Perficient Reports First Quarter 2019 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 March 31, 2019.
For the quarter ended March 31, 2019:
- Services revenue increased 11% to $132.9 million from $120.2 million in the first quarter of 2018;
- Total revenue increased 11% to $133.8 million from $120.9 million in the first quarter of 2018;
- Net income increased 43% to $7.0 million from $4.9 million in the first quarter of 2018;
- GAAP earnings per share results on a fully diluted basis increased 47% to $0.22 from $0.15 in the first quarter of 2018;
- 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 23% to $0.43 from $0.35 in the first quarter of 2018; and
- EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased 17% to $19.7 million from $16.9 million in the first quarter of 2018.
“Our first quarter performance was strong and we expect that momentum to continue as 2019 unfolds,” said Jeffrey Davis, chairman and CEO. “Enterprises are increasingly realizing that Perficient is a unique and compelling digital transformation consultancy and are recognizing and rewarding the value we deliver by extending, enhancing and expanding their investment with us. Our sales, marketing and delivery teams continue to help us take share, our pipeline continues to grow and we’re seeing strength across verticals, platforms and high-growth disciplines like cloud and digital.”
Among other recent achievements, Perficient:
- Was cited as a key service provider in Forrester Research’s report, “Now Tech: Application Modernization and Migration Services, Q1 2019,” and named a “Strong Performer” in the “Forrester WaveTM: Specialist API Strategy and Delivery Service Providers, Q2 2019” report;
- Announced that its digital agency, Perficient Digital, received three Interactive Marketing Awards - Search Agency of the Year, Large Interactive Marketing Agency of the Year, and Best Interactive Marketing Campaign (Retail/E-commerce). These awards recognize the firm’s deep expertise in search engine optimization (SEO) and content marketing solutions; and
- Added new customer relationships and follow-on projects with such leading companies as Ascension Health, Bunzl, Emerson, Enterprise Holdings, Express Scripts, Ford, MasterCard, Navistar, New York Life, Santander Bank, TD Ameritrade, and Toyota.