Perficient Inc. has released certain unaudited financial information for the twelve months ended May 31, 2024. The company's revenue for this period amounted to $892,552, with a cost of revenue of $570,496. Net income for the same period stood at $83,723.
The reconciliation of net income to adjusted EBITDA for the twelve months ended May 31, 2024, indicates an adjusted EBITDA of $180,971. This figure is derived from adjustments including provision for income taxes of $32,909, net interest (income) expense of ($1,674), net other (income) expense of $481, depreciation of $8,409, amortization of $19,270, acquisition costs of $1,802, adjustment to the fair value of contingent consideration of ($4,375), stock compensation of $33,206, transaction expenses of $6,298, and business optimization costs of $922.
In addition, the supplemental financial data for the same period reveals stock-based compensation included in cost of revenue amounting to $9,884, lease expenses totaling $12,321, and capital expenditures of $4,113.
The non-GAAP financial measures provided by Perficient, including adjusted EBITDA, are intended to offer investors a better understanding of the company's past financial performance and future results. Management uses these measures to internally evaluate business performance and make operating decisions. Perficient believes that excluding certain expenses from these non-GAAP measures, such as amortization of intangible assets, acquisition costs, adjustment to fair value of contingent consideration, foreign exchange gains and losses, stock compensation, transaction expenses, and business optimization costs, provides a more accurate reflection of its business performance.
It's worth noting that non-GAAP financial measures are subject to inherent limitations due to their exclusion of certain expenses included under GAAP. However, Perficient provides relevant disclosure of the items excluded from the non-GAAP financial measures and compensates for these limitations by evaluating the non-GAAP measure together with the most directly comparable GAAP measure.
The market has reacted to these announcements by moving the company's shares -0.0% to a price of $74.85. Check out the company's full 8-K submission here.
