PRFT Perficient Inc

United States

Securities and Exchange Commission

Washington, DC 20549

Form 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 8, 2015

 

PERFICIENT, INC.

(Exact Name of Registrant as Specified in its Charter)

Registrant's telephone number, including area code (314) 529-3600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 8, 2015, Perficient, Inc. ("Perficient") issued a press release announcing preliminary financial results for the three months ended June 30, 2015 and updated guidance for the fiscal year ending December 31, 2015.  A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 8.01 OTHER EVENTS

On July 8, 2015, Perficient posted on the Investor Relations page of its website at www.perficient.com a slide presentation related to its updated guidance for the fiscal year ending December 31, 2015. A copy of the slide presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The information contained or incorporated in our website is not part of this filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)

Exhibits.

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

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Exhibit Index

For more information, please contact:

Bill Davis, Perficient, 314-529-3555

bill.davis@perficient.com

For Immediate Release

PERFICIENT PROVIDES PRELIMINARY SECOND QUARTER 2015 REVENUE RESULTS AND UPDATES FULL YEAR GUIDANCE

~ WILL ANNOUNCE OFFICIAL Q2 RESULTS, HOST CONFERENCE CALL ON JULY 30^th ~

ST. LOUIS (July 8, 2015) – 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 updated preliminary revenue estimates for the quarter ended June 30, 2015 and updated full year revenue and adjusted earnings per share guidance.

Financial Highlights

For the quarter ended June 30, 2015, revenue is expected to be in the range of $108.2 million to $109.2 million and comprised of:

·	Services revenue, including reimbursed expenses, in the range of $100.8 million to $101.8 million; and

·	Software and hardware revenue expected to be approximately $7.4 million.

The preliminary revenue results for the three months ended June 30, 2015, are below the previously announced revenue guidance range of $110.5 million to $120.9 million and services revenue guidance, including reimbursed expenses, of $104.5 million to $109.9 million.  The reduction is primarily the result of unexepected customer delays in contract execution and project startups, including a delay in the ramp up of a large health care engagement.

"While we are disappointed in the slower than anticipated start to 2015, we are encouraged by bookings and backlog that support improved results in the second half," said Jeff Davis, Perficient CEO and President. "Given the preliminary second quarter results, we are updating full year revenue and adjusted earnings per share guidance."

Perficient is also revising its full year 2015 revenue guidance range from $470 million to $495 million to $455 million to $475 million and its 2015 adjusted earnings per share guidance range from $1.38 to $1.49 to $1.15 to $1.25. 

Conference Call and Webcast

The preliminary financial results in this press release reflect management's estimates based solely upon information currently available and are subject to the completion of Perficient's quarter-end financial closing procedures.  These preliminary financial results are not a comprehensive statement of the company's financial results for the quarter ended June 30, 2015, and should not be considered a substitute for unaudited financial statements for the three and six months ended June 30, 2015, once they become available.  Actual results may vary materially from these estimated ranges based on a number of factors, and investors should not place undue reliance upon these preliminary estimates.  The company plans to announce its complete results for the quarter ended June 30, 2015, on July 30, 2015.

a)	client demand for our services and solutions;

b)	maintaining a balance of our supply of skills and resources with client demand;

c)	effectively competing in a highly competitive market;

d)	protecting our clients' and our data and information;

e)	risks from international operations including fluctuations in exchange rates;

f)	obtaining favorable pricing to reflect services provided;

g)	adapting to changes in technologies and offerings;

h)	risk of loss of one or more significant software vendors; and

i)	the recent implementation of our new Enterprise Resource Planning system;

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, please see the section entitled "About Non-GAAP Financial Measures."

About Non-GAAP Financial Measures

Perficient provides non-GAAP financial measures for 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.

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 adjusted earnings per share. In addition, some items that are excluded from 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 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 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 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 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.

 

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