Perficient, Inc. (NASDAQ: PRFT) reported Q1 EPS of $0.75, $0.08 better than the analyst estimate of $0.67. Revenue for the quarter came in at $169.3 million versus the consensus estimate of $166.62 million.

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 130% during the quarter, with 42% organic growth. That is a clear demonstration that our momentum is accelerating and that we are boldly redefining what the world's greatest companies can expect from a global digital consultancy.”

GUIDANCE:

Perficient, Inc. sees Q2 2021 EPS of $0.77-$0.80, versus the consensus of $0.72. Perficient, Inc. sees Q2 2021 revenue of $173-179 million, versus the consensus of $170.22 million.

Perficient, Inc. sees FY2021 EPS of $3.00-$3.15, versus the consensus of $2.94. Perficient, Inc. sees FY2021 revenue of $685-710 million, versus the consensus of $688.59 million.

Perficient expects its second quarter 2021 revenue to be in the range of $173 million to $179 million. Second quarter GAAP earnings per share is expected to be in the range of $0.41 to $0.44. Second quarter adjusted earnings per share (a non-GAAP measure; see attached schedule which reconciles to GAAP earnings per share guidance) is expected to be in the range of $0.77 to $0.80.

Perficient is raising its previously provided full year 2021 revenue guidance range from $670 million to $704 million to $685 million to $710 million, raising its 2021 GAAP earnings per share guidance range from $1.57 to $1.72 to $1.72 to $1.87 and raising its 2021 adjusted earnings per share (a non-GAAP measure; see attached schedule which reconciles to GAAP earnings per share guidance) guidance range from $2.85 to $3.00 to $3.00 to $3.15.

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