Perficient Reports Fourth Quarter and Full Year 2018 Results
~Reports Record Services Revenue; Q4 GAAP EPS increases 21%; Q4 Adjusted EPS increases 27%; 2018 Net Income
up 32%~
Perficient, Inc. (NASDAQ: PRFT) (“Perficient”), the leading digital transformation consulting firm
serving Global 2000® and other large enterprise customers throughout North America, today reported its financial results for the
quarter and year ended December 31, 2018.
Financial Highlights
For the quarter ended December 31, 2018:
- Services revenue increased 11% to $130.0 million from $117.4 million in the fourth quarter of
2017;
- Total revenue decreased to $131.7 million from $133.5 million in the fourth quarter of 2017 primarily
as a result of the net presentation of third party software and hardware sales upon adoption of Accounting Standards Codification
Topic 606, Revenue from Contracts with Customers in 2018;
- Net income increased 16% to $7.5 million from $6.4 million in the fourth quarter of 2017;
- GAAP earnings per share results on a fully diluted basis increased 21% to $0.23 from $0.19 in the
fourth quarter of 2017;
- 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 27% to $0.47 from $0.37 in the fourth quarter of 2017; and
- EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to
$21.7 million from $20.7 million in the fourth quarter of 2017.
For the year ended December 31, 2018:
- Services revenue increased 11% to $494.0 million from $446.6 million for 2017;
- Total revenue increased to $498.4 million from $485.3 million for 2017;
- Net income increased 32% to $24.6 million from $18.6 million for 2017;
- GAAP earnings per share results on a fully diluted basis increased 33% to $0.73 from $0.55 for
2017;
- 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 29% to $1.59 from $1.23 for 2017; and
- EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to
$76.5 million from $70.8 million for 2017.
“Perficient fired on all cylinders during the fourth quarter, delivering strong margins and profitability that exceeded our
forecast,” said Jeffrey Davis, chairman and CEO. “That momentum has carried into the first quarter of 2019. Bookings are solid, the
pipeline is the largest it has ever been and the key performance indicators we monitor are all trending in the right direction.
I've never been more excited about what we're building at Perficient.”
Other Highlights
Among other recent achievements, Perficient:
- Was named IBM’s 2019 Watson Commerce Business Partner of the Year, which recognizes Perficient’s
ongoing growth and relationships with key customers, and thought leadership around the IBM Watson Customer Engagement Commerce
platform;
- Was named North America Partner of the Year by MicroStrategy® Incorporated, recognizing Perficient
for its demonstrated collaboration and investment within its MicroStrategy solution partnership;
- Announced that its agency Perficient Digital was cited as a “large, established player” in Forrester
Research’s report “B2B Marketing Agencies, North America, Q1 2019,” which recognized Perficient Digital for its eCommerce,
customer experience design, martech management, and operations capabilities, as well as expertise across 11 emerging
technologies; and
- Added new customer relationships and follow-on projects with such leading companies as Ameren,
AutoWeb, Bunzl, DTE Energy, Express-Scripts, Florida Blue, Fluor, Ford Motor Company, Graybar, Guitar Center, Mastercard,
Meridian Health, NRG/Reliant Energy, Owens Corning, Prosource, Sally Beauty, and Symantec.
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 first quarter 2019 revenue to be in the range of $129 million to $133 million. First quarter GAAP
earnings per share is expected to be in the range of $0.15 to $0.18. First quarter adjusted earnings per share (a non-GAAP measure;
see attached schedule which reconciles to GAAP earnings per share guidance) is expected to be in the range of $0.38 to $0.41.
Perficient is issuing its full year 2019 revenue guidance range of $515 million to $545 million, its 2019 GAAP earnings per
share guidance of $0.74 to $0.86 and 2019 adjusted earnings per share (a non-GAAP measure; see attached schedule which reconciles
to GAAP earnings per share guidance) range of $1.65 to $1.77.
Conference Call Details
Perficient will host a conference call regarding fourth quarter 2018 financial results today at 11 a.m. Eastern.
WHAT: Perficient Reports Fourth Quarter and Full-Year 2018 Results
WHEN: Tuesday, February 26, 2019, at 11 a.m. Eastern
CONFERENCE CALL NUMBERS: 855-246-0403 (U.S. and Canada); 414-238-9806 (International)
PARTICIPANT PASSCODE: 6796879
REPLAY TIMES: Tuesday, February 26, 2019, at 2 p.m. Eastern, through Tuesday, March 5, 2019, at 2 p.m. Eastern
REPLAY NUMBER: 855-859-2056 (U.S. and Canada); 404-537-3406 (International)
REPLAY PASSCODE: 6796879
About Perficient
Perficient is the leading digital transformation consulting firm serving Global 2000® and enterprise customers throughout North
America. With unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient
Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry
solutions. Our work enables clients to improve productivity and competitiveness; grow and strengthen relationships with customers,
suppliers, and partners; and reduce costs. Perficient’s professionals serve clients from a network of offices across North America
and offshore locations in 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 Adobe Premier Partner, Platinum Level IBM business
partner, a Microsoft National Service Provider and Gold Certified Partner, an Oracle Platinum Partner, an Advanced Pivotal Ready
Partner, a Gold Salesforce Consulting Partner, and a Sitecore Platinum 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 2019. 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 most recently filed annual report on Form 10-K, and the following:
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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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the impact of the general economy and economic and political uncertainty on our business;
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risks associated with potential changes to federal, state, local and
foreign laws, regulations, and policies; |
(4) |
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risks associated with the operation of our business generally,
including: |
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client demand for our services and solutions; |
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maintaining a balance of our supply of skills and resources with client demand; |
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effectively competing in a highly competitive market; |
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d. |
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protecting our clients’ and our data and information; |
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e. |
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risks from international operations including fluctuations in exchange rates; |
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f. |
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changes to immigration policies; |
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g. |
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obtaining favorable pricing to reflect services provided; |
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h. |
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adapting to changes in technologies and offerings; |
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i. |
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risk of loss of one or more significant software vendors; |
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j. |
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making appropriate estimates and assumptions in connection with preparing our
consolidated financial statements; |
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k. |
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maintaining effective internal controls; and |
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l. |
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changes to tax levels, audits, investigations, tax laws or their interpretation; |
(5) |
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risks associated with managing growth organically and through
acquisitions; |
(6) |
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risks associated with servicing our debt, the potential impact on the
value of our common stock from the conditional conversion features of our debt and the associated convertible note hedge
transactions; |
(7) |
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legal liabilities, including intellectual property protection and
infringement or the disclosure of personally identifiable information; and |
(8) |
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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 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.
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PERFICIENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
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Three Months Ended
December 31,
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Year Ended
December 31,
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2018 |
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2017 |
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2018 |
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2017 |
Revenues |
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Services |
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$ |
130,015 |
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$ |
117,427 |
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$ |
494,001 |
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$ |
446,619 |
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Software and hardware |
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1,687 |
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16,051 |
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4,374 |
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38,642 |
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Total revenues |
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131,702 |
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133,478 |
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498,375 |
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485,261 |
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Cost of revenues (exclusive of depreciation and amortization, shown separately
below) |
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Cost of services |
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80,175 |
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74,222 |
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313,602 |
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285,034 |
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Software and hardware costs |
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— |
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14,435 |
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— |
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33,295 |
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Stock compensation |
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1,651 |
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1,373 |
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6,229 |
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5,419 |
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Total cost of revenues |
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81,826 |
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90,030 |
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319,831 |
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323,748 |
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Selling, general and administrative |
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29,876 |
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26,907 |
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108,294 |
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98,885 |
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Stock compensation |
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2,663 |
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2,401 |
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10,190 |
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9,307 |
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Total selling, general and administrative |
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32,539 |
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29,308 |
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118,484 |
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108,192 |
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Depreciation |
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1,015 |
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1,135 |
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4,072 |
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4,722 |
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Amortization |
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4,327 |
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3,927 |
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16,356 |
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15,025 |
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Acquisition costs |
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535 |
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76 |
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1,872 |
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1,359 |
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Adjustment to fair value of contingent consideration |
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59 |
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4,063 |
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1,816 |
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3,235 |
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Income from operations |
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11,401 |
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4,939 |
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35,944 |
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28,980 |
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Net interest expense |
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1,842 |
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394 |
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3,560 |
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1,838 |
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Net other (income) expense |
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(32 |
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83 |
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12 |
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(1 |
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Income before income taxes |
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9,591 |
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4,462 |
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32,372 |
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27,143 |
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Income tax provision (benefit) |
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2,114 |
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(1,974 |
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7,813 |
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8,562 |
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Net income |
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$ |
7,477 |
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$ |
6,436 |
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$ |
24,559 |
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$ |
18,581 |
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Basic net income per share |
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$ |
0.24 |
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$ |
0.20 |
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$ |
0.76 |
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$ |
0.56 |
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Diluted net income per share |
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$ |
0.23 |
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$ |
0.19 |
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$ |
0.73 |
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$ |
0.55 |
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Shares used in computing basic net income per share |
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31,498 |
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32,777 |
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32,415 |
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33,016 |
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Shares used in computing diluted net income per share |
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32,402 |
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33,923 |
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33,502 |
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34,066 |
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PERFICIENT, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
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December 31, 2018 |
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December 31, 2017 |
ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
44,984 |
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$ |
6,307 |
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Accounts receivable, net |
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122,446 |
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112,194 |
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Prepaid expenses |
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4,663 |
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4,470 |
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Other current assets |
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5,711 |
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6,237 |
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Total current assets |
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177,804 |
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129,208 |
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Property and equipment, net |
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6,677 |
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7,145 |
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Goodwill |
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327,992 |
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305,238 |
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Intangible assets, net |
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48,092 |
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51,066 |
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Other non-current assets |
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9,979 |
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6,403 |
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Total assets |
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$ |
570,544 |
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$ |
499,060 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
24,437 |
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$ |
23,196 |
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Other current liabilities |
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50,386 |
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38,077 |
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Total current liabilities |
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74,823 |
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61,273 |
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Long-term debt, net |
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120,067 |
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55,000 |
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Other non-current liabilities |
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21,970 |
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16,436 |
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Total liabilities |
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216,860 |
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132,709 |
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Stockholders' equity: |
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Preferred stock |
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— |
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— |
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Common stock |
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48 |
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47 |
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Additional paid-in capital |
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437,250 |
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403,906 |
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Accumulated other comprehensive loss |
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(2,588 |
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(1,822 |
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Treasury stock |
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(233,676 |
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(163,871 |
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Retained earnings |
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152,650 |
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128,091 |
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Total stockholders' equity |
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353,684 |
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366,351 |
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Total liabilities and stockholders' equity |
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$ |
570,544 |
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$ |
499,060 |
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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,
stock compensation, acquisition costs, adjustment to fair value of contingent consideration and tax-related bonus), 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 restricted stock awards, the amortization of intangible assets, amortization of debt discounts and issuance
costs related to convertible senior notes, acquisition costs, adjustments to the fair value of contingent consideration, net other
income and expense, the impact of other infrequent or unusual transactions, 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
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 merger and acquisition-related activities 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.
Adjustment 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 EBITDAS, 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.
Amortization of Debt Discount and Debt Issuance Costs
On September 11, 2018, Perficient issued $143.8 million aggregate principal amount of 2.375% Convertible Senior Notes due
2023 (the “Notes”) in a private placement to qualified institutional purchasers. In accordance with accounting for debt with
conversions and other options, Perficient bifurcated the principal amount of the Notes into liability and equity components. The
resulting debt discount is being amortized to interest expense over the period from the issuance date through the contractual
maturity date of September 15, 2023. Issuance costs related to the Notes were allocated pro rata based on the relative fair
values of the liability and equity components. Issuance costs attributable to the liability component of the Notes, in addition to
issuance costs related to Perficient’s credit agreement, are being amortized to interest expense over their respective terms.
Perficient believes that excluding these non-cash expenses from its non-GAAP financial measures is useful to investors because the
expenses are not reflective of the company’s business performance.
Write-off of Unamortized Credit Facility Fees
Perficient entered into a new credit agreement during the second quarter of 2017. In connection with the new agreement,
Perficient wrote off unamortized credit facility fees associated with the former credit agreement. Perficient believes that
excluding this non-cash write-off from its non-GAAP financial measures is useful to investors because the expense is infrequent and
not reflective of the company’s business performance.
Stock Compensation
Perficient incurs stock-based compensation expense under Financial Accounting Standards Board Accounting Standards Codification
Topic 718, Compensation - Stock Compensation. Perficient excludes stock-based compensation expense and the related tax
effects for the purposes of calculating EBITDAS, adjusted net income, and adjusted earnings per share because stock-based
compensation 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.
2017 Tax Act
The Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) was signed into law on December 22, 2017. The law included significant
changes to the U.S. corporate income tax system, including a federal corporate rate reduction from 35% to 21%, limitations on the
deductibility of interest expense and executive compensation, and the transition of U.S. international taxation from a worldwide
tax system to a territorial tax system. The majority of the provisions had an impact on Perficient beginning in fiscal year 2018.
However, there were certain transitional impacts of the 2017 Tax Act which affected Perficient’s tax provision during the fourth
quarter of 2017, including a one-time repatriation tax on deemed repatriation of historical earnings of foreign subsidiaries, an
adjustment of U.S. deferred tax assets and liabilities to the lower federal base rate of 21%, and changes to the net tax cost of
certain China dividends repatriated during 2017. Perficient believes that excluding this transitional adjustment from its non-GAAP
financial measures is useful to investors because this adjustment is infrequent and can cause comparison of current and historical
financial results to be difficult.
Tax-Related Bonus
During the fourth quarter of 2017, Perficient’s Compensation Committee of the Board of Directors approved the payment of
supplemental bonuses in the aggregate amount of $2.8 million to employees of Perficient that were eligible to participate under
Perficient’s Discretionary Bonus Plan as a result of the one-time benefit Perficient received under the 2017 Tax Act. Perficient
believes that excluding this expense from its non-GAAP financial measures is useful to investors because this incremental bonus is
directly related to the favorable transitional adjustment under the 2017 Tax Act rather than Perficient’s business performance.
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PERFICIENT, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(unaudited)
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
GAAP Net Income |
|
|
$ |
7,477 |
|
|
|
$ |
6,436 |
|
|
|
$ |
24,559 |
|
|
|
$ |
18,581 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision (benefit) |
|
|
2,114 |
|
|
|
(1,974 |
) |
|
|
7,813 |
|
|
|
8,562 |
Amortization |
|
|
4,327 |
|
|
|
3,927 |
|
|
|
16,356 |
|
|
|
15,025 |
Acquisition costs |
|
|
535 |
|
|
|
76 |
|
|
|
1,872 |
|
|
|
1,359 |
Adjustment to fair value of contingent consideration |
|
|
59 |
|
|
|
4,063 |
|
|
|
1,816 |
|
|
|
3,235 |
Amortization of debt discounts and issuance costs |
|
|
1,135 |
|
|
|
— |
|
|
|
1,435 |
|
|
|
— |
Write-off of unamortized credit facility fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
246 |
Stock compensation |
|
|
4,314 |
|
|
|
3,774 |
|
|
|
16,419 |
|
|
|
14,726 |
Tax-related bonus |
|
|
— |
|
|
|
2,800 |
|
|
|
— |
|
|
|
2,800 |
Adjusted Net Income Before Tax |
|
|
19,961 |
|
|
|
19,102 |
|
|
|
70,270 |
|
|
|
64,534 |
Adjusted income tax (1) |
|
|
4,851 |
|
|
|
6,552 |
|
|
|
17,005 |
|
|
|
22,651 |
Adjusted Net Income |
|
|
$ |
15,110 |
|
|
|
$ |
12,550 |
|
|
|
$ |
53,265 |
|
|
|
$ |
41,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings Per Share (diluted) |
|
|
$ |
0.23 |
|
|
|
$ |
0.19 |
|
|
|
$ |
0.73 |
|
|
|
$ |
0.55 |
Adjusted Earnings Per Share (diluted) |
|
|
$ |
0.47 |
|
|
|
$ |
0.37 |
|
|
|
$ |
1.59 |
|
|
|
$ |
1.23 |
Shares used in computing GAAP and Adjusted Earnings Per Share (diluted) |
|
|
32,402 |
|
|
|
33,923 |
|
|
|
33,502 |
|
|
|
34,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
The estimated adjusted effective tax rate of 24.3% and 34.3% for the three months
ended December 31, 2018 and 2017, respectively, and 24.2% and 35.1% for the year ended December 31, 2018 and 2017,
respectively, has been used to calculate the provision for income taxes for non-GAAP purposes. The estimated adjusted effective
tax rate for the three and twelve months ended December 31, 2017 excludes the transitional impact of the 2017 Tax Act. |
|
|
|
|
|
|
|
|
|
|
PERFICIENT, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
GAAP Net Income |
|
|
$ |
7,477 |
|
|
|
$ |
6,436 |
|
|
|
$ |
24,559 |
|
|
|
$ |
18,581 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision (benefit) |
|
|
2,114 |
|
|
|
(1,974 |
) |
|
|
7,813 |
|
|
|
8,562 |
|
Net interest expense |
|
|
1,842 |
|
|
|
394 |
|
|
|
3,560 |
|
|
|
1,838 |
|
Net other (income) expense |
|
|
(32 |
) |
|
|
83 |
|
|
|
12 |
|
|
|
(1 |
) |
Depreciation |
|
|
1,015 |
|
|
|
1,135 |
|
|
|
4,072 |
|
|
|
4,722 |
|
Amortization |
|
|
4,327 |
|
|
|
3,927 |
|
|
|
16,356 |
|
|
|
15,025 |
|
Acquisition costs |
|
|
535 |
|
|
|
76 |
|
|
|
1,872 |
|
|
|
1,359 |
|
Adjustment to fair value of contingent consideration |
|
|
59 |
|
|
|
4,063 |
|
|
|
1,816 |
|
|
|
3,235 |
|
Stock compensation |
|
|
4,314 |
|
|
|
3,774 |
|
|
|
16,419 |
|
|
|
14,726 |
|
Tax-related bonus |
|
|
— |
|
|
|
2,800 |
|
|
|
— |
|
|
|
2,800 |
|
EBITDAS (1) |
|
|
$ |
21,651 |
|
|
|
$ |
20,714 |
|
|
|
$ |
76,479 |
|
|
|
$ |
70,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
PERFICIENT, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2019 |
|
|
Full Year 2019 |
|
|
|
Low end of
adjusted
goal
|
|
|
High end
of adjusted
goal
|
|
|
Low end of
adjusted
goal
|
|
|
High end
of adjusted
goal
|
GAAP EPS |
|
|
$ |
0.15 |
|
|
|
$ |
0.18 |
|
|
|
$ |
0.74 |
|
|
|
$ |
0.86 |
|
Non-GAAP adjustment (1): |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP reconciling items |
|
|
0.31 |
|
|
|
0.31 |
|
|
|
1.21 |
|
|
|
1.21 |
|
Tax effect of reconciling items |
|
|
(0.08 |
) |
|
|
(0.08 |
) |
|
|
(0.30 |
) |
|
|
(0.30 |
) |
Adjusted EPS |
|
|
$ |
0.38 |
|
|
|
$ |
0.41 |
|
|
|
$ |
1.65 |
|
|
|
$ |
1.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Non-GAAP adjustment represents the impact of amortization expense, stock
compensation, amortization of debt discounts and issuance costs, acquisition costs, and adjustments to fair value of contingent
consideration, net of the tax effect of these adjustments, divided by fully diluted shares. Perficient currently expects both
its Q1 2019 and full year 2019 GAAP effective income tax rate to be approximately 24%. |
|
|
|
Bill Davis, Perficient, 314-529-3555
bill.davis@perficient.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190226005649/en/