- Source : Press Release
- Date : 2018-08-02
- Companies : Perficient, Inc.
Perficient Reports Second Quarter 2018 Results
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 ended June 30, 2018.
For the quarter ended June 30, 2018:
Services revenue increased 12% to $120.9 million from $107.8 million in the second quarter of 2017;
Total revenue increased 4% to $121.8 million from $117.0 million in the second quarter of 2017;
Net income increased 143% to $5.8 million from $2.4 million in the second quarter of 2017;
GAAP earnings per share results on a fully diluted basis increased to $0.17 from $0.07 in the second 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 to $0.38 from $0.29 in the second quarter of 2017; and
EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to $18.4 million from $16.9 million in the second quarter of 2017.
“The second quarter represented the third consecutive quarter that Perficient has delivered double-digit services revenue growth. Momentum entering the second half remains solid,” said Jeffrey Davis, chairman and CEO. “Our unique and compelling value proposition, comprehensive portfolio, strong partnerships, nimble structure and depth of expertise are leading to share gains as enterprises increasingly turn to Perficient for their digital transformation needs.”
Among other recent achievements, Perficient:
Expanded and deepened its search engine optimization and content services capabilities with the acquisition of Stone Temple Consulting Corporation, an award-winning Boston-based digital marketing agency;
Announced that its agency, Perficient Digital, won a Silver award for website design in the 2018 Creativity International Awards for work completed for OhioHealth. With its new consolidated, responsive website, OhioHealth is better positioned to deliver personalized experiences, and has enabled deeper loyalty between patients and providers; and
Added new customer relationships and follow-on projects with such leading companies as AAA Life Insurance, BCBS Michigan, Caterpillar Inc., Leggett and Platt, Marathon Petroleum, Mastercard, Mohawk Industries, Oshkosh Corp., TD Ameritrade, Tiaa-Cref and Trinity Health.
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 2018 revenue to be in the range of $122 million to $127 million. Third quarter GAAP earnings per share is expected to be in the range of $0.18 to $0.21. Third 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 narrowing its previously provided full year 2018 revenue guidance range to $490 million to $505 million, adjusting its 2018 GAAP earnings per share guidance range to $0.65 to $0.75 as a result of transactional costs and additional amortization for the recent acquisition, and raising its 2018 adjusted earnings per share (a non-GAAP measure; see attached schedule which reconciles to GAAP earnings per share guidance) guidance range to $1.45 to $1.55.
Conference Call Details
Perficient will host a conference call regarding second quarter 2018 financial results today at 10 a.m. Eastern.
WHAT: Perficient Reports Second Quarter 2018 Results
WHEN: Thursday, Aug. 2, 2018, at 10 a.m. Eastern
CONFERENCE CALL NUMBERS: 855-246-0403 (U.S. and Canada); 414-238-9806 (International)
PARTICIPANT PASSCODE: 5979827
REPLAY TIMES: Thursday, Aug. 2, 2018, at 1 p.m. Eastern, through Thursday, Aug. 9, 2018 at 1 p.m. Eastern
REPLAY NUMBER: 855-859-2056 (U.S. and Canada) 404-537-3406 (International)
REPLAY PASSCODE: 5979827
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 Premier Level IBM business partner, a Microsoft National Service Provider and Gold Certified Partner, an Oracle Platinum Partner, an Adobe Premier Partner, and a Gold Salesforce Consulting 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 2018. 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:
(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 potential changes to federal, state, local and foreign laws, regulations and policies;
(4) risks associated with the operation of our business generally, including:
a) client demand for our services and solutions;
b) maintaining a balance of our supply of skills and resources with client demand;
c) effectively competing in a highly competitive market;
d) protecting our clients’ and our data and information;
e) risks from international operations including fluctuations in exchange rates;
f) changes to immigration policies;
g) obtaining favorable pricing to reflect services provided;
h) adapting to changes in technologies and offerings;
i) risk of loss of one or more significant software vendors;
j) making appropriate estimates and assumptions in connection with preparing our consolidated financial statements;
k) maintaining effective internal controls; and
l) changes to tax levels, audits, investigations, tax laws or their interpretation;
(5) legal liabilities, including intellectual property protection and infringement or the disclosure of personally identifiable information;
(6) risks associated with managing growth organically and through acquisitions; and
(7) 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.
For financial details please check the following link: https://www.perficient.com/about/news-releases/2018/perficient-reports-second-quarter-2018-results