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, 2014.
Financial Highlights
For the quarter ended June 30, 2014:
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Revenue increased 24% to $116.7 million from $94.2 million for the
second quarter 2013;
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Services revenue increased 22% to $98.3 million from $80.4 million for
the second quarter 2013;
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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 $0.33 from $0.28 for the second quarter
2013;
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Earnings per share results on a fully diluted basis increased to $0.19
from $0.14 for the second quarter 2013;
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EBITDAS (a non-GAAP measure; see attached schedule, which
reconciles to GAAP net income) increased to $18.8 million from $14.5
million for the second quarter 2013;
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Net income increased 40% to $6.4 million from $4.6 million for the
second quarter 2013; and
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Perficient repurchased 322,000 shares of its common stock at a cost of
$5.7 million.
“Solid services delivery, coupled with strong software sales, enabled
Perficient to exceed revenue estimates for the quarter,” said Jeffrey
Davis, chief executive officer and president. “We continue to focus on
scaling the business by expanding the breadth of our services and the
depth of our expertise.”
“Services margins were up 90 basis points and we expect additional
margin improvement in the second half of 2014,” said Paul Martin, chief
financial officer. “As our influence and impact at the world’s leading
enterprises grow, we’re able to realize billing rates commensurate with
the increased value our customers place on those services.”
Other Highlights
Among other recent achievements, Perficient:
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Announced the acquisition of the IBM Smarter Commerce division of Trifecta
Technologies on May 8, 2014, an $8 million annual services revenue
business focused entirely on IBM WebSphere Commerce solutions. The
acquisition expands Perficient’s IBM commerce practice and brings
extensive experience and intellectual property assets in the
implementation, integration, migration, and hosting of IBM commerce
solutions;
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Announced a broad and multi-faceted, mutually beneficial partnership
with the St.
Louis Rams professional football team. Perficient will receive
marketing and corporate engagement opportunities, while the Rams will
leverage Perficient’s deep technology solutions and application
development expertise to improve football operations;
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For the second consecutive year, was awarded both the Microsoft East
Region NSI Partner of the Year and the Central Region Enterprise
Office 365 Partner of the Year awards. Additionally, Perficient was
declared the West Region Compete Partner of the Year. These accolades
highlight Perficient’s capabilities in, and successful implementations
of, Microsoft technology solutions;
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Was awarded the Highest Achiever Award at IBM Digital Experience 2014.
The award was presented to the IBM business partner who drove the
greatest amount of transactional revenue in 2013. Perficient saw over
700% year-to-year growth in new license sales and the highest total
revenue from the IBM Exceptional Web Experience family of products in
North America by a factor of three;
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Was named a Top Workplace by both the St. Louis Post-Dispatch and
Denver Post. Perficient was honored for its entrepreneurial spirit,
expertise with cutting-edge technologies, and strong reputation in the
technology consulting industry; and
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Added new customer relationships and follow-up projects with leading
companies including: Bass Pro Shops, Canon, Federated Co-operatives
Limited, Florida Blue, Health Care Service Corporation, Hospital
Corporation of America, IMMI, Jules Bordet Institute, NRG Energy, SSA
Marine, University of Colorado, and many others.
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 2014 services and software revenue,
including reimbursed expenses, to be in the range of $111.2 million to
$120.6 million, comprised of $104.7 million to $110.1 million of revenue
from services including reimbursed expenses and $6.5 million to $10.5
million of revenue from sales of software. The midpoint of third quarter
2014 services revenue guidance represents growth of 18% over third
quarter 2013 services revenue.
The company is reiterating its full year 2014 revenue guidance to be in
the range of $444 million to $464 million and 2014 Adjusted earnings per
share guidance range of $1.27 to $1.37.
Conference Call Details
Perficient will host a conference call regarding second quarter 2014
financial results today at 10 a.m. Eastern.
WHAT: Perficient Reports Second Quarter 2014 Results
WHEN: Thursday, July 31, 2014, at 10 a.m. Eastern
CONFERENCE CALL NUMBERS: 866-515-2910 (U.S. and Canada)
617-399-5124 (International)
PARTICIPANT PASSCODE: 27967929
REPLAY TIMES: Thursday, July 31, 2014, at 2 p.m. Eastern, through
Thursday, August 7, 2014
REPLAY NUMBER: 888-286-8010 (U.S. and Canada) 617-801-6888
(International)
REPLAY PASSCODE: 30046165
About Perficient
Perficient is a leading information technology and management consulting
firm serving Global 2000® and enterprise customers throughout
North America. Perficient’s professionals serve clients from a network
of offices across North America and three offshore locations, in Eastern
Europe, India, and China. Perficient helps clients use Internet-based
technologies to improve productivity and competitiveness, strengthen
relationships with customers, suppliers and partners, and reduce
information technology costs. Perficient, traded on the Nasdaq Global
Select Market, 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 Systems Integrator and Gold
Certified Partner, an Oracle Platinum Partner, a Gold Salesforce.com
Cloud Alliance Partner, a TeamTIBCO partner, and an EMC Select Services
Team Partner. For more information, please visit www.perficient.com.
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PERFICIENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in
thousands, except per share data)
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Three Months Ended June 30,
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Six Months Ended June 30,
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2014
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2013
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2014
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2013
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Revenues
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Services
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$
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98,316
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$
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80,414
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$
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186,805
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$
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153,981
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Software and hardware
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13,913
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9,705
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18,916
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17,549
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Reimbursable expenses
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4,480
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4,048
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8,158
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7,572
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Total revenues
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116,709
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94,167
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213,879
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179,102
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Cost of revenues
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Project personnel costs
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59,862
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49,408
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115,525
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96,262
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Software and hardware costs
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12,393
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8,336
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16,895
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15,552
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Reimbursable expenses
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4,480
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4,048
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8,158
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7,572
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Other project related expenses
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886
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1,022
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1,672
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2,022
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Stock compensation
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1,240
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755
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2,322
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1,582
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Total cost of revenues
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78,861
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63,569
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144,572
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122,990
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Gross margin
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37,848
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30,598
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69,307
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56,112
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Selling, general and administrative
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20,253
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16,836
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38,823
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32,901
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Stock compensation
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2,180
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2,015
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4,293
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3,821
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15,415
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11,747
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26,191
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19,390
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Depreciation
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870
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719
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1,781
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1,402
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Amortization
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3,730
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2,018
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6,466
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3,795
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Acquisition costs
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1,076
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1,439
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2,569
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1,414
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Adjustment to fair value of contingent consideration
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(1,677
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33
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(1,463
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33
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Income from operations
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11,416
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7,538
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16,838
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12,746
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Net interest expense
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(425
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(53
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(593
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(58
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Net other income (expense)
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49
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(83
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69
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(37
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Income before income taxes
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11,040
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7,402
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16,314
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12,651
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Provision for income taxes
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4,653
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2,840
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6,881
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3,966
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Net income
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$
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6,387
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$
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4,562
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$
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9,433
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$
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8,685
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Basic earnings per share
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$
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0.20
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$
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0.15
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$
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0.30
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$
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0.29
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Diluted earnings per share
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$
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0.19
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$
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0.14
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$
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0.29
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$
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0.27
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Shares used in computing basic earnings per share
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31,564
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30,428
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31,147
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30,360
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Shares used in computing diluted earnings per share
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33,271
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31,768
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32,949
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31,634
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PERFICIENT, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in
thousands)
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June 30, 2014
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December 31, 2013
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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6,632
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$
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7,018
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Accounts receivable, net
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102,227
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78,887
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Prepaid expenses
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2,589
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2,569
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Other current assets
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9,415
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6,759
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Total current assets
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120,863
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95,233
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Property and equipment, net
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7,974
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7,709
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Goodwill
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235,203
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193,510
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Intangible assets, net
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53,045
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25,487
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Other non-current assets
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3,829
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3,810
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Total assets
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$
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420,914
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$
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325,749
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$
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13,088
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$
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7,667
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Other current liabilities
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34,455
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30,298
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Total current liabilities
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47,543
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37,965
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Long-term debt
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71,000
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19,000
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Other non-current liabilities
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12,969
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9,294
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Total liabilities
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131,512
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66,259
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Stockholders' equity:
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Common stock
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43
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41
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Additional paid-in capital
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326,525
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297,997
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Accumulated other comprehensive loss
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(407
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(378
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Treasury stock
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(89,073
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(81,051
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Retained earnings
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52,314
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42,881
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Total stockholders' equity
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289,402
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259,490
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Total liabilities and stockholders' equity
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$
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420,914
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$
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325,749
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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 2014. 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, 2013 and
in our quarterly report on Form 10-Q for the quarter ended June 30, 2014
and the following:
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(1)
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the possibility that our actual results do not meet the projections
and guidance contained in this news release;
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(2)
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the impact of the general economy and economic uncertainty on our
business;
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(3)
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risks associated with the operation of our business generally,
including:
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a) client demand for our services and solutions;
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b) maintaining a balance of our supply of skills and resources
with client demand;
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c) effectively competing in a highly competitive market;
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d) protecting our clients’ and our data and information;
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e) risks from international operations;
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f) obtaining favorable pricing to reflect services provided;
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g) adapting to changes in technologies and offerings;
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h) risk of loss of one or more significant software vendors; and
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i) implementation of our new Enterprise Resource Planning system;
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(4)
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legal liabilities, including intellectual property protection and
infringement or personally identifiable information;
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(5)
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risks associated with managing growth organically and through
acquisitions; and
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(6)
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the risks detailed from time to time within our filings with the
Securities and Exchange Commission.
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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.
About 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,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
GAAP Net Income
|
|
$
|
6,387
|
|
|
$
|
4,562
|
|
|
$
|
9,433
|
|
|
$
|
8,685
|
|
Additions:
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
4,653
|
|
|
|
2,840
|
|
|
|
6,881
|
|
|
|
3,966
|
|
Amortization
|
|
|
3,730
|
|
|
|
2,018
|
|
|
|
6,466
|
|
|
|
3,795
|
|
Acquisition costs
|
|
|
1,076
|
|
|
|
1,439
|
|
|
|
2,569
|
|
|
|
1,414
|
|
Adjustment to fair value of contingent consideration
|
|
|
(1,677
|
)
|
|
|
33
|
|
|
|
(1,463
|
)
|
|
|
33
|
|
Stock compensation
|
|
|
3,420
|
|
|
|
2,770
|
|
|
|
6,615
|
|
|
|
5,403
|
|
Adjusted Net Income Before Tax
|
|
|
17,589
|
|
|
|
13,662
|
|
|
|
30,501
|
|
|
|
23,296
|
|
Adjusted income tax (1)
|
|
|
6,782
|
|
|
|
4,905
|
|
|
|
11,651
|
|
|
|
7,651
|
|
Adjusted Net Income
|
|
$
|
10,807
|
|
|
$
|
8,757
|
|
|
$
|
18,850
|
|
|
$
|
15,645
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings Per Share (diluted)
|
|
$
|
0.19
|
|
|
$
|
0.14
|
|
|
$
|
0.29
|
|
|
$
|
0.27
|
|
Adjusted Earnings Per Share (diluted)
|
|
$
|
0.33
|
|
|
$
|
0.28
|
|
|
$
|
0.57
|
|
|
$
|
0.50
|
|
Shares used in computing GAAP and Adjusted Earnings Per Share
(diluted)
|
|
|
33,271
|
|
|
|
31,768
|
|
|
|
32,949
|
|
|
|
31,634
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The estimated adjusted effective tax rate of 38.5% and 35.9% for
the three months ended June 30, 2014 and 2013, respectively, and
38.2% and 32.8% for the six months ended June 30, 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 June 30,
|
|
Six Months Ended June 30,
|
|
|
|
2014
|
|
|
2013
|
|
2014
|
|
|
2013
|
|
GAAP Net Income
|
|
$
|
6,387
|
|
|
$
|
4,562
|
|
$
|
9,433
|
|
|
$
|
8,685
|
|
Additions:
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
4,653
|
|
|
|
2,840
|
|
|
6,881
|
|
|
|
3,966
|
|
Net interest expense
|
|
|
425
|
|
|
|
53
|
|
|
593
|
|
|
|
58
|
|
Net other expense (income)
|
|
|
(49
|
)
|
|
|
83
|
|
|
(69
|
)
|
|
|
37
|
|
Depreciation
|
|
|
870
|
|
|
|
719
|
|
|
1,781
|
|
|
|
1,402
|
|
Amortization
|
|
|
3,730
|
|
|
|
2,018
|
|
|
6,466
|
|
|
|
3,795
|
|
Acquisition costs
|
|
|
1,076
|
|
|
|
1,439
|
|
|
2,569
|
|
|
|
1,414
|
|
Adjustment to fair value of contingent consideration
|
|
|
(1,677
|
)
|
|
|
33
|
|
|
(1,463
|
)
|
|
|
33
|
|
Stock compensation
|
|
|
3,420
|
|
|
|
2,770
|
|
|
6,615
|
|
|
|
5,403
|
|
EBITDAS (1)
|
|
$
|
18,835
|
|
|
$
|
14,517
|
|
$
|
32,806
|
|
|
$
|
24,793
|
|
|
|
|
|
|
|
|
|
|
|
(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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