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 September 30, 2014.
Financial Highlights
For the quarter ended September 30, 2014:
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Revenue increased 21% to $117.0 million from $96.8 million for the
third quarter 2013;
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Services revenue increased 15% to $100.0 million from $86.6 million
for the third 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 $0.37 from $0.32 for the third quarter 2013;
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Earnings per share results on a fully diluted basis decreased to $0.22
from $0.23 for the third quarter 2013;
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EBITDAS (a non-GAAP measure; see attached schedule, which
reconciles to GAAP net income) increased to $20.7 million from $16.2
million for the third quarter 2013; and
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Net income increased 1% to $7.3 million from $7.2 million for the
third quarter 2013.
“Solid services delivery, coupled with strong software sales, again
enabled Perficient to exceed revenue estimates for the quarter,” said
Jeffrey Davis, chief executive officer and president. “The world’s most
innovative enterprises are increasingly turning to Perficient because of
the breadth of our portfolio, the depth of our platform and industry
expertise, our flexibility in delivery and our customer-centric
approach.”
“EBITDA was up 30% and we expect additional year over year improvement
in the last quarter of 2014,” said Paul Martin, chief financial officer.
“We have made significant progress establishing a foundation of strong
operational leverage in recent quarters and in 2015, will focus on
driving increased volume to continue to grow top and bottom line
performance.”
Stock Repurchase Program Expansion
On November 4, 2014, Perficient’s Board of Directors expanded
Perficient’s stock repurchase program by authorizing the repurchase of
up to an additional $10.0 million of our common stock for a total
repurchase program of $100.0 million and extended the expiration
date of the program from December 31, 2014 to June 30, 2016. Since the
program’s inception in 2008, Perficient has repurchased a total of 9.1
million shares at a cost of $77.0 million.
Other Highlights
Among other recent achievements, Perficient:
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Announced it is establishing
a domestic delivery center in Lafayette, Louisiana, to augment
Perficient’s offshore delivery centers, further optimizing its global
network and comprehensive technology, delivery management and industry
vertical expertise across North America;
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Was awarded the 2014 IBM Big Data & Analytics Worldwide Business
Partner Excellence Award at IBM Insight. The award recognizes
Perficient’s accomplishments and expertise across all IBM Business
Analytics, Enterprise Content Management and Information Management
software brands;
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Was awarded the Oracle University 2014 Outstanding Instructor Quality
Award for consistently high instructor-quality ratings, having
achieved an average customer satisfaction rating of 95 percent for
Perficient’s more than 60 events this year; and
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Added new customer relationships and follow-up projects with leading
companies including: Bell Alliant, Blue Cross Blue Shield Michigan,
Davita, Norwegian Cruise Line, Penske Trucking, Reckitt Benckiser,
RockTenn, TJX, Trend Micro, University of Colorado, Volkswagen/Audi of
America, 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 fourth quarter 2014 services and software
revenue, including reimbursed expenses, to be in the range of $110.0
million to $120.0 million, comprised of $101.0 million to $106.2 million
of revenue from services including reimbursed expenses and $9.0 million
to $13.8 million of revenue from sales of software. The midpoint of
fourth quarter 2014 services revenue guidance represents growth of 20%
over fourth quarter 2013 services revenue.
The company is revising its full year 2014 revenue guidance to be in the
range of $441 million to $451 million and 2014 adjusted earnings per
share guidance range of $1.27 to $1.31.
Conference Call Details
Perficient will host a conference call regarding third quarter 2014
financial results today at 10 a.m. Eastern.
WHAT: Perficient Reports Third Quarter 2014 Results
WHEN: Thursday,
Nov. 6, 2014, at 10 a.m. Eastern
CONFERENCE CALL NUMBERS: 866-515-2907
(U.S. and Canada) 617-399-5121 (International)
PARTICIPANT
PASSCODE: 48439834
REPLAY TIMES: Thursday, Nov. 6, 2014,
at 2 p.m. Eastern, through Thursday, Nov 13, 2014
REPLAY NUMBER:
888-286-8010 (U.S. and Canada) 617-801-6888 (International)
REPLAY
PASSCODE: 44115739
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 two offshore locations in 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 Service Provider and Gold Certified
Partner; an Oracle Platinum Partner; a Platinum Salesforce.com Cloud
Alliance Partner; a TeamTIBCO partner; and an EMC Select Services Team
Partner. For more information, visit www.perficient.com.
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PERFICIENT, INC.
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(unaudited)
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(in thousands, except per share data)
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Three Months Ended September 30,
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Nine Months Ended September 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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99,975
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$
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86,568
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$
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286,780
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$
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240,549
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Software and hardware
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12,192
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5,620
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31,108
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23,169
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Reimbursable expenses
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4,804
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4,570
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12,962
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12,142
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Total revenues
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116,971
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96,758
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330,850
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275,860
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Cost of revenues
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Project personnel costs
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60,390
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51,376
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175,916
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147,638
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Software and hardware costs
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10,438
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4,919
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27,333
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20,471
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Reimbursable expenses
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4,804
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4,570
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12,962
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12,142
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Other project related expenses
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617
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1,252
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2,289
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3,274
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Stock compensation
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1,185
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778
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3,507
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2,360
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Total cost of revenues
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77,434
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62,895
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222,007
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185,885
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Gross margin
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39,537
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33,863
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108,843
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89,975
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Selling, general and administrative
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20,058
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18,477
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58,879
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51,378
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Stock compensation
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2,181
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2,055
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6,475
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5,876
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17,298
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13,331
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43,489
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32,721
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Depreciation
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932
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932
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2,713
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2,334
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Amortization
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4,045
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1,955
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10,511
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5,750
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Acquisition costs
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(74
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)
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29
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2,495
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1,443
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Adjustment to fair value of contingent consideration
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-
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69
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(1,463
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)
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102
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Income from operations
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12,395
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10,346
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29,233
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23,092
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Net interest expense
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(462
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)
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(96
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)
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(1,055
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)
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(154
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)
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Net other income (expense)
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10
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7
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79
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(30
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)
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Income before income taxes
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11,943
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10,257
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28,257
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22,908
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Provision for income taxes
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4,637
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3,023
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11,519
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6,989
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Net income
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$
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7,306
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$
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7,234
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$
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16,738
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$
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15,919
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Basic earnings per share
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$
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0.23
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$
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0.24
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$
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0.53
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$
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0.53
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Diluted earnings per share
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$
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0.22
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$
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0.23
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$
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0.51
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$
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0.50
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Shares used in computing basic earnings per share
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32,118
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30,141
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31,470
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30,287
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Shares used in computing diluted earnings per share
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33,329
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31,808
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33,076
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31,692
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PERFICIENT, INC.
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CONSOLIDATED BALANCE SHEETS
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(unaudited)
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(in thousands)
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September 30,
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|
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December 31,
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2014
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2013
|
ASSETS
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Current assets:
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Cash and cash equivalents
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$
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5,411
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$
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7,018
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Accounts receivable, net
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117,304
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78,887
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Prepaid expenses
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2,651
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2,569
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Other current assets
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7,131
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6,759
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Total current assets
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132,497
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95,233
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Property and equipment, net
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7,945
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7,709
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Goodwill
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236,140
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193,510
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Intangible assets, net
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49,525
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25,487
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Other non-current assets
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3,842
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3,810
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Total assets
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$
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429,949
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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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13,532
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$
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7,667
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Other current liabilities
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28,108
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30,298
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Total current liabilities
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41,640
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37,965
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Long-term debt
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74,800
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19,000
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Other non-current liabilities
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13,084
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9,294
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Total liabilities
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|
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|
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129,524
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|
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|
|
66,259
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|
|
|
|
|
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|
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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
|
|
|
|
|
330,670
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|
|
|
|
297,997
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|
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Accumulated other comprehensive loss
|
|
|
|
|
(506
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)
|
|
|
|
(378
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)
|
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Treasury stock
|
|
|
|
|
(89,401
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)
|
|
|
|
(81,051
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)
|
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Retained earnings
|
|
|
|
|
59,619
|
|
|
|
|
42,881
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Total stockholders' equity
|
|
|
|
|
300,425
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|
|
|
|
259,490
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Total liabilities and stockholders' equity
|
|
|
|
$
|
429,949
|
|
|
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$
|
325,749
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|
|
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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:
(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;
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) implementation of our new Enterprise Resource
Planning system;
(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.
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 September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
GAAP Net Income
|
|
|
|
$
|
7,306
|
|
|
|
$
|
7,234
|
|
|
$
|
16,738
|
|
|
|
$
|
15,919
|
Additions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
|
4,637
|
|
|
|
|
3,023
|
|
|
|
11,519
|
|
|
|
|
6,989
|
Amortization
|
|
|
|
|
4,045
|
|
|
|
|
1,955
|
|
|
|
10,511
|
|
|
|
|
5,750
|
Acquisition costs
|
|
|
|
|
(74
|
)
|
|
|
|
29
|
|
|
|
2,495
|
|
|
|
|
1,443
|
Adjustment to fair value of contingent consideration
|
|
|
|
|
-
|
|
|
|
|
69
|
|
|
|
(1,463
|
)
|
|
|
|
102
|
Stock compensation
|
|
|
|
|
3,366
|
|
|
|
|
2,833
|
|
|
|
9,982
|
|
|
|
|
8,236
|
Adjusted Net Income Before Tax
|
|
|
|
|
19,280
|
|
|
|
|
15,143
|
|
|
|
49,782
|
|
|
|
|
38,439
|
Adjusted income tax (1)
|
|
|
|
|
7,114
|
|
|
|
|
5,073
|
|
|
|
18,768
|
|
|
|
|
12,723
|
Adjusted Net Income
|
|
|
|
$
|
12,166
|
|
|
|
$
|
10,070
|
|
|
$
|
31,014
|
|
|
|
$
|
25,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings Per Share (diluted)
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.23
|
|
|
$
|
0.51
|
|
|
|
$
|
0.50
|
Adjusted Earnings Per Share (diluted)
|
|
|
|
$
|
0.37
|
|
|
|
$
|
0.32
|
|
|
$
|
0.94
|
|
|
|
$
|
0.81
|
Shares used in computing GAAP and Adjusted Earnings Per Share
(diluted)
|
|
|
|
|
33,329
|
|
|
|
|
31,808
|
|
|
|
33,076
|
|
|
|
|
31,692
|
|
(1) The estimated adjusted effective tax rate of 36.9% and 33.5% for
the three months ended September 30, 2014 and 2013, respectively,
and 37.7% and 33.1% for the nine months ended September 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 September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
GAAP Net Income
|
|
|
|
$
|
7,306
|
|
|
|
$
|
7,234
|
|
|
|
$
|
16,738
|
|
|
|
$
|
15,919
|
Additions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
|
4,637
|
|
|
|
|
3,023
|
|
|
|
|
11,519
|
|
|
|
|
6,989
|
Net interest expense
|
|
|
|
|
462
|
|
|
|
|
96
|
|
|
|
|
1,055
|
|
|
|
|
154
|
Net other expense (income)
|
|
|
|
|
(10
|
)
|
|
|
|
(7
|
)
|
|
|
|
(79
|
)
|
|
|
|
30
|
Depreciation
|
|
|
|
|
932
|
|
|
|
|
932
|
|
|
|
|
2,713
|
|
|
|
|
2,334
|
Amortization
|
|
|
|
|
4,045
|
|
|
|
|
1,955
|
|
|
|
|
10,511
|
|
|
|
|
5,750
|
Acquisition costs
|
|
|
|
|
(74
|
)
|
|
|
|
29
|
|
|
|
|
2,495
|
|
|
|
|
1,443
|
Adjustment to fair value of contingent consideration
|
|
|
|
|
-
|
|
|
|
|
69
|
|
|
|
|
(1,463
|
)
|
|
|
|
102
|
Stock compensation
|
|
|
|
|
3,366
|
|
|
|
|
2,833
|
|
|
|
|
9,982
|
|
|
|
|
8,236
|
EBITDAS (1)
|
|
|
|
$
|
20,664
|
|
|
|
$
|
16,164
|
|
|
|
$
|
53,471
|
|
|
|
$
|
40,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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