member] | |||
Business Acquisition [Line Items] | |||
Amount | £ | £ 1,008 | ||
Useful Life (in years) | 5 years |