Perficient Inc (PRFT) Reports Q3 2023 Earnings: Revenues Decrease by 2%, Net Income Remains Flat
Revenues for Q3 2023 decreased by 2% to $223.2 million from $227.6 million in Q3 2022
Net income remained essentially flat at $22.6 million, compared to $23.0 million in Q3 2022
Adjusted EBITDA decreased by 14% to $45.8 million from $53.0 million in Q3 2022
Perficient Inc (NASDAQ:PRFT) entered into a purchase agreement to acquire SMEDIX, Inc., a healthcare software engineering firm
Perficient Inc (NASDAQ:PRFT), a leading global digital consultancy, released its Q3 2023 financial results on October 31, 2023. The company reported a slight decrease in revenues, while net income remained essentially flat compared to the same quarter in the previous year.
Financial Performance
For the quarter ended September 30, 2023, Perficient Inc (NASDAQ:PRFT) reported revenues of $223.2 million, a decrease of 2% from $227.6 million in Q3 2022. Net income remained flat at $22.6 million, compared to $23.0 million in the same quarter of the previous year. GAAP earnings per share on a fully diluted basis decreased by 2% to $0.63 from $0.64 in Q3 2022. Adjusted earnings per share on a fully diluted basis decreased by 17% to $0.92 from $1.11 in Q3 2022. Adjusted EBITDA decreased by 14% to $45.8 million from $53.0 million in Q3 2022.
Company Commentary
Tom Hogan, President and CEO of Perficient Inc (NASDAQ:PRFT), commented on the company's performance, stating,
Our business momentum and performance began to improve during the third quarter and we expect a solid close to the year. Our enterprise customers continue to value Perficients fully integrated delivery model and the global talent and depth weve built in North America, Latin America, and India."
Key Financial Tables
Perficient Inc (NASDAQ:PRFT)'s balance sheet as of September 30, 2023, showed cash and cash equivalents of $80.1 million, an increase from $30.1 million at the end of 2022. The company's total assets stood at $1.03 billion, while total liabilities were $525.8 million. The company's total stockholders' equity was $502.7 million.
For the nine months ended September 30, 2023, the company's net income was $75.8 million. The company generated $88.5 million in net cash from operating activities during this period.
Future Outlook
For Q4 2023, Perficient Inc (NASDAQ:PRFT) expects its revenue to be in the range of $221 million to $226 million. The company also narrowed its full year 2023 revenue guidance to a range of $907 million to $912 million.
Perficient Inc (NASDAQ:PRFT) continues to focus on its growth strategy, which includes the planned acquisition of SMEDIX, Inc., a healthcare software engineering firm. This acquisition is expected to strengthen Perficients healthcare industry software development capabilities and add global delivery capacity in Eastern Europe.
Explore the complete 8-K earnings release (here) from Perficient Inc for further details.
This article first appeared on GuruFocus.
