~ Company will announce official Q2 results,
host conference call on July 30 ~
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
Perficient will host a conference call on Thursday, July 30,
2015, at 10 a.m. Eastern, to discuss the company's second quarter
2015 results. The company's news release containing the results
will be made available before the call.
The conference call can be accessed via Perficient’s
website, www.perficient.com, under the Investor Relations
section or directly
at http://phx.corporate-ir.net/phoenix.zhtml?c=83872&p=irol-irhome.
Analysts and investors who want to ask questions during the
Q&A session can access the call as follows:
Toll-Free: 800-884-5695International: 617-786-2960Passcode:
62080438
Investors are advised to dial in at least 10 minutes prior to
the call to register.
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.
About Perficient
Perficient is a leading information technology and management
consulting firm serving Global 2000 and enterprise customers
throughout North America. Perficient delivers digital experience,
business optimization and industry solutions that enable clients to
improve productivity and competitiveness; 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, and a Platinum Salesforce Cloud
Alliance 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 2015. 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, 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
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;
(4) legal liabilities, including intellectual property
protection and infringement or the disclosure of 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, 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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version on businesswire.com: http://www.businesswire.com/news/home/20150708005695/en/
PerficientBill Davis, 314-529-3555bill.davis@perficient.com
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