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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Perficient Inc | NASDAQ:PRFT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 0.14% | 73.57 | 73.57 | 73.58 | 73.64 | 73.52 | 73.56 | 333,156 | 17:12:15 |
Delaware
|
001-15169
|
74-2853258
|
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
||
555 Maryville University Drive, Suite 600, Saint Louis, Missouri
|
63141
|
||
(Address of Principal Executive Offices)
|
(Zip Code)
|
Not Applicable
|
(Former Name or Former Address, if Changed Since Last Report)
|
(d)
|
Exhibits.
|
Exhibit
|
|
Number
|
Description
|
99.1
|
Perficient, Inc. Press Release, dated March 5, 2015, announcing financial results for the three and twelve months ended December 31, 2014
|
99.2
|
Perficient, Inc. Q4 2014 Financial Results Presentation
|
PERFICIENT, INC.
|
||
Date: March 5, 2015
|
By:
|
/s/ Paul E. Martin
|
Paul E. Martin
|
||
Chief Financial Officer
|
Exhibit
|
|
Number
|
Description
|
99.1
|
Perficient, Inc. Press Release, dated March 5, 2015, announcing financial results for the three and twelve months ended December 31, 2014
|
99.2
|
Perficient, Inc. Q4 2014 Financial Results Presentation
|
·
|
Revenue increased 29% to $125.8 million from $97.5 million for the fourth quarter 2013;
|
·
|
Services revenue increased 16% to $99.9 million from $86.0 million for the fourth quarter 2013;
|
·
|
Adjusted earnings per share results (a non-GAAP measure; see attached schedule, which reconciles to GAAP earnings per share) on a fully diluted basis increased to $0.36 from $0.30 for the fourth quarter 2013;
|
·
|
Earnings per share results on a fully diluted basis increased to $0.19 from $0.17 for the fourth quarter 2013;
|
·
|
EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to $19.0 million from $15.7 million for the fourth quarter 2013;
|
·
|
Net income increased 16% to $6.4 million from $5.5 million for the fourth quarter 2013; and
|
·
|
Perficient repurchased 351,000 shares of its common stock at a cost of $6.0 million.
|
·
|
Revenue increased 22% to $456.7 million from $373.3 million for 2013;
|
·
|
Services revenue increased 18% to $386.7 million from $326.6 million for 2013;
|
·
|
Adjusted earnings per share results (a non-GAAP measure; see attached schedule, which reconciles to GAAP earnings per share) on a fully diluted basis increased to $1.30 from $1.11 for 2013;
|
·
|
Earnings per share results on a fully diluted basis increased to $0.70 from $0.67 for 2013;
|
·
|
EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to $72.5 million from $56.6 million for 2013;
|
·
|
Net income increased 8% to $23.2 million from $21.4 million for 2013; and
|
·
|
Perficient repurchased 807,000 shares of its common stock at a cost of $14.3 million.
|
·
|
Completed the acquisition of Zeon Solutions, Inc. and its subsidiary, Grand River Interactive LLC, which enhances and expands Perficient's e-commerce, content management, product information management, mobile and digital marketing services and solution expertise;
|
|
·
|
Expanded our service commitment to Partners In Health, a Boston-based nonprofit that delivers high-quality healthcare and serves impoverished communities around the world, from Haiti to Rwanda to Siberia;
|
|
·
|
Received the prestigious IBM Beacon Award for Outstanding Information Management Solution, a top honor awarded to those elite IBM Business Partners who have delivered exceptional solutions that drive business value and transform the way clients and industries do business; and
|
|
·
|
Added new customer relationships and follow-on projects with leading companies including Archer Daniels Midland, Cheniere Energy, Federated Co-operatives Limited, FordDirect, H&R Block, Kaiser Permanente, KLX, Kodak, NRG, PepsiCo, Sears Canada, the University of Houston, and Volkswagen Group of America
|
a)
|
client demand for our services and solutions;
|
b)
|
maintaining a balance of our supply of skills and resources with client demand;
|
c)
|
effectively competing in a highly competitive market;
|
d)
|
protecting our clients' and our data and information;
|
e)
|
risks from international operations;
|
f)
|
obtaining favorable pricing to reflect services provided;
|
g)
|
adapting to changes in technologies and offerings;
|
h)
|
risk of loss of one or more significant software vendors; and
|
i)
|
the recent implementation of our new Enterprise Resource Planning system;
|
PERFICIENT, INC.
|
|||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||||||||
(unaudited)
|
|||||||||||||
(in thousands, except per share data)
|
|||||||||||||
Three Months Ended
|
Year Ended
|
||||||||||||
December 31,
|
December 31,
|
||||||||||||
2014
|
2013
|
2014
|
2013
|
||||||||||
Revenues
|
|||||||||||||
Services
|
$
|
99,888
|
$
|
86,040
|
$
|
386,668
|
$
|
326,589
|
|||||
Software and hardware
|
21,668
|
7,055
|
52,776
|
30,224
|
|||||||||
Reimbursable expenses
|
4,286
|
4,370
|
17,248
|
16,512
|
|||||||||
Total revenues
|
125,842
|
97,465
|
456,692
|
373,325
|
|||||||||
Cost of revenues
|
|||||||||||||
Project personnel costs
|
59,237
|
52,026
|
235,151
|
199,664
|
|||||||||
Software and hardware costs
|
19,902
|
6,177
|
47,235
|
26,648
|
|||||||||
Reimbursable expenses
|
4,286
|
4,370
|
17,248
|
16,512
|
|||||||||
Other project related expenses
|
723
|
895
|
3,012
|
4,169
|
|||||||||
Stock compensation
|
1,203
|
873
|
4,711
|
3,233
|
|||||||||
Total cost of revenues
|
85,351
|
64,341
|
307,357
|
250,226
|
|||||||||
Gross margin
|
40,491
|
33,124
|
149,335
|
123,099
|
|||||||||
Selling, general and administrative
|
22,673
|
18,329
|
81,552
|
69,706
|
|||||||||
Stock compensation
|
2,174
|
2,019
|
8,650
|
7,895
|
|||||||||
15,644
|
12,776
|
59,133
|
45,498
|
||||||||||
Depreciation
|
1,021
|
928
|
3,734
|
3,262
|
|||||||||
Amortization
|
3,942
|
2,224
|
14,453
|
7,974
|
|||||||||
Acquisition costs
|
951
|
854
|
3,446
|
2,297
|
|||||||||
Adjustment to fair value of contingent consideration
|
-
|
184
|
(1,463
|
)
|
287
|
||||||||
Income from operations
|
9,730
|
8,586
|
38,963
|
31,678
|
|||||||||
Net interest expense
|
(383
|
)
|
(138
|
)
|
(1,438
|
)
|
(293
|
)
|
|||||
Net other income (expense)
|
(84
|
)
|
142
|
(5
|
)
|
112
|
|||||||
Income before income taxes
|
9,263
|
8,590
|
37,520
|
31,497
|
|||||||||
Provision for income taxes
|
2,839
|
3,077
|
14,357
|
10,065
|
|||||||||
Net income
|
$
|
6,424
|
$
|
5,513
|
$
|
23,163
|
$
|
21,432
|
|||||
Basic earnings per share
|
$
|
0.20
|
$
|
0.18
|
$
|
0.73
|
$
|
0.71
|
|||||
Diluted earnings per share
|
$
|
0.19
|
$
|
0.17
|
$
|
0.70
|
$
|
0.67
|
|||||
Shares used in computing basic earnings per share
|
32,383
|
30,314
|
31,698
|
30,294
|
|||||||||
Shares used in computing diluted earnings per share
|
33,403
|
32,155
|
33,158
|
31,808
|
PERFICIENT, INC.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited)
|
||||||||
(in thousands)
|
||||||||
December 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
10,935
|
$
|
7,018
|
||||
Accounts receivable, net
|
113,928
|
78,887
|
||||||
Prepaid expenses
|
2,476
|
2,569
|
||||||
Other current assets
|
4,679
|
6,759
|
||||||
Total current assets
|
132,018
|
95,233
|
||||||
Property and equipment, net
|
7,966
|
7,709
|
||||||
Goodwill
|
236,130
|
193,510
|
||||||
Intangible assets, net
|
46,105
|
25,487
|
||||||
Other non-current assets
|
3,823
|
3,810
|
||||||
Total assets
|
$
|
426,042
|
$
|
325,749
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
22,035
|
$
|
7,667
|
||||
Other current liabilities
|
33,028
|
30,298
|
||||||
Total current liabilities
|
55,063
|
37,965
|
||||||
Long-term debt
|
54,000
|
19,000
|
||||||
Other non-current liabilities
|
12,251
|
9,294
|
||||||
Total liabilities
|
121,314
|
66,259
|
||||||
Stockholders' equity:
|
||||||||
Common stock
|
43
|
41
|
||||||
Additional paid-in capital
|
334,645
|
297,997
|
||||||
Accumulated other comprehensive loss
|
(651
|
)
|
(378
|
)
|
||||
Treasury stock
|
(95,353
|
)
|
(81,051
|
)
|
||||
Retained earnings
|
66,044
|
42,881
|
||||||
Total stockholders' equity
|
304,728
|
259,490
|
||||||
Total liabilities and stockholders' equity
|
$
|
426,042
|
$
|
325,749
|
||||
PERFICIENT, INC.
|
||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
GAAP Net Income
|
$
|
6,424
|
$
|
5,513
|
$
|
23,163
|
$
|
21,432
|
||||||||
Additions:
|
||||||||||||||||
Provision for income taxes
|
2,839
|
3,077
|
14,357
|
10,065
|
||||||||||||
Amortization
|
3,942
|
2,224
|
14,453
|
7,974
|
||||||||||||
Acquisition costs
|
951
|
854
|
3,446
|
2,297
|
||||||||||||
Adjustment to fair value of contingent consideration
|
-
|
184
|
(1,463
|
)
|
287
|
|||||||||||
Stock compensation
|
3,377
|
2,892
|
13,361
|
11,128
|
||||||||||||
Adjusted Net Income Before Tax
|
17,533
|
14,744
|
67,317
|
53,183
|
||||||||||||
Adjusted income tax (1)
|
5,558
|
5,205
|
24,326
|
17,923
|
||||||||||||
Adjusted Net Income
|
$
|
11,975
|
$
|
9,539
|
$
|
42,991
|
$
|
35,260
|
||||||||
GAAP Earnings Per Share (diluted)
|
$
|
0.19
|
$
|
0.17
|
$
|
0.70
|
$
|
0.67
|
||||||||
Adjusted Earnings Per Share (diluted)
|
$
|
0.36
|
$
|
0.30
|
$
|
1.30
|
$
|
1.11
|
||||||||
Shares used in computing GAAP and Adjusted Earnings Per Share (diluted)
|
33,403
|
32,155
|
33,158
|
31,808
|
(1) The estimated adjusted effective tax rate of 31.7% and 35.3% for the three months ended December 31, 2014 and 2013, respectively, and 36.1% and 33.7% for the year ended December 31, 2014 and 2013, has been used to calculate the provision for income taxes for non-GAAP purposes.
|
PERFICIENT, INC.
|
||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
|
||||||||||||||||||
(unaudited)
|
||||||||||||||||||
(in thousands)
|
||||||||||||||||||
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||||
GAAP Net Income
|
$
|
6,424
|
$
|
5,513
|
$
|
23,163
|
$
|
21,432
|
||||||||||
Additions:
|
||||||||||||||||||
Provision for income taxes
|
2,839
|
3,077
|
14,357
|
10,065
|
||||||||||||||
Net interest expense
|
383
|
138
|
1,438
|
293
|
||||||||||||||
Net other expense (income)
|
84
|
(142
|
)
|
5
|
(112
|
)
|
||||||||||||
Depreciation
|
1,021
|
928
|
3,734
|
3,262
|
||||||||||||||
Amortization
|
3,942
|
2,224
|
14,453
|
7,974
|
||||||||||||||
Acquisition costs
|
951
|
854
|
3,446
|
2,297
|
||||||||||||||
Adjustment to fair value of contingent consideration
|
-
|
184
|
(1,463
|
)
|
287
|
|||||||||||||
Stock compensation
|
3,377
|
2,892
|
13,361
|
11,128
|
||||||||||||||
EBITDAS (1)
|
$
|
19,021
|
$
|
15,668
|
$
|
72,494
|
$
|
56,626
|
(1) EBITDAS is a non-GAAP performance measure and is not intended to be a performance measure that should be regarded as an alternative to or more meaningful than either GAAP operating income or GAAP net income. EBITDAS measures presented may not be comparable to similarly titled measures presented by other companies.
|
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