6 unchanged sentences
Performance Graph
−Removed: The following graph compares our cumulative total shareholder return since January 1, 2016 with the NASDAQ Composite Index, Russell 2000 and a peer group index composed of other companies with similar business models identified below.
−Removed: We are electing to change from the NASDAQ Composite Index to the Russell 2000 Index and we have updated our Peer group as we believe the Russell 2000 Index and the new Peer group are a closer representation of our market capitalization..
+Added: The following graph compares our cumulative total shareholder return since January 1, 2016, with the Russell 2000 and a peer group index composed of other companies with similar business models identified below.
The graph assumes that the value of the investment in our common stock and each index (including reinvestment of dividends) was $100 on January 1, 2016.
The Hackett Group, Inc.
−Removed: NASDAQ Composite Index
2021 Peer Group
−Removed: 2020 Peer Group
The 2021 Peer Group includes Alithya Group Inc.
1 unchanged sentence
and Information Services Group, Inc.
−Removed: The 2019 Peer Group includes FTI Consulting, Inc., Huron Consulting Group, Inc.
−Removed: and Information Services Group, Inc.
Company Dividend Policy
−Removed: In December 2012, we announced an annual dividend of $0.10 per share, and we have been gradually increasing the dividend for our shareholders since the announcement.
+Added: In December 2012, we announced an annual dividend of $0.10 per share.
In 2019, 2020 and 2021, the Board of Directors approved an increase in the annual dividend to $0.36 per share, $0.38 per share, and $0.40 per share, respectively.
−Removed: In addition, during 2020, the Board of Directors approved the increase in the frequency of dividend payments from semi-annual to a quarterly.
−Removed: During fiscal 2020, we paid the semi-annual dividend declared in December 2019 of $5.8 million in January 2020 and we paid the quarterly dividend to shareholders of record on June 30, 2020, September 25, 2020 and December 18, 2020, totaling $9.1 million.
+Added: During 2020, the Board of Directors approved the increase in the frequency of dividend payments from semi-annual to quarterly.
+Added: During fiscal 2021, we paid the quarterly dividend to shareholders of record on March 26, 2021, June 25, 2021, September 24, 2021, and December 17, 2021, totaling $12.9 million.
Our credit agreement contains restrictions on our ability to declare dividends and repurchase shares.
Subsequent to fiscal year end, the Board of Directors increased the annual dividend to $0.44 per share and declared the first quarterly dividend of 2022.
−Removed: The declaration of dividends shall at all times
−Removed: be subject to the final determination of our Board of Directors that a dividend is prudent and unlawful at that time in consideration of the needs of the business and other factors including the ability to pay dividends under our credit agreement.
+Added: The declaration of dividends shall at all times be subject to the final determination of our Board of Directors that a dividend is prudent and lawful at that time in consideration of the needs of the business and other factors including the ability to pay dividends under our credit agreement.
Purchases of Equity Securities
1 unchanged sentence
The repurchase plan was first announced on July 30, 2002.
−Removed: All repurchases under this program are discretionary and are made in the open market or through privately negotiated transactions, subject to market conditions and trading restrictions.
+Added: Repurchases under this program are discretionary and are made in the open market or through privately negotiated transactions, subject to market conditions and trading restrictions.
There is no expiration date on the current authorization.
−Removed: The following table summarizes our share repurchases during the year ended January 1, 2021 under this authorization:
+Added: The following table summarizes our share repurchases during the year ended December 31, 2021 under this authorization:
Maximum Dollar
3 unchanged sentences
May Yet Be Purchased
−Removed: Balance as of December 27, 2019
−Removed: December 28, 2019 to March 27, 2020
−Removed: March 28, 2020 to June 26, 2020
−Removed: June 27, 2020 to September 25, 2020
−Removed: September 26, 2020 to January 1, 2021
−Removed: During the first quarter of 2020, the Company’s Board of Directors approved an additional share repurchase authorization of $5.0 million.
−Removed: As of January 1, 2021, the Company’s Board of Directors had approved a cumulative authorization of $147.2 million with cumulative purchases under the plan of $142.9 million, leaving $4.3 million available for future purchases.
−Removed: During the year ended January 1, 2021, the Company repurchased 184 thousand shares of its common stock under the repurchase plan approved by the Company's Board of Directors for $2.4 million at an average share price of $12.84, which included 37 thousand shares of the Company’s common stock from members of our Board of Directors for a total of $0.7 million, or $17.43 per share.
−Removed: All shares repurchased from members of the Board of Directors were approved by the Audit Committee.
+Added: Balance as of January 1, 2021
+Added: January 2, 2021 to April 2, 2021
+Added: April 3, 2021 to July 2, 2021
+Added: July 3, 2021 to October 1, 2021
+Added: October 2, 2021 to December 31, 2021
+Added: During the second quarter of 2021, the Company’s Board of Directors approved an additional share repurchase authorization of $20.0 million.
+Added: As of December 31, 2021, the Company’s Board of Directors had approved a cumulative authorization of $167.2 million with cumulative purchases under the plan of $155.9 million, leaving $11.2 million available for future purchases.
During the year ended December 31, 2021, the Company repurchased 749 thousand shares of its common stock under the repurchase plan approved by the Company's Board of Directors for $13.0 million at an average share price of $17.41, which included 24 thousand shares of the Company’s common stock from members of our Board of Directors for a total of $0.4 million, or $16.05 per share.
+Added: All shares repurchased from members of the Board of Directors were approved by the Audit Committee.
+Added: During the year ended January 1, 2021, the Company repurchased 184 thousand shares of its common stock under the repurchase plan approved by the Company's Board of Directors for $2.4 million at an average share price of $12.84, which included 37 thousand shares of the Company’s common stock from members of our Board of Directors for a total of $0.7 million, or $17.43 per share.
Subsequent to fiscal year end, we repurchased 31 thousand shares of the Company’s common stock from members of our Board of Directors for a total of $0.6 million, or $20.50 per share.
2 unchanged sentences
These withheld shares are never issued and in lieu of issuing the shares, taxes were paid on our employee’s behalf.
−Removed: In 2020, 139 thousand shares were withheld and not issued for a cost of $2.1 million, bringing the total cumulative cash used to repurchase stock in 2020 to $4.5 million.
+Added: In 2021, 1.1 million shares were withheld and not issued for a cost of $21.6 million, bringing the total cumulative cash used to repurchase stock in 2021 to $34.6 million, which includes the net settlement of the 2.9 million SARs for a cost of $19.7 million.
In 2020, 139 thousand shares were withheld and not issued for a cost of $2.1 million, bringing the total cumulative cash used to repurchase stock in 2020 to $4.5 million.
−Removed: SELECTED FINANCIAL DATA
−Removed: The following consolidated financial data sets forth our selected financial information as of and for each of the years in the five-year period ended January 1, 2021, and has been derived from our audited consolidated financial statements.
−Removed: The selected consolidated financial data should be read together with our consolidated financial statements, related notes thereto and with “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
−Removed: Consolidated Statement of Operations Data:
−Removed: (in thousands, except per share data)
−Removed: Revenue before reimbursements
−Removed: Reimbursements
−Removed: Total revenue (1)
−Removed: Costs and expenses:
−Removed: Cost of service:
−Removed: Personnel costs before reimbursable expenses (2)
−Removed: Reimbursable expenses
−Removed: Total cost of service
−Removed: Selling, general and administrative costs
−Removed: Restructuring charges and asset impairments (3)
−Removed: Acquisition-related contingent consideration liability (4)
−Removed: Total costs and operating expenses
−Removed: Operating income
−Removed: Other expense:
−Removed: Interest expense, net
−Removed: Income from continuing operations before income taxes
−Removed: Income tax expense (5)
−Removed: Income from continuing operations
−Removed: (Loss) earnings from discontinued operations (6) (net of taxes)
−Removed: Basic net income per common share:
−Removed: Income per common share from continuing operations
−Removed: (Loss) income per common share from discontinued operations
−Removed: Net income per common share
−Removed: Diluted net income per common share:
−Removed: Income per common share from continuing operations
−Removed: (Loss) income per common share from discontinued operations
−Removed: Net income per common share
−Removed: Weighted average common shares outstanding:
−Removed: Consolidated Balance Sheet Data:
−Removed: Working capital
−Removed: Long-term debt
−Removed: Shareholders' equity
−Removed: Dividends paid/declared per share
−Removed: In April 2017 and May 2017, we acquired Aecus Limited, a U.K.-based European Outsourcing Advisory and Robotics Process Automation (“RPA”) consulting firm company and Jibe Consulting, a U.S.-based Oracle E-Business Suite (“EBS”) and Oracle Cloud Business Application implementation firm, respectively.
−Removed: Our 2017 results of operations included $16.2 million in total revenue from these acquisitions.
−Removed: Fiscal year 2018 includes an acquisition-related compensation benefit of $0.5 million.
−Removed: Fiscal years 2016 through 2017 include an acquisition-related compensation expense of $4.1 million in 2017 and $1.2 million in 2016, from the acquisitions of Jibe Consulting and Aecus Limited in 2017 and Technolab in 2014.
−Removed: Fiscal year 2020 includes a $3.9 million impairment of lease right-of-use assets and certain property, equipment and leasehold improvements.
−Removed: In addition, fiscal 2020 includes restructuring charges of $6.6 million for the reduction of staff in the U.S.
−Removed: Fiscal year 2019 includes a $3.3 million restructuring charge for the reduction of staff in Australia and Europe and also includes a $1.2 million asset impairment of the investment in the Hackett Institute’s Enterprise Analytics Program.
−Removed: Fiscal year 2018 include a $6.4 million asset impairment of the investment in the Hackett Performance Exchange and Working Capital Course.
−Removed: Fiscal year 2019 and 2018 includes a benefit related to the adjustment for the contingent consideration liability from the acquisition of Jibe Consulting in 2017.
−Removed: Fiscal year 2017 includes the tax benefit for the revaluation of the deferred tax liabilities as a result of tax legislation enacted at the end of 2017 and accounting on the vesting of share-based awards.
−Removed: Discontinued operations relate to the discontinuance of the European based REL Working Capital group.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.