The Hackett Group, Inc. reported a total revenue of $313.9 million for the fiscal year ending December 27, 2024, marking an increase from $296.6 million in the previous year. The growth was primarily driven by a $10.2 million increase in revenue from the SAP Solutions segment and a $7.9 million increase from the Oracle Solutions segment. However, the Global S&BT segment saw a slight decline, with revenue decreasing to $171.1 million from $171.9 million in 2023, attributed to weaknesses in eProcurement and OneStream implementation offerings.
Net income for the year was $29.6 million, down from $34.2 million in 2023, reflecting a decrease in operating income to $44.6 million from $49.3 million. The decline in profitability was influenced by increased personnel costs, which rose to $183.8 million from $174.9 million, and a significant increase in selling, general, and administrative costs, which jumped to $78.5 million from $65.9 million. The company also reported a rise in non-cash stock-based compensation expenses, which totaled $19.5 million for the year.
In terms of strategic developments, Hackett completed the acquisition of LeewayHertz Technologies in September 2024 for a provisional purchase price of $7.8 million. This acquisition is expected to enhance Hackett's capabilities in generative AI consulting and implementation. The company also launched its AI assessment platform, AI XPLR, which aims to help clients identify and design generative AI enablement opportunities. The integration of AI XPLR with LeewayHertz's ZBrain platform is anticipated to create a joint venture focused on delivering advanced generative AI solutions.
Operationally, Hackett's employee headcount stood at 1,478 as of December 27, 2024, with 82% being billable professionals. The company reported that one customer accounted for 11% of total revenue in 2024, compared to 6% in 2023. The firm continues to focus on expanding its geographic reach, particularly in Europe, where revenue increased to $35.3 million from $28.6 million in the previous year. Looking ahead, Hackett anticipates that the demand for digital transformation services will be redefined by the rapid emergence of generative AI technologies, with expectations of increased IT budgets allocated to these initiatives in 2025.
About HACKETT GROUP, INC.
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