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EX - 99.1 2 prfpressrelease_q12021.htm PERFICIENT , INC . PRESS RELEASE EXHIBIT 99.1 For more information , please contact : Bill Davis , Perficient , 314-529-3555 bill.davis@perficient.com PERFICIENT REPORTS FIRST QUARTER 2021 RESULTS ~ Offshore Revenue Up 130 % ; Company Expands Share Repurchase Program ; Raises Full Year Revenue and Earnings Guidance ~ ST . LOUIS ( April 29 , 2021 ) - 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 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 . " 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 .