Perficient Repatriating Offshore Capital
June 16 2017 - 5:30PM
Business Wire
Perficient, Inc. (NASDAQ: PRFT) (“Perficient”), the leading
digital transformation consulting firm serving Global 2000® and
other large enterprise customers throughout North America, today
announced it is repatriating $9.6 million from its subsidiary in
China, freeing up that capital to provide more flexibility for
growth.
“Our successful and profitable operations in China have allowed
us to build cash balances greater than we plan to permanently
deploy in the region,” said Paul E. Martin, chief financial
officer. “We will use this capital to help further invest and hire
domestically, reduce borrowing costs, and to help fund mergers and
acquisitions. While the transaction creates a one-time tax impact
to quarterly and annual GAAP earnings, there is no impact on our
quarterly or annual adjusted earnings, and we expect the
repatriation will provide long-term benefits to the business.”
Perficient now expects its second quarter GAAP earnings per
share to be in the range of $0.05 to $0.07, and full-year GAAP
earnings per share to be in the range of $0.49 to $0.64. The
company is reiterating previous adjusted earnings per share (a
non-GAAP measure: see attached schedule which reconciles to GAAP
earnings per share) guidance of $0.29 to $0.31 for the second
quarter and $1.17 to $1.31 for the full year.
PERFICIENT, INC.
RECONCILIATION OF GAAP TO NON-GAAP
MEASURES
(unaudited)
Q2 2017 Full
Year 2017
Low end ofadjusted goal
High end ofadjusted goal
Low end ofadjusted goal
High end ofadjusted goal
GAAP EPS $ 0.05 $ 0.07 $ 0.49 $ 0.64 Non-GAAP adjustment (1):
Non-GAAP reconciling items 0.24 0.24 0.92 0.91
Tax effect of above reconciling items
(0.08 ) (0.08 ) (0.32 ) (0.32 )
Tax effect of China repatriation
0.08 0.08 0.08
0.08 Adjusted EPS $ 0.29 $ 0.31 $ 1.17
$ 1.31
(1) Non-GAAP adjustment represents the impact of amortization
expense, stock compensation, acquisition costs, and adjustments to
fair value of contingent consideration, net of the tax effect of
these adjustments and the China repatriation, divided by fully
diluted shares. Perficient currently expects its Q2 2017 and full
year 2017 GAAP effective income tax rate to be 69% and 44%,
respectively.
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 Platinum Level IBM business partner, a Microsoft
National Service Provider and Gold Certified Partner, an Oracle
Platinum Partner, an Adobe Premier Partner, and a Platinum
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 2017. 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, 2016.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170616005726/en/
Perficient, Inc.Bill Davis,
314-529-3555bill.davis@perficient.com
Perficient (NASDAQ:PRFT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Perficient (NASDAQ:PRFT)
Historical Stock Chart
From Sep 2023 to Sep 2024