Perficient, Inc. (PRFT) Tops Q1 EPS by 1c, Revenues Beat; Withdraws FY20 Guidance

Perficient, Inc. (NASDAQ: PRFT) reported Q1 EPS of $0.51, $0.01 better than the analyst estimate of $0.50. Revenue for the quarter came in at $145.56 million versus the consensus estimate of $144.53 million.

Financial Highlights

For the quarter ended March 31, 2020:

• Services revenues increased 9% to $145.4 million from $132.9 million in the first quarter of 2019;
• Total revenues increased 9% to $145.6 million from $133.8 million in the first quarter of 2019;
• Net income increased 28% to $9.0 million from $7.0 million in the first quarter of 2019;
• GAAP earnings per share results on a fully diluted basis increased 23% to $0.27 from $0.22 in the first quarter of 2019;
• 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 19% to $0.51 from $0.43 in the first quarter of 2019; and
• Adjusted EBITDA (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased 21% to $23.8 million from $19.7 million in the first quarter of 2019.

“Perficient’s rapid implementation of business continuity plans, coupled with our global preparedness and the nimble nature of our workforce, enabled us to deliver a strong first quarter only modestly impacted by the COVID-19 pandemic,” said Jeffrey Davis, chairman and CEO. “Both North American bill rate and offshore revenue contribution were up strongly during the quarter. On balance, we believe we are well-positioned relative to many competitors. While some sales cycles have slowed and some clients have paused project work, we’re gaining share elsewhere as customers realize we are fully remote-ready and more capable than others of helping them navigate the current climate. Enterprises are seeking, and finding in Perficient, a global digital consultancy that can help them maintain operations during this unprecedented time to not only survive the pandemic, but thrive in its wake.”

“While we remain pleased with our first quarter performance, and confident in our long-term outlook and ability to deftly maneuver through any macroeconomic environment, we believe the most prudent approach at the current time is to withdraw our previously issued full-year 2020 guidance,” said Davis. “We will revisit this perspective routinely as the year evolves and reestablish revenue and earnings guidance if and when uncertainty dissipates.”

Business Outlook

In light of the uncertain duration and scope of the pandemic and its impact on economic and financial markets, we cannot reliably predict or estimate the impact of the pandemic on our business, operations or financial results. Accordingly, we are withdrawing our full-year guidance provided in our Current Report on Form 8-K filed on February 25, 2020.

For earnings history and earnings-related data on Perficient, Inc. (PRFT) click here.

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