Perficient Reports First Quarter 2021 Results
Perficient, Inc. (Nasdaq: PRFT) (“Perficient”), the leading global digital consultancy transforming the world’s largest enterprises and biggest brands, today reported its financial results for the quarter ended March 31, 2021.
Financial Highlights
For the quarter ended March 31, 2021:
-
Services revenues excluding reimbursable expenses increased
18% to$166.5 million from$141.0 million in the first quarter of 2020; -
Total revenues increased
16% to$169.3 million from$145.6 million in the first quarter of 2020; -
Net income increased
51% to$13.6 million from$9.0 million in the first quarter of 2020, reflecting, among other things, the continued mix shift to higher margin offshore delivery; -
GAAP earnings per share results on a fully diluted basis increased
52% to$0.41 from$0.27 in the first quarter of 2020, primarily as a result of the increase in net income discussed above; -
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
47% to$0.75 from$0.51 in the first quarter of 2020; and -
Adjusted EBITDA (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased
46% to$34.6 million from$23.8 million in the first quarter of 2020.
“Perficient's performance, portfolio, presence and potential has never been stronger,” said Jeffrey Davis, chairman and CEO. “The world's leading enterprises and biggest brands are increasingly realizing that partnering with Perficient delivers near-term value and long-term advantage. Our offshore revenue grew
Other Highlights
Among other recent achievements, Perficient:
-
Expanded and extended Perficient’s stock repurchase program on April 27, 2021 by an additional
$50.0 million of our common stock for a total repurchase program of$315.0 million since the program’s inception in 2008, and extended the expiration date of the program to December 31, 2022 (as of March 31, 2021, under this program, Perficient had repurchased a total of 15.9 million shares at a cost of$244.5 million ); - Received the Red Hat Application Platform Success Partner of the Year award, recognizing excellence in delivering value for clients through application platform modernization;
- Was named the Talend U.S. Partner of the Year, recognizing Perficient's exceptional innovation and leadership in advancing digital transformation initiatives for Talend customers;
- Was recognized by Modern Healthcare as the fourth-largest healthcare IT consulting firm based on 2020 revenue and the number of health information technology contracts and consultants;
- Gained a CMMI Level 5 maturity rating, the highest available, from the Capability Maturity Model Integration (CMMI) Institute for its global delivery center in Nagpur, India;
- Announced its collaboration with the Mark Cuban Foundation to host AI Bootcamps to educate underserved high school students in the Dallas, Texas area and train next generation AI leaders; and
- Was included in three Forrester Now Tech reports, including the “Now Tech: Application Modernization and Migration Services, Q1 2021” report, the “Now Tech: AI Consultancies, Q1 2021” report, and the “Now Tech: Salesforce Consulting Partners, Q1 2021” report.
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 second quarter 2021 revenue to be in the range of
Perficient is raising its previously provided full year 2021 revenue guidance range from
Conference Call Details
Perficient will host a conference call regarding first quarter financial results today at 11 a.m. Eastern.
WHAT: Perficient Reports First Quarter 2021 Results
WHEN: April 29, 2021, at 11 a.m. Eastern
CONFERENCE CALL NUMBERS: 855-246-0403 (U.S. and Canada); 414-238-9806 (International)
PARTICIPANT PASSCODE: 3929328
REPLAY TIMES: April 29, 2021, at 2 p.m. Eastern, through Thursday, May 6, 2021, at 2 p.m. Eastern
REPLAY NUMBER: 855-859-2056 (U.S. and Canada); 404-537-3406 (International)
REPLAY PASSCODE: 3929328
About Perficient
Perficient is the leading global digital consultancy. We imagine, create, engineer, and run digital transformation solutions that help our clients exceed customers’ expectations, outpace competition, and grow their business. With unparalleled strategy, creative, and technology capabilities, we bring big thinking and innovative ideas, along with a practical approach to help the world’s la