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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 | |
---|---|---|---|---|---|---|---|---|---|---|
25.29 | 52.57% | 73.3999 | 73.26 | 73.59 | 73.85 | 73.17 | 73.70 | 11,680,106 | 00:57:45 |
Perficient, Inc. (NASDAQ:PRFT) (“Perficient”), a leading information technology and management consulting firm serving Global 2000® and other large enterprise customers throughout North America, today reported its financial results for the quarter ended June 30, 2015.
Financial Highlights
For the quarter ended June 30, 2015:
“We believe strong second quarter bookings and business momentum will drive substantial margin and earnings improvements in the second half of 2015,” said Jeff Davis, chief executive officer and president. “The world’s most innovative enterprises continue to seek our partnership and guidance on digital experience, business optimization and industry solutions that leverage a variety of leading technology products and platforms.”
Other Highlights
Among other recent achievements, Perficient:
Business Outlook
The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. See “Safe Harbor Statement” below.
Perficient expects its third quarter 2015 services and software revenue, including reimbursed expenses, to be in the range of $111.5 million to $122.0 million, comprised of $104.5 million to $110.0 million of revenue from services including reimbursed expenses and $7.0 million to $12.0 million of revenue from sales of software. The midpoint of third quarter 2015 services revenue guidance represents growth of 7% over third quarter 2014 services revenue.
Conference Call Details
Perficient will host a conference call regarding second quarter 2015 financial results today at 10 a.m. Eastern.
WHAT: Perficient Reports Second Quarter 2015 ResultsWHEN: Thursday, July 30, 2015, at 10 a.m. EasternCONFERENCE CALL NUMBERS: 800-884-5695 (U.S. and Canada); 617-786-2960 (International)PARTICIPANT PASSCODE: 62080438REPLAY TIMES: Thursday, July 30, 2015, at 1 p.m. Eastern, through Thursday, Aug. 6, 2015, at 11:59 p.m. EasternREPLAY NUMBER: 888-286-8010 (U.S. and Canada) 617-801-6888 (International)REPLAY PASSCODE: 69293494
About Perficient
Perficient is a leading information technology and management consulting firm serving Global 2000 and enterprise customers throughout North America. Perficient delivers digital experience, business optimization and industry solutions that enable clients to improve productivity and competitiveness; strengthen relationships with customers, suppliers and partners; and reduce costs. Perficient’s professionals serve clients from locations across North America and offshore facilities in Europe, India and China. Traded on the Nasdaq Global Select Market, Perficient is a member of the Russell 2000 index and the S&P SmallCap 600 index. Perficient is an award-winning Premier Level IBM business partner, a Microsoft National Solution Provider and Gold Certified Partner, an Oracle Platinum Partner, and a Platinum Salesforce Cloud Alliance Partner. For more information, visit www.perficient.com.
Safe Harbor Statement
Some of the statements contained in this news release that are not purely historical statements discuss future expectations or state other forward-looking information related to financial results and business outlook for 2015. Those statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on management’s current intent, belief, expectations, estimates, and projections regarding our company and our industry. You should be aware that those statements only reflect our predictions. Actual events or results may differ substantially. Important factors that could cause our actual results to be materially different from the forward-looking statements include (but are not limited to) those disclosed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2014, and the following:
(1) the possibility that our actual results do not meet the projections and guidance contained in this news release;
(2) the impact of the general economy and economic uncertainty on our business;
(3) risks associated with the operation of our business generally, including:
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;
(4) legal liabilities, including intellectual property protection and infringement or personally identifiable information;
(5) risks associated with managing growth organically and through acquisitions; and
(6) the risks detailed from time to time within our filings with the Securities and Exchange Commission.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. This cautionary statement is provided pursuant to Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release are made only as of the date hereof and we undertake no obligation to update publicly any forward-looking statement for any reason, even if new information becomes available or other events occur in the future.
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 $ 426,042About Non-GAAP Financial Information
This news release includes non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), please see the section entitled “About Non-GAAP Financial Measures” and the accompanying tables entitled “Reconciliation of GAAP to Non-GAAP Measures.”
About Non-GAAP Financial Measures
Perficient provides non-GAAP financial measures for EBITDAS (earnings before interest, income taxes, depreciation, amortization, and stock compensation), adjusted net income, and adjusted earnings per share data as supplemental information regarding Perficient’s business performance. Perficient believes that these non-GAAP financial measures are useful to investors because they provide investors with a better understanding of Perficient’s past financial performance and future results. Perficient’s management uses these non-GAAP financial measures when it internally evaluates the performance of Perficient’s business and makes operating decisions, including internal operating budgeting, performance measurement, and the calculation of bonuses and discretionary compensation. Management excludes stock-based compensation related to employee stock options and restricted stock awards, the amortization of intangible assets, acquisition costs, adjustments to the fair value of contingent consideration, and income tax effects of the foregoing, when making operational decisions.
Perficient believes that providing the non-GAAP financial measures to its investors is useful because it allows investors to evaluate Perficient’s performance using the same methodology and information used by Perficient’s management. Specifically, adjusted net income is used by management primarily to review business performance and determine performance-based incentive compensation for executives and other employees. Management uses EBITDAS to measure operating profitability, evaluate trends, and make strategic business decisions.
Non-GAAP financial measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of discretionary judgment as to which charges are excluded from the non-GAAP financial measure. However, Perficient’s management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of EBITDAS, adjusted net income, and adjusted earnings per share. In addition, some items that are excluded from adjusted net income and adjusted earnings per share can have a material impact on cash. Management compensates for these limitations by evaluating the non-GAAP measure together with the most directly comparable GAAP measure. Perficient has historically provided non-GAAP financial measures to the investment community as a supplement to its GAAP results to enable investors to evaluate Perficient’s business performance in the way that management does. Perficient’s definition may be different from similar non-GAAP financial measures used by other companies and/or analysts.
The non-GAAP adjustments, and the basis for excluding them, are outlined below:
Amortization of Intangible Assets
Perficient has incurred expense on amortization of intangible assets primarily related to various acquisitions. Management excludes these items for the purposes of calculating EBITDAS, adjusted net income, and adjusted earnings per share. Perficient believes that eliminating this expense from its non-GAAP financial measures is useful to investors because the amortization of intangible assets can be inconsistent in amount and frequency, and is significantly impacted by the timing and magnitude of Perficient’s acquisition transactions, which also vary substantially in frequency from period to period.
Acquisition Costs
Perficient incurs transaction costs related to acquisitions which are expensed in its GAAP financial statements. Management excludes these items for the purposes of calculating EBITDAS, adjusted net income, and adjusted earnings per share. Perficient believes that excluding these expenses from its non-GAAP financial measures is useful to investors because these are expenses associated with each transaction, and are inconsistent in amount and frequency causing comparison of current and historical financial results to be difficult.
Adjustments to Fair Value of Contingent Consideration
Perficient is required to remeasure its contingent consideration liability related to acquisitions each reporting period until the contingency is settled. Any changes in fair value are recognized in earnings. Management excludes these items for the purposes of calculating adjusted net income and adjusted earnings per share. Perficient believes that excluding these adjustments from its non-GAAP financial measures is useful to investors because they are related to acquisitions, and are inconsistent in amount and frequency from period to period.
Stock-Based Compensation
Perficient incurs stock-based compensation expense under Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation. Perficient excludes this item for the purposes of calculating EBITDAS, adjusted net income, and adjusted earnings per share because it is a non-cash expense, which Perficient believes is not reflective of its business performance. The nature of stock-based compensation expense also makes it very difficult to estimate prospectively, since the expense will vary with changes in the stock price and market conditions at the time of new grants, varying valuation methodologies, subjective assumptions, and different award types, making the comparison of current results with forward looking guidance potentially difficult for investors to interpret. The tax effects of stock-based compensation expense may also vary significantly from period to period, without any change in underlying operational performance, thereby obscuring the underlying profitability of operations relative to prior periods. Perficient believes that non-GAAP measures of profitability, which exclude stock-based compensation are widely used by analysts and investors.
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 211,076
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150730005762/en/
Perficient, Inc.Bill Davis, 314-529-3555bill.davis@perficient.com
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