{"id":17353,"date":"2023-06-02T15:30:09","date_gmt":"2023-06-02T19:30:09","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/the-hackett-group-ups-ip-investment-as-on-ramp-to-consulting-business\/"},"modified":"2023-06-02T15:30:11","modified_gmt":"2023-06-02T19:30:11","slug":"the-hackett-group-ups-ip-investment-as-on-ramp-to-consulting-business","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17353","title":{"rendered":"The Hackett Group Ups IP Investment As On-Ramp To Consulting Business"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture><\/picture><figcaption><\/figcaption><\/figure>\n<\/p>\n<h2>A Quick Take On The Hackett Group<\/h2>\n<p><strong>The Hackett Group, Inc.<\/strong> (<span class=\"ticker-hover-wrapper\">NASDAQ:HCKT<\/span>) reported its Q1 2023 financial results on May 9, 2023, beating both revenue and EPS consensus estimates.<\/p>\n<p>The company provides a range of strategic advisory and technology<span class=\"paywall-full-content invisible\"> consulting services to Global 1000 companies.<\/span><\/p>\n<p class=\"paywall-full-content invisible\">I previously wrote about Hackett Group with a Hold rating.<\/p>\n<p class=\"paywall-full-content invisible\">The firm is increasing its focus on its IP-related products as an onramp to upsell and generate growth in its consulting service offerings.<\/p>\n<p class=\"paywall-full-content invisible\">Given these assumptions, HCKT stock may be worth putting on a watch list, but for now, I&#8217;m Neutral (Hold) on the stock.<\/p>\n<h2 class=\"paywall-full-content invisible\">The Hackett Group Overview<\/h2>\n<p class=\"paywall-full-content invisible\">Miami, Florida-based The Hackett Group, Inc. was founded in 1991 to help clients improve their operational results through benchmarking, performance surveys, business transformation services, and various software implementation solutions.<\/p>\n<p class=\"paywall-full-content invisible\">The firm is headed by founder, Chairman<span class=\"paywall-full-content invisible no-summary-bullets\"> and CEO, Ted Fernandez, who was previously National Managing Partner at KPMG.<\/span><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company&#8217;s primary offerings include:<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Strategic Advisory<\/p>\n<\/li>\n<li>\n<p>Benchmarking Studies<\/p>\n<\/li>\n<li>\n<p>Oracle &amp; SAP Solutions<\/p>\n<\/li>\n<li>\n<p>OneStream Platform and Market Place solutions<\/p>\n<\/li>\n<li>\n<p>Business Transformation<\/p>\n<\/li>\n<li>\n<p>Market Intelligence Service<\/p>\n<\/li>\n<li>\n<p>Other services<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The firm acquires customers through its direct sales and marketing efforts as well as through partner referrals.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">The Hackett Group&#8217;s Market &amp; Competition<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">According to a 2021 market research report by 360 Market Updates, the global market for digital transformation strategy consulting was an estimated $58.2 billion in 2019 and is forecast to reach $143 billion by 2025.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This represents a forecast CAGR of 16.2% from 2020 to 2025.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The main drivers for this expected growth are a large transition from on-premises, legacy systems to cloud-based environments with complex architectures.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Also, the COVID-19 pandemic has likely pulled forward significant demand to modernize enterprise systems, resulting in increased growth prospects for digital transformation consultancies.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Major competitive or other industry participants include:<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Globant<\/p>\n<\/li>\n<li>\n<p>EPAM<\/p>\n<\/li>\n<li>\n<p>Slalom<\/p>\n<\/li>\n<li>\n<p>Accenture<\/p>\n<\/li>\n<li>\n<p>Deloitte Digital<\/p>\n<\/li>\n<li>\n<p>McKinsey<\/p>\n<\/li>\n<li>\n<p>BCG<\/p>\n<\/li>\n<li>\n<p>Ideo<\/p>\n<\/li>\n<li>\n<p>Cognizant Technology Solutions<\/p>\n<\/li>\n<li>\n<p>Capgemini<\/p>\n<\/li>\n<li>\n<p>Company in-house development efforts<\/p>\n<\/li>\n<\/ul>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">The Hackett Group&#8217;s Recent Financial Trends<\/h2>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Total revenue by quarter has plateaued in recent quarters:<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16857274062548833.png\" alt=\"Total Revenue\" contenteditable=\"true\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Total Revenue (Seeking Alpha)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Gross profit margin by quarter has trended slightly higher more recently:<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16857274064821246.png\" alt=\"Gross Profit Margin\" contenteditable=\"true\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Gross Profit Margin (Seeking Alpha)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Selling, G&amp;A expenses as a percentage of total revenue by quarter have varied within a narrow range:<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16857274064432204.png\" alt=\"Selling, G&amp;A % Of Revenue\" contenteditable=\"true\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Selling, G&amp;A % Of Revenue (Seeking Alpha)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Operating income by quarter has generally trended higher, although Q1 2023&#8217;s results saw a decline:<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16857274064353275.png\" alt=\"Operating Income\" contenteditable=\"true\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Operating Income (Seeking Alpha)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Operating leverage by quarter dropped sharply in Q1 2023:<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16857274065107694.png\" alt=\"Operating Leverage\" contenteditable=\"true\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Operating Leverage (Seeking Alpha)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>\n<p>Earnings per share (Diluted) have remained relatively stable in recent quarters:<\/p>\n<\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16857274068199124.png\" alt=\"Earnings Per Share\" contenteditable=\"true\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Earnings Per Share (Seeking Alpha)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(All data in the above charts is GAAP)<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In the past 12 months, The Hackett Group, Inc.&#8217;s stock price has fallen 6.92% vs. that of the SPDR S&amp;P Software &amp; Services ETF&#8217;s (XSW) rise of 4.74%, as the chart indicates below:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-1685727407774937.png\" alt=\"52-Week Stock Price Comparison\" contenteditable=\"true\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">52-Week Stock Price Comparison (Seeking Alpha)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">For the balance sheet, the firm ended the quarter with $16.9 million in cash and equivalents and $57.7 million in total debt, none of which was categorized as the current portion due within 12 months.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Over the trailing twelve months, free cash flow was $45.1 million, of which capital expenditures accounted for only $4.7 million. The company paid $10.1 million in stock-based compensation in the last four quarters, a similar amount to several previous quarters.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Valuation And Other Metrics For The Hackett Group<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Below is a table of relevant capitalization and valuation figures for the company:<\/p>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<colgroup>\n<col>\n<col> <\/colgroup>\n<tr>\n<td>\n<p><strong>Measure (TTM)<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>Amount<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value\/Sales<\/p>\n<\/td>\n<td>\n<p>2.0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value\/EBITDA<\/p>\n<\/td>\n<td>\n<p>9.5<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Price\/Sales<\/p>\n<\/td>\n<td>\n<p>2.1<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Revenue Growth Rate<\/p>\n<\/td>\n<td>\n<p>-1.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Net Income Margin<\/p>\n<\/td>\n<td>\n<p>13.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>EBITDA %<\/p>\n<\/td>\n<td>\n<p>21.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Net Debt To Annual EBITDA<\/p>\n<\/td>\n<td>\n<p>0.7<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Market Capitalization<\/p>\n<\/td>\n<td>\n<p>$525,840,000<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Enterprise Value<\/p>\n<\/td>\n<td>\n<p>$569,230,000<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Operating Cash Flow<\/p>\n<\/td>\n<td>\n<p>$49,790,000<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Earnings Per Share (Fully Diluted)<\/p>\n<\/td>\n<td>\n<p>$1.25<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">(Source &#8211; Seeking Alpha)<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Below is an estimated DCF (Discounted Cash Flow) analysis of the firm&#8217;s projected growth and earnings:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-16857274079764495.png\" alt=\"Discounted Cash Flow Calculation - HCKT\" contenteditable=\"true\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Discounted Cash Flow Calculation &#8211; HCKT (GuruFocus)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Assuming generous DCF parameters, the firm&#8217;s shares would be valued at approximately $18.48 versus the current price of $19.51, indicating they are potentially currently overvalued, with the given earnings, growth, and discount rate assumptions of the DCF.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Commentary On The Hackett Group<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In its last earnings call (Source &#8211; Seeking Alpha), covering Q1 2023&#8217;s results, management highlighted the economic volatility from year to year that it contends with, especially as the current higher cost of capital environment has caused clients to delay spending and increase project scrutiny.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The firm expects to launch its Hackett Connect platform in Q2 2023, which promises to improve its research and increase its availability to customers.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management is increasing its focus on &#8220;recurring high-margin IP-related services by increasing the development of new programs and sales and marketing dedicated to this area.&#8221;<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Leadership also expects to pay down its credit facility as it plans to more aggressively use its balance sheet &#8220;to fund acquisitions and buy back stock while continuing to invest in our business.&#8221;<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Management did not disclose any company, customer or employee retention rate metrics, but said that turnover has continued to &#8216;moderate&#8217; and its transition to a &#8216;hybrid delivery model&#8217; will help it to attract the kinds of employees that have been difficult to find given historical travel requirements.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Total revenue for Q1 2023 dropped 7.1% YoY, while gross profit margin increased by 1.2 percentage points.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Selling, G&amp;A expenses as a percentage of revenue grew 2.9 percentage points, a negative signal indicating reduced efficiency in this regard, and operating income dropped a substantial 15.7% YoY.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Looking ahead, management only provided guidance for Q2 2023, with expected revenue of $73.3 million at the midpoint of the range, or slightly down from 2022&#8217;s results.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Adjusted diluted net income per share is forecasted to be $0.375 at the midpoint.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company&#8217;s financial position is solid, with ample liquidity, relatively low debt, and significant free cash flow; its net debt-to-EBITDA multiple is a reasonably low 0.7x.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">From management&#8217;s most recent earnings call, I prepared a chart showing the frequency of key terms mentioned (or not) in the call, as shown below:<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure\" contenteditable=\"false\"><picture><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/12102811-168572740757657.png\" alt=\"Earnings Transcript Key Terms Frequency\" contenteditable=\"true\" loading=\"lazy\"><\/span><\/picture><figcaption>\n<p class=\"item-caption\">Earnings Transcript Key Terms Frequency (Seeking Alpha)<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I&#8217;m most interested in the frequency of potentially negative terms, so management or analyst questions cited &#8220;Challeng(es)(ing)&#8221; three times and &#8220;Macro&#8221; once.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The negative terms refer to management&#8217;s comments about the uncertainties in the current macroeconomic environment, resulting in clients exercising greater caution in their purchasing decisions.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Essentially, HCKT is increasing its focus on its IP-related products as an onramp to upsell and produce growth in its consulting services.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In the short term, its operating results may suffer due to increasing investments in this approach.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Regarding The Hackett Group, Inc. valuation, my discounted cash flow calculation, which assumes a 10% discount rate and growth rate of 5%, suggests the stock may be fully valued at its current level of around $19.50.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Given these assumptions, The Hackett Group, Inc. may be worth putting on a watch list, but for now, I&#8217;m Neutral (Hold) on the stock.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4609123-the-hackett-group-ups-ip-investment-as-on-ramp-to-consulting-business?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Quick Take On The Hackett Group The Hackett Group, Inc. (NASDAQ:HCKT) reported its Q1 2023 financial results on May 9, 2023, beating both revenue and EPS consensus estimates. The company provides a range of strategic advisory and technology consulting services to Global 1000 companies. I previously wrote about Hackett Group with a Hold rating. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-17353","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Hackett Group Ups IP Investment As On-Ramp To Consulting Business | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A Quick Take On The Hackett Group The Hackett Group, Inc. 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