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 and year ended December 31, 2023.
Financial Highlights
For the quarter ended December 31, 2023:
- Revenues decreased 5% to $221 million from $233 million in the
fourth quarter of 2022;
- Net income decreased 12% to $23.2 million, compared to $26.5
million in the fourth quarter of 2022;
- GAAP earnings per share results on a fully diluted basis
decreased 12% to $0.65 from $0.74 in the fourth quarter of
2022;
- Adjusted earnings per share results (a non-GAAP measure; see
attached schedule, which reconciles to GAAP earnings per share) on
a fully diluted basis decreased 13% to $0.99 from $1.14 in the
fourth quarter of 2022; and
- Adjusted EBITDA (a non-GAAP measure; see attached schedule,
which reconciles to GAAP net income) decreased 14% to $46.7 million
from $54.3 million in the fourth quarter of 2022.
For the year ended December 31, 2023:
- Revenues slightly increased to $907 million from $905 million
in 2022;
- Net income decreased 5% to $98.9 million from $104.4 million in
2022;
- GAAP earnings per share results on a fully diluted basis
decreased 5% to $2.76 from $2.90 in 2022;
- Adjusted earnings per share results (a non-GAAP measure; see
attached schedule, which reconciles to GAAP earnings per share) on
a fully diluted basis decreased 8% to $3.95 from $4.28 in 2022;
and
- Adjusted EBITDA (a non-GAAP measure; see attached schedule,
which reconciles to GAAP net income) decreased 7% to $190.7 million
from $205.8 million in 2022.
“Solid fourth quarter bookings have us positioned for a return
to growth, particularly in the second half of 2024,” said Tom
Hogan, President and CEO. “Perficient’s enterprise customers value
our global depth and breadth and the recent addition of the SMEDIX
team now enables us to replicate in Europe what we’ve built already
in North America, Latin America, and India.”
Other Highlights
Among other recent achievements, Perficient:
- In January, completed the acquisition of SMEDIX, Inc., a
healthcare and life sciences software engineering company with
established operations located in Cluj-Napoca, Romania;
- Enhanced its Envision Online digital transformation platform to
introduce a broader spectrum of business tools that cater to the
evolving needs of modern enterprises;
- Announced that nine Perficient colleagues have been named
Sitecore 2024 Most Valuable Professionals for demonstrating
advanced knowledge of the Sitecore platform and sharing their
knowledge and expertise with the global Sitecore community;
- Expanded its Electrifying the Future of Automotive initiative
to support 13 Formula SAE and Formula Student teams from notable
universities across the U.S., Mexico, and Germany as they build the
next generation of formula-style race cars;
- Announced that effective March 1, 2024, Jeffrey S. Davis will
transition from Executive Chairman of the Company to non-executive
Chairman of the Board of Directors;
- Extended its partnership with the St. Louis Cardinals of Major
League Baseball to further drive brand awareness and strengthen its
client relationships in the St. Louis region and beyond;
- Launched the Perficient LiveWell Employee Resource Group, a
global community of Perficient colleagues passionate about health
and wellness that supports colleagues in achieving better overall
well-being;
- Received the 2023-2024 Coveo Relevance Accelerator Award,
recognizing Perficient’s deep knowledge and technical expertise,
ability to understand clients’ business challenges, and consistency
in delivering value-driven business outcomes;
- Was named a Major Player in the “IDC MarketScape: Worldwide
Experience Build Services” and the “IDC MarketScape: Worldwide
Experience Design Services” 2023-2024 Vendor Assessments,
acknowledging the scope of Perficient’s capabilities and its global
network of industry and innovation centers; and
- Was recognized in Forrester’s “AI Services Landscape, Q1 2024”
report as a service provider with a geographic focus across three
regions and an industry focus in pharmaceutical and medical
equipment, transportation, and financial services.
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 first quarter 2024 revenue to be in the
range of $212 million to $218 million. First quarter GAAP earnings
per share is expected to be in the range of $0.31 to $0.35. First
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 $0.74 to $0.79.
Perficient is providing its full year 2024 revenue guidance in
the range of $925 million to $965 million, 2024 GAAP earnings per
share guidance in the range of $2.64 to $2.77 and 2024 adjusted
earnings per share (a non-GAAP measure; see attached schedule which
reconciles to GAAP earnings per share guidance) guidance in the
range of $4.05 to $4.20.
Conference Call Details
Perficient will host a conference call regarding fourth quarter
and full year 2023 financial results today, February 27, 2024, at
8:00 a.m. Eastern.
Analysts and investors who wish to ask questions during the
Q&A session can register for the call on
https://register.vevent.com/register/BI062768281333498a8f48fd6448ea733d.
Registrants will receive confirmation with dial-in details.
A live webcast of the event can be accessed on
https://perficient.gcs-web.com/events/event-details/q4-2023-perficient-earnings-conference-call.
A replay of the webcast will be available on
https://perficient.gcs-web.com/ starting approximately two hours
after the event and will be archived on the site for one year.
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 largest enterprises and biggest brands succeed. Traded on
the Nasdaq Global Select Market, Perficient is a member of the
Russell 2000 index and the S&P SmallCap 600 index. 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 2024. 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 most recently filed annual report on Form 10-K and
other securities filings, and the following:
(1)
the possibility that our actual results do
not meet the projections and guidance contained in this news
release;
(2)
the impact of the general economy and
economic and political uncertainty on our business;
(3)
risks associated with potential changes to
U.S. and foreign laws, regulations, and policies;
(4)
risks associated with the operation of our
business generally, including:
a. client demand for our services and
solutions;
b. effectively competing in a highly
competitive market;
c. risks from international operations
including fluctuations in exchange rates;
d. adapting to changes in technologies and
offerings;
e. ongoing transition of our executive
leadership team;
f. obtaining favorable pricing to reflect
services provided;
g. risk of loss of one or more significant
software vendors;
h. maintaining a balance of our supply of
skills and resources with client demand;
i. changes to immigration policies;
j. protecting our clients’ and our data
and information;
k. changes to tax levels, audits,
investigations, tax laws or their interpretation;
l. making appropriate estimates and
assumptions in connection with preparing our consolidated financial
statements; and
m. maintaining effective internal
controls;
(5)
risks associated with managing growth
organically and through acquisitions;
(6)
risks associated with servicing our debt,
the potential impact on the value of our common stock from the
conditional conversion features of our debt and the associated
convertible note hedge transactions;
(7)
legal liabilities, including intellectual
property protection and infringement or the disclosure of
personally identifiable information; and
(8)
the risks detailed from time to time
within our filings with the Securities and Exchange Commission (the
“SEC”).
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance, or achievements.
This cautionary statement is provided pursuant to Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The forward-looking
statements in this release are made only as of the date hereof and
we undertake no obligation to update publicly any forward-looking
statement for any reason, even if new information becomes available
or other events occur in the future.
Perficient, Inc.
Unaudited Consolidated
Statements of Operations
(in thousands, except per
share information)
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Revenues
Services excluding reimbursable
expenses
$
216,496
$
228,806
$
892,920
$
893,050
Reimbursable expenses
3,483
2,874
11,272
9,371
Total services
219,979
231,680
904,192
902,421
Software and hardware
811
919
2,349
2,641
Total revenues
220,790
232,599
906,541
905,062
Cost of revenues (exclusive of
depreciation and amortization, shown separately below)
Cost of services
138,439
138,419
564,586
543,060
Stock compensation
2,680
2,588
9,892
9,643
Total cost of revenues
141,119
141,007
574,478
552,703
Selling, general and administrative
35,698
39,831
152,175
156,197
Stock compensation
4,651
3,913
18,380
14,931
Total selling, general and
administrative
40,349
43,744
170,555
171,128
Depreciation
2,245
2,285
8,968
8,518
Amortization
4,260
6,454
20,632
24,518
Acquisition costs
362
1,145
826
3,653
Adjustment to fair value of contingent
consideration
37
618
(6,438
)
267
Income from operations
32,418
37,346
137,520
144,275
Net interest (income) expense
(431
)
846
363
3,154
Net other (income) expense
(22
)
(246
)
676
160
Income before income taxes
32,871
36,746
136,481
140,961
Provision for income taxes
9,696
10,287
37,548
36,569
Net income
$
23,175
$
26,459
$
98,933
$
104,392
Basic net income per share
$
0.68
$
0.78
$
2.91
$
3.08
Diluted net income per share
$
0.65
$
0.74
$
2.76
$
2.90
Shares used in computing basic net income
per share
34,075
33,856
33,992
33,869
Shares used in computing diluted net
income per share
36,714
36,636
36,711
36,731
Net income used in computing diluted net
income per share
$
23,713
$
27,008
$
101,146
$
106,653
Perficient, Inc.
Consolidated Balance
Sheets
(in thousands)
December 31, 2023
December 31, 2022
Assets
Current assets:
Cash, cash equivalents and restricted
cash
$
128,886
$
30,130
Accounts receivable, net
178,998
202,298
Prepaid expenses
5,638
6,432
Other current assets
12,431
16,756
Total current assets
325,953
255,616
Property and equipment, net
11,996
17,970
Operating lease right-of-use assets
21,786
27,088
Goodwill
581,387
565,161
Intangible assets, net
71,118
88,937
Other non-current assets
52,364
41,116
Total assets
$
1,064,604
$
995,888
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
18,688
$
24,351
Other current liabilities
59,784
104,780
Total current liabilities
78,472
129,131
Long-term debt, net
396,874
394,587
Operating lease liabilities
16,446
18,528
Other non-current liabilities
42,189
43,515
Total liabilities
$
533,981
$
585,761
Stockholders’ equity:
Preferred stock
$
—
$
—
Common stock
53
53
Additional paid-in capital
432,160
403,866
Accumulated other comprehensive loss
(5,461
)
(17,519
)
Treasury stock
(373,325
)
(354,536
)
Retained earnings
477,196
378,263
Total stockholders’ equity
530,623
410,127
Total liabilities and stockholders’
equity
$
1,064,604
$
995,888
Perficient, Inc.
Consolidated Statements of
Cash Flow
(in thousands)
Year Ended December
31,
2023
2022
Net income
$
98,933
$
104,392
Adjustments to reconcile net income to net
cash provided by operations
42,441
51,484
Changes in operating assets and
liabilities, net of business acquisitions
1,593
(37,808
)
Net cash provided by operating
activities
142,967
118,068
Net cash used in investing
activities
(5,581
)
(81,750
)
Net cash used in financing
activities
(39,669
)
(29,078
)
Effect of exchange rate on cash, cash
equivalents and restricted cash
1,039
(1,520
)
Change in cash, cash equivalents and
restricted cash
98,756
5,720
Cash, cash equivalents and restricted cash
at beginning of period
30,130
24,410
Cash, cash equivalents and restricted cash
at end of period
$
128,886
$
30,130
See the Company's Form 10-K for the full
consolidated statements of cash flows.
About Non-GAAP Financial Information
This news release includes non-GAAP financial measures. For a
description of these non-GAAP financial measures, including the
reasons management uses each measure, and reconciliations of these
non-GAAP financial measures to the most directly comparable
financial measures prepared in accordance with Generally Accepted
Accounting Principles (“GAAP”), please see the section entitled
“About Non-GAAP Financial Measures” and the accompanying tables
entitled “Reconciliation of GAAP to Non-GAAP Measures.”
About Non-GAAP Financial Measures
Perficient provides non-GAAP financial measures for adjusted
EBITDA (earnings before income taxes, interest, depreciation,
amortization, acquisition costs, adjustment to fair value of
contingent consideration, stock compensation and the impact of
other infrequent or unusual transactions), adjusted net income, and
adjusted earnings per share data as supplemental information
regarding Perficient’s business performance. Perficient believes
that these non-GAAP financial measures are useful to investors
because they provide investors with a better understanding of
Perficient’s past financial performance and future results.
Perficient’s management uses these non-GAAP financial measures when
it internally evaluates the performance of Perficient’s business
and makes operating decisions, including internal operating
budgeting, performance measurement, and the calculation of bonuses
and discretionary compensation. Management excludes stock-based
compensation related to restricted stock awards, the amortization
of intangible assets, amortization of debt issuance costs related
to convertible senior notes, acquisition costs, adjustments to the
fair value of contingent consideration, net other income and
expense, the impact of other infrequent or unusual transactions,
and income tax effects of the foregoing, when making operational
decisions.
Perficient believes that providing the non-GAAP financial
measures to its investors is useful because it allows investors to
evaluate Perficient’s performance using the same methodology and
information used by Perficient’s management. Specifically, adjusted
net income is used by management primarily to review business
performance and determine performance-based incentive compensation
for executives and other employees. Management uses adjusted EBITDA
to measure operating profitability, evaluate trends, and make
strategic business decisions.
Non-GAAP financial measures are subject to inherent limitations
because they do not include all of the expenses included under GAAP
and because they involve the exercise of discretionary judgment as
to which charges are excluded from the non-GAAP financial measure.
However, Perficient’s management compensates for these limitations
by providing the relevant disclosure of the items excluded in the
calculation of adjusted EBITDA, adjusted net income, and adjusted
earnings per share. In addition, some items that are excluded from
adjusted net income and adjusted earnings per share can have a
material impact on cash. Management compensates for these
limitations by evaluating the non-GAAP measure together with the
most directly comparable GAAP measure. Perficient has historically
provided non-GAAP financial measures to the investment community as
a supplement to its GAAP results to enable investors to evaluate
Perficient’s business performance in the way that management does.
Perficient’s definition may be different from similar non-GAAP
financial measures used by other companies and/or analysts.
The non-GAAP adjustments, and the basis for excluding them, are
outlined below:
Amortization
Perficient has incurred expense on amortization of intangible
assets primarily related to various acquisitions. Management
excludes these items for the purposes of calculating adjusted
EBITDA, adjusted net income, and adjusted earnings per share.
Perficient believes that eliminating this expense from its non-GAAP
financial measures is useful to investors because the amortization
of intangible assets can be inconsistent in amount and frequency,
and is significantly impacted by the timing and magnitude of
Perficient’s acquisition transactions, which also vary
substantially in frequency from period to period.
Acquisition Costs
Perficient incurs transaction costs related to merger and
acquisition-related activities which are expensed in its GAAP
financial statements. Management excludes these items for the
purposes of calculating adjusted EBITDA, adjusted net income, and
adjusted earnings per share. Perficient believes that excluding
these expenses from its non-GAAP financial measures is useful to
investors because these are expenses associated with each
transaction and are inconsistent in amount and frequency causing
comparison of current and historical financial results to be
difficult.
Adjustment to Fair Value of Contingent Consideration
Perficient is required to remeasure its contingent consideration
liability related to acquisitions each reporting period until the
contingency is settled. Any changes in fair value are recognized in
earnings. Management excludes these items for the purposes of
calculating adjusted EBITDA, adjusted net income, and adjusted
earnings per share. Perficient believes that excluding these
adjustments from its non-GAAP financial measures is useful to
investors because they are related to acquisitions and are
inconsistent in amount and frequency from period to period.
Amortization of Debt Issuance Costs
On November 9, 2021, Perficient issued $380.0 million aggregate
principal amount of 0.125% Convertible Senior Notes due 2026, and
on August 14, 2020, Perficient issued $230.0 million aggregate
principal amount of 1.250% Convertible Senior Notes due 2025 (the
“2026 Notes,” and “2025 Notes,” respectively, and collectively, the
“Notes”) in private placements to qualified institutional
purchasers. Issuance costs attributable to the Notes, in addition
to issuance costs related to Perficient’s credit agreement, are
being amortized to interest expense over their respective terms.
Perficient believes that excluding these non-cash expenses from its
non-GAAP financial measures is useful to investors because the
expenses are not reflective of Perficient’s business
performance.
Foreign Exchange Loss (Gain)
Non-operating foreign currency exchange gains and losses,
inclusive of gains and losses on related foreign exchange forward
contracts not designated as hedging instruments for accounting
purposes, are reported in net other expense (income) in our
consolidated statements of operations. As our operations expand
into countries outside of the United States, foreign exchange gains
and losses have and will become increasingly material. Perficient
believes that excluding these gains and losses from its non-GAAP
financial measures is useful to investors because foreign exchange
gains and losses will vary as the underlying currencies fluctuate,
which makes it difficult to compare current and historical
results.
Stock Compensation
Perficient incurs stock-based compensation expense under
Financial Accounting Standards Board Accounting Standards
Codification Topic 718, Compensation - Stock Compensation.
Perficient excludes stock-based compensation expense and the
related tax effects for the purposes of calculating adjusted
EBITDA, adjusted net income, and adjusted earnings per share
because stock-based compensation is a non-cash expense, which
Perficient believes is not reflective of its business performance.
The nature of stock-based compensation expense also makes it very
difficult to estimate prospectively, since the expense will vary
with changes in the stock price and market conditions at the time
of new grants, varying valuation methodologies, subjective
assumptions, and different award types, making the comparison of
current results with forward-looking guidance potentially difficult
for investors to interpret. The tax effects of stock-based
compensation expense may also vary significantly from period to
period, without any change in underlying operational performance,
thereby obscuring the underlying profitability of operations
relative to prior periods. Perficient believes that non-GAAP
measures of profitability, which exclude stock-based compensation,
are widely used by analysts and investors.
Business Optimization
Perficient incurs severance costs for business optimization,
which are not part of an ongoing written or substantive plan, and
are expensed in its GAAP financial statements. Management excludes
these items for the purposes of calculating adjusted EBITDA,
adjusted net income, and adjusted earnings per share. Perficient
believes that excluding these expenses from its non-GAAP financial
measures is useful to investors because these expenses are
infrequent causing comparison of current and historical financial
results to be difficult.
Dilution Offset from Convertible Note Hedge Transactions
It is Perficient’s current intent to settle conversions of the
Notes through combination settlement, which involves repayment of
the principal portion in cash and any excess of the conversion
value over the principal amount in shares of our common stock.
Perficient excludes the shares that are issuable upon conversions
of the Notes because Perficient expects that the dilution from such
shares will be offset by the convertible note hedge transactions
entered into in November 2021 and August 2020 in connection with
the issuance of the Notes.
Perficient, Inc.
Reconciliation of GAAP to
Non-GAAP Measures
(unaudited)
(in thousands, except per
share data)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
GAAP Net Income
$
23,175
$
26,459
$
98,933
$
104,392
Adjustments:
Provision for income taxes
9,696
10,287
37,548
36,569
Amortization
4,260
6,454
20,632
24,518
Acquisition costs
362
1,145
826
3,653
Adjustment to fair value of contingent
consideration
37
618
(6,438
)
267
Amortization of debt issuance costs
631
609
2,501
2,431
Foreign exchange (gain) loss and other
(10
)
(230
)
707
197
Stock compensation
7,331
6,501
28,272
24,574
Business optimization (1)
—
—
922
—
Adjusted Net Income Before Tax
45,482
51,843
183,903
196,601
Adjusted income tax (2)
11,598
12,961
48,550
49,917
Adjusted Net Income
$
33,884
$
38,882
$
135,353
$
146,684
GAAP Earnings Per Share (diluted)
$
0.65
$
0.74
$
2.76
$
2.90
Adjusted Earnings Per Share (diluted)
$
0.99
$
1.14
$
3.95
$
4.28
Shares used in computing GAAP Earnings Per
Share (diluted)
36,714
36,636
36,711
36,731
Dilution offset from convertible note
hedge transactions
(2,430
)
(2,395
)
(2,430
)
(2,422
)
Shares used in computing Adjusted Earnings
Per Share (diluted)
34,284
34,241
34,281
34,309
Net income used in computing GAAP Earnings
Per Share (diluted)
$
23,713
$
27,008
$
101,146
$
106,653
(1)
Business optimization includes $0.7
million of severance costs related to billable resources and $0.2
million of severance costs related to non-billable resources for
the twelve months ended December 31, 2023.
(2)
The estimated adjusted effective tax rate
of 25.5% and 25.0% for the three months ended December 31, 2023 and
2022, respectively, and 26.4% and 25.4% for the year ended December
31, 2023 and 2022, respectively, has been used to calculate the
provision for income taxes for non-GAAP purposes.
Perficient, Inc.
Reconciliation of GAAP to
Non-GAAP Measures
(unaudited)
(in thousands)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
GAAP Net Income
$
23,175
$
26,459
$
98,933
$
104,392
Adjustments:
Provision for income taxes
9,696
10,287
37,548
36,569
Net interest (income) expense
(431
)
846
363
3,154
Net other (income) expense
(22
)
(246
)
676
160
Depreciation
2,245
2,285
8,968
8,518
Amortization
4,260
6,454
20,632
24,518
Acquisition costs
362
1,145
826
3,653
Adjustment to fair value of contingent
consideration
37
618
(6,438
)
267
Stock compensation
7,331
6,501
28,272
24,574
Business optimization (1)
—
—
922
—
Adjusted EBITDA (2)
$
46,653
$
54,349
$
190,702
$
205,805
(1)
Business optimization includes $0.7
million of severance costs related to billable resources and $0.2
million of severance costs related to non-billable resources for
the twelve months ended December 31, 2023.
(2)
Adjusted EBITDA is a non-GAAP performance
measure and is not intended to be a performance measure that should
be regarded as an alternative to or more meaningful than either
GAAP operating income or GAAP net income. Adjusted EBITDA measures
presented may not be comparable to similarly titled measures
presented by other companies.
Perficient, Inc.
Reconciliation of GAAP to
Non-GAAP Measures
(unaudited)
Q1 2024
Full Year 2024
Low end of adjusted
goal
High end of adjusted
goal
Low end of adjusted
goal
High end of adjusted
goal
GAAP EPS
$
0.31
$
0.35
$
2.64
$
2.77
Non-GAAP adjustment (1):
Non-GAAP reconciling items
0.56
0.57
1.76
1.77
Tax effect of reconciling items
(0.13
)
(0.13
)
(0.35
)
(0.34
)
Adjusted EPS
$
0.74
$
0.79
$
4.05
$
4.20
(1)
Non-GAAP adjustment represents the impact
of amortization expense, acquisition costs, adjustments to fair
value of contingent consideration, amortization of debt issuance
costs, foreign exchange gains and losses and stock compensation,
net of the tax effect of these adjustments, divided by adjusted
fully diluted shares. Perficient currently expects its Q1 2024 and
full year 2024 GAAP effective income tax rate to be approximately
29% and 28%, respectively. Perficient currently expects its Q1 2024
and full year 2024 estimated adjusted effective income tax rate to
be approximately 26%. Perficient’s estimates of GAAP and adjusted
fully diluted shares for 2024 are included in the following table.
These estimates could be affected by share repurchases, shares
issued in conjunction with future acquisitions, changes in share
price and the potential impact from the conditional conversion
features of our debt.
(in millions)
Q1 2024
Full Year 2024
GAAP Fully Diluted Shares
36.9
36.9
Non-GAAP adjustment (2):
Dilution offset from convertible note
hedge transactions
(2.4
)
(2.4
)
Adjusted Fully Diluted Shares
34.5
34.5
(2)
Non-GAAP adjustment represents the
exclusion of shares that are issuable upon conversion of our
convertible notes due to the expectation that shares relating to
the principal amount of our convertible notes will be paid in cash
and any excess will be offset by the convertible note hedge
transactions entered into in August 2020 and November 2021.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240227488668/en/
Bill Davis, Perficient, 314-529-3555
bill.davis@perficient.com
Perficient (NASDAQ:PRFT)
Historical Stock Chart
From Apr 2024 to May 2024
Perficient (NASDAQ:PRFT)
Historical Stock Chart
From May 2023 to May 2024