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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.74 | -1.51% | 48.11 | 44.05 | 50.49 | 49.89 | 48.03 | 49.40 | 675,055 | 01:00:00 |
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 July 30, 2015, announcing financial results for the three and six months ended June 30, 2015
|
99.2
|
Perficient, Inc. Q2 2015 Financial Results Presentation
|
PERFICIENT, INC.
|
||
Date: July 30, 2015
|
By:
|
/s/ Paul E. Martin
|
Paul E. Martin
|
||
Chief Financial Officer
|
Exhibit
|
|
Number
|
Description
|
99.1
|
Perficient, Inc. Press Release, dated July 30, 2015, announcing financial results for the three and six months ended June 30, 2015
|
99.2
|
Perficient, Inc. Q2 2015 Financial Results Presentation
|
·
|
Revenue decreased 7% to $108.5 million from $116.7 million for the second quarter of 2014;
|
·
|
Services revenue decreased 1% to $97.2 million from $98.3 million for the second quarter of 2014;
|
·
|
Gross margin decreased 8% to $34.9 million from $37.8 million for the second quarter of 2014;
|
·
|
Adjusted earnings per share results (a non-GAAP measure; see attached schedule, which reconciles to GAAP earnings per share) on a fully diluted basis decreased to $0.25 from $0.33 for the second quarter of 2014;
|
·
|
Earnings per share results on a fully diluted basis decreased to $0.12 from $0.19 for the second quarter of 2014;
|
·
|
EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) decreased to $13.4 million from $18.8 million for the second quarter of 2014;
|
·
|
Net income decreased to $4.0 million from $6.4 million for the second quarter of 2014; and
|
·
|
Perficient repurchased approximately 130,000 shares of its common stock at a total cost of $2.6 million.
|
·
|
Received U.S. Partner and Industry Team Partner of the Year honors from Microsoft, the result of Perficient sweeping Microsoft's regional Enterprise Platform Group awards. Perficient was named Microsoft's East Region National Solution Provider Partner of the Year, Central Region NSP Partner of the Year, and West Region NSP Partner of the Year, the first time Perficient has won all three honors at once;
|
·
|
Received 2015 Top Workplace awards from the St. Louis Post-Dispatch and Minneapolis Star Tribune. The honor was the third in a row from the Post-Dispatch. Perficient was honored previously by the Star Tribune in 2012 and 2013; and
|
·
|
Added new customer relationships and follow-on projects with leading companies such as Bell Aliant, Blue Shield of California, Cengage Learning, Energizer Holdings, Gulf States Toyota, Kaiser Permanente, Royal Caribbean Cruise Lines, the St. Louis Rams, and Symantec.
|
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 including fluctuations in exchange rates;
|
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 implementation of our new enterprise resource planning system in July 2014;
|
PERFICIENT, INC.
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues
|
||||||||||||||||
Services
|
$
|
97,186
|
$
|
98,316
|
$
|
195,815
|
$
|
186,805
|
||||||||
Software and hardware
|
7,468
|
13,913
|
15,970
|
18,916
|
||||||||||||
Reimbursable expenses
|
3,810
|
4,480
|
7,277
|
8,158
|
||||||||||||
Total revenues
|
108,464
|
116,709
|
219,062
|
213,879
|
||||||||||||
Cost of revenues
|
||||||||||||||||
Project personnel costs
|
61,103
|
59,862
|
123,350
|
115,525
|
||||||||||||
Software and hardware costs
|
6,636
|
12,393
|
13,364
|
16,895
|
||||||||||||
Reimbursable expenses
|
3,810
|
4,480
|
7,277
|
8,158
|
||||||||||||
Other project related expenses
|
827
|
886
|
1,723
|
1,672
|
||||||||||||
Stock compensation
|
1,187
|
1,240
|
2,387
|
2,322
|
||||||||||||
Total cost of revenues
|
73,563
|
78,861
|
148,101
|
144,572
|
||||||||||||
Gross margin
|
34,901
|
37,848
|
70,961
|
69,307
|
||||||||||||
Selling, general and administrative
|
22,653
|
20,253
|
44,389
|
38,823
|
||||||||||||
Stock compensation
|
2,160
|
2,180
|
4,467
|
4,293
|
||||||||||||
Total selling, general and administrative
|
24,813
|
22,433
|
48,856
|
43,116
|
||||||||||||
Depreciation
|
1,093
|
870
|
2,174
|
1,781
|
||||||||||||
Amortization
|
3,411
|
3,730
|
7,212
|
6,466
|
||||||||||||
Acquisition costs
|
21
|
1,076
|
21
|
2,569
|
||||||||||||
Adjustment to fair value of contingent consideration
|
89
|
(1,677
|
)
|
174
|
(1,463
|
)
|
||||||||||
Income from operations
|
5,474
|
11,416
|
12,524
|
16,838
|
||||||||||||
Net interest expense
|
(548
|
)
|
(425
|
)
|
(1,101
|
)
|
(593
|
)
|
||||||||
Net other income (expense)
|
9
|
49
|
(271
|
)
|
69
|
|||||||||||
Income before income taxes
|
4,935
|
11,040
|
11,152
|
16,314
|
||||||||||||
Provision for income taxes
|
938
|
4,653
|
3,089
|
6,881
|
||||||||||||
Net income
|
$
|
3,997
|
$
|
6,387
|
$
|
8,063
|
$
|
9,433
|
||||||||
Basic earnings per share
|
$
|
0.12
|
$
|
0.20
|
$
|
0.24
|
$
|
0.30
|
||||||||
Diluted earnings per share
|
$
|
0.12
|
$
|
0.19
|
$
|
0.24
|
$
|
0.29
|
||||||||
Shares used in computing basic earnings per share
|
33,333
|
31,564
|
33,190
|
31,147
|
||||||||||||
Shares used in computing diluted earnings per share
|
34,138
|
33,271
|
34,151
|
32,949
|
PERFICIENT, INC.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited)
|
||||||||
(in thousands)
|
||||||||
June 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
6,839
|
$
|
10,935
|
||||
Accounts receivable, net
|
96,734
|
113,928
|
||||||
Prepaid expenses
|
3,519
|
2,476
|
||||||
Other current assets
|
7,028
|
4,679
|
||||||
Total current assets
|
114,120
|
132,018
|
||||||
Property and equipment, net
|
8,619
|
7,966
|
||||||
Goodwill
|
255,189
|
236,130
|
||||||
Intangible assets, net
|
51,968
|
46,105
|
||||||
Other non-current assets
|
4,017
|
3,823
|
||||||
Total assets
|
$
|
433,913
|
$
|
426,042
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
11,160
|
$
|
22,035
|
||||
Other current liabilities
|
26,851
|
33,028
|
||||||
Total current liabilities
|
38,011
|
55,063
|
||||||
Long-term debt
|
60,000
|
54,000
|
||||||
Other non-current liabilities
|
10,419
|
12,251
|
||||||
Total liabilities
|
108,430
|
121,314
|
||||||
Stockholders' equity:
|
||||||||
Common stock
|
44
|
43
|
||||||
Additional paid-in capital
|
353,759
|
334,645
|
||||||
Accumulated other comprehensive loss
|
(803
|
)
|
(651
|
)
|
||||
Treasury stock
|
(101,624
|
)
|
(95,353
|
)
|
||||
Retained earnings
|
74,107
|
66,044
|
||||||
Total stockholders' equity
|
325,483
|
304,728
|
||||||
Total liabilities and stockholders' equity
|
$
|
433,913
|
$
|
426,042
|
PERFICIENT, INC.
|
||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
GAAP Net Income
|
$
|
3,997
|
$
|
6,387
|
$
|
8,063
|
$
|
9,433
|
||||||||
Additions:
|
||||||||||||||||
Provision for income taxes
|
938
|
4,653
|
3,089
|
6,881
|
||||||||||||
Amortization
|
3,411
|
3,730
|
7,212
|
6,466
|
||||||||||||
Acquisition costs
|
21
|
1,076
|
21
|
2,569
|
||||||||||||
Adjustment to fair value of contingent consideration
|
89
|
(1,677
|
)
|
174
|
(1,463
|
)
|
||||||||||
Stock compensation
|
3,347
|
3,420
|
6,854
|
6,615
|
||||||||||||
Adjusted Net Income Before Tax
|
11,803
|
17,589
|
25,413
|
30,501
|
||||||||||||
Adjusted income tax (1)
|
3,423
|
6,782
|
8,234
|
11,651
|
||||||||||||
Adjusted Net Income
|
$
|
8,380
|
$
|
10,807
|
$
|
17,179
|
$
|
18,850
|
||||||||
GAAP Earnings Per Share (diluted)
|
$
|
0.12
|
$
|
0.19
|
$
|
0.24
|
$
|
0.29
|
||||||||
Adjusted Earnings Per Share (diluted)
|
$
|
0.25
|
$
|
0.33
|
$
|
0.50
|
$
|
0.57
|
||||||||
Shares used in computing GAAP and Adjusted Earnings Per Share (diluted)
|
34,138
|
33,271
|
34,151
|
32,949
|
(1) The estimated adjusted effective tax rate of 29.0% and 38.5% for the three months ended June 30, 2015 and 2014, respectively, and 32.4% and 38.2% for the six months ended June 30, 2015 and 2014, respectively, 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 June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
GAAP Net Income
|
$
|
3,997
|
$
|
6,387
|
$
|
8,063
|
$
|
9,433
|
||||||||
Additions:
|
||||||||||||||||
Provision for income taxes
|
938
|
4,653
|
3,089
|
6,881
|
||||||||||||
Net interest expense
|
548
|
425
|
1,101
|
593
|
||||||||||||
Net other (income) expense
|
(9
|
)
|
(49
|
)
|
271
|
(69
|
)
|
|||||||||
Depreciation
|
1,093
|
870
|
2,174
|
1,781
|
||||||||||||
Amortization
|
3,411
|
3,730
|
7,212
|
6,466
|
||||||||||||
Acquisition costs
|
21
|
1,076
|
21
|
2,569
|
||||||||||||
Adjustment to fair value of contingent consideration
|
89
|
(1,677
|
)
|
174
|
(1,463
|
)
|
||||||||||
Stock compensation
|
3,347
|
3,420
|
6,854
|
6,615
|
||||||||||||
EBITDAS (1)
|
$
|
13,435
|
$
|
18,835
|
$
|
28,959
|
$
|
32,806
|
||||||||
(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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