8-K

United States

Securities and Exchange Commission

Washington, DC 20549

Form 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 6, 2014

PERFICIENT, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	001-15169		74-2853258
(State or Other Jurisdiction of Incorporation)	(Commission File Number)		(IRS Employer Identification No.)
520 Maryville Centre Drive, Suite 400, Saint Louis, Missouri		63141
(Address of Principal Executive Offices)		(Zip Code)

Registrant's telephone number, including area code (314) 529-3600

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On March 6, 2014, Perficient, Inc. announced its financial results for the three and twelve months ended December 31, 2013. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act), or otherwise subject to the liabilities of that Section, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 8.01 OTHER EVENTS

On March 6, 2014, Perficient, Inc. posted on the Investor Relations page of its website at www.perficient.com a slide presentation related to its fourth quarter 2013 financial results and operating metrics. A copy of the slide presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The information contained or incorporated in our website is not part of this filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

Exhibit
Number	Description
99.1	Perficient, Inc. Press Release, dated March 6, 2014, announcing financial results for the three and twelve months ended December 31, 2013
99.2	Perficient, Inc. Q4 2013 Financial Results Presentation

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PERFICIENT, INC.
Date: March 6, 2014	By:	/s/ Paul E. Martin
		Paul E. Martin
		Chief Financial Officer

Exhibit Index

Exhibit
Number	Description
99.1	Perficient, Inc. Press Release, dated March 6, 2014, announcing financial results for the three and twelve months ended December 31, 2013
99.2	Perficient, Inc. Q4 2013 Financial Results Presentation

EX-99.1

EXHIBIT 99.1

For more information, please contact:

Bill Davis, Perficient, 314-529-3555

bill.davis@perficient.com

FOR IMMEDIATE DISTRIBUTION

PERFICIENT REPORTS FOURTH QUARTER AND FULL YEAR 2013 RESULTS

Quarterly services revenues up 20%, net income up 26%; Provides 2014 Revenue Guidance of $430 to $450 Million and Adjusted Earnings Per Share Range of $1.26 to $1.36

SAINT LOUIS (March 6, 2014) – Perficient, Inc. (NASDAQ: PRFT) ("Perficient"), a leading information technology consulting firm serving Global 2000® and other large enterprise customers throughout North America, today reported its financial results for the quarter and year ended December 31, 2013.

Financial Highlights

For the quarter ended December 31, 2013:

· Revenue increased 17% to $97.5 million from $83.1 million for the fourth quarter 2012;

· Services revenue increased 20% to $86.0 million from $71.8 million for the fourth quarter 2012;

· 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 to $0.30 from $0.23 for the fourth quarter 2012;

· Earnings per share results on a fully diluted basis increased to $0.17 from $0.14 for the fourth quarter 2012;

· EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to $15.7 million from $12.6 million for the fourth quarter 2012;

· Net income increased 26% to $5.5 million from $4.4 million for the fourth quarter 2012; and

· Perficient repurchased 152,000 shares of its common stock at a cost of $3.0 million.

For the year ended December 31, 2013:

· Revenue increased 14% to $373.3 million from $327.1 million for 2012;

· Services revenue increased 14% to $326.6 million from $286.5 million for 2012;

· 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 to $1.11 from $0.92 for 2012;

· Earnings per share results on a fully diluted basis increased to $0.67 from $0.52 for 2012;

· EBITDAS (a non-GAAP measure; see attached schedule, which reconciles to GAAP net income) increased to $56.6 million from $48.2 million for 2012;

· Net income increased 33% to $21.4 million from $16.1 million for 2012; and

· Perficient repurchased 1,313,000 shares of its common stock at a cost of $18.1 million.

"Perficient has significant momentum in the market as 2014 gets underway," said Jeffrey Davis, chief executive officer and president. "We continue to build our portfolio, grow our client roster and take share from competitors large and small incapable of delivering the value we do because they possess neither the breadth nor the depth we offer enterprise customers."

"Increasing average bill rates are driving margin expansion and we expect that trend to continue in 2014," said Paul Martin, chief financial officer. "We're well positioned for another year of solid revenue and earnings growth."

Other Highlights

Among other recent achievements, Perficient:

· Completed the acquisition of ForwardThink Group Inc. on February 10, 2014, a $30 million annual services revenue management and technology consulting firm focused on the financial services industry. ForwardThink Group Inc. expands Perficient's financial services vertical, deepening Perficient's business process improvement, payments, finance transformation and risk management offerings;

· Was awarded the 2014 IBM Collaboration Solution Award for Best Digital Experience for Perficient's commitment to investing in digital experience solutions for clients, helping them create and deliver customer experiences that are engaging and interactive; and

· Added new customer relationships and follow-up projects with leading companies including:  Alliance Coal, Amway, Best Buy, Ceridian, Cheneire Energy, Memorial Hermann, New York Home Health Care, Oklahoma Gas and Electric, Plantronics, and many others.

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 2014 services and software revenue, including reimbursed expenses, to be in the range of $97.0 million to $104.2 million, comprised of $91.5 million to $96.2 million of revenue from services including reimbursed expenses and $5.5 million to $8.0 million of revenue from sales of software. The midpoint of first quarter 2014 services revenue guidance represents growth of 22% over first quarter 2013 services revenue.

Perficient is issuing full year revenue guidance range of $430 million to $450 million and an adjusted earnings per share guidance range of $1.26 to $1.36 for 2014.

Conference Call Details

Perficient will host a conference call regarding fourth quarter and full year 2013 financial results today at 10 a.m. Eastern.

WHAT: Perficient Reports Fourth Quarter and Full Year 2013 Results

WHEN: Thursday, March 6, 2014, at 10 a.m. Eastern

CONFERENCE CALL NUMBERS: 800-299-9630 (U.S. and Canada) 617-786-2904 (International)

PARTICIPANT PASSCODE: 15446734

REPLAY TIMES: Thursday, March 6, 2014, at 2 p.m. Eastern, through Thursday, March 13, 2014

REPLAY NUMBER: 888-286-8010 (U.S. and Canada) 617-801-6888 (International)

REPLAY PASSCODE: 68588636

About Perficient

Perficient is a leading information technology consulting firm serving Global 2000® and enterprise customers throughout North America. Perficient's professionals serve clients from a network of offices across North America and three offshore locations, in Eastern Europe, India, and China. Perficient helps clients use Internet-based technologies to improve productivity and competitiveness, strengthen relationships with customers, suppliers and partners, and reduce information technology costs. Perficient, traded on the Nasdaq Global Select Market, is a member of the Russell 2000® index and the S&P SmallCap 600 index. Perficient is an award-winning "Premier Level" IBM business partner, a Microsoft National Systems Integrator and Gold Certified Partner, an Oracle Platinum Partner, a Gold Salesforce.com Cloud Alliance Partner, a TeamTIBCO partner, and an EMC Select Services Team Partner. For more information, please 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 2014.  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 annual report on Form 10-K for the year ended December 31, 2013 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 uncertainty on our business; (3)    risks associated with the operation of our business generally, including:

a) client demand for our services and solutions;

b) maintaining a balance of our supply of skills and resources with client demand;

c) effectively competing in a highly competitive market;

d) protecting our clients' and our data and information;

e) risks from international operations;

f) obtaining favorable pricing to reflect services provided;

g) adapting to changes in technologies and offerings; and

h) risk of loss of one or more significant software vendors;

(4)    legal liabilities, including intellectual property protection and infringement or personally identifiable information;(5)    risks associated with managing growth organically and through acquisitions; and (6)    the risks detailed from time to time with our filings with the Securities and Exchange Commission.

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.

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."

PERFICIENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
	Three Months Ended December 31,						Year Ended December 31,
	2013			2012			2013			2012
Revenues
Services	$	86,040		$	71,755		$	326,589		$	286,548
Software and hardware		7,055			8,066			30,224			25,188
Reimbursable expenses		4,370			3,307			16,512			15,360
Total revenues		97,465			83,128			373,325			327,096
Cost of revenues
Project personnel costs		52,026			45,220			199,664			180,092
Software and hardware costs		6,177			6,982			26,648			21,536
Reimbursable expenses		4,370			3,307			16,512			15,360
Other project related expenses		895			1,090			4,169			4,078
Stock compensation		873			757			3,233			2,627
Total cost of revenues		64,341			57,356			250,226			223,693
Gross margin		33,124			25,772			123,099			103,403
Selling, general and administrative		18,329			13,943			69,706			57,838
Stock compensation		2,019			1,845			7,895			7,015
		12,776			9,984			45,498			38,550
Depreciation		928			661			3,262			2,251
Amortization		2,224			2,163			7,974			7,827
Acquisition costs		854			40			2,297			1,871
Adjustment to fair value of contingent consideration		184			82			287			517
Income from operations		8,586			7,038			31,678			26,084
Net interest expense		(138	)		(12	)		(293	)		(143	)
Net other income (expense)		142			(5	)		112			44
Income before income taxes		8,590			7,021			31,497			25,985
Provision for income taxes		3,077			2,645			10,065			9,878
Net income	$	5,513		$	4,376		$	21,432		$	16,107
Basic earnings per share	$	0.18		$	0.14		$	0.71		$	0.54
Diluted earnings per share	$	0.17		$	0.14		$	0.67		$	0.52
Shares used in computing basic earnings per share		30,314			30,326			30,294			29,536
Shares used in computing diluted earnings per share		32,155			31,811			31,808			31,086

PERFICIENT, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
	December 31,			December 31,
	2013			2012
ASSETS
Current assets:
Cash and cash equivalents	$	7,018		$	5,813
Accounts receivable, net		78,887			69,662
Prepaid expenses		2,569			1,649
Other current assets		6,759			3,717
Total current assets		95,233			80,841
Property and equipment, net		7,709			4,398
Goodwill		193,510			160,936
Intangible assets, net		25,487			17,350
Other non-current assets		3,810			3,669
Total assets	$	325,749		$	267,194
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	7,667		$	7,959
Other current liabilities		30,298			20,605
Total current liabilities		37,965			28,564
Long-term debt		19,000			2,800
Other non-current liabilities		9,294			1,417
Total liabilities		66,259			32,781
Stockholders' equity:
Common stock		41			39
Additional paid-in capital		297,997			276,201
Accumulated other comprehensive loss		(378	)		(306	)
Treasury stock		(81,051	)		(62,970	)
Retained earnings		42,881			21,449
Total stockholders' equity		259,490			234,413
Total liabilities and stockholders' equity	$	325,749		$	267,194

About Non-GAAP Financial Measures

Perficient provides non-GAAP financial measures for EBITDAS (earnings before interest, income taxes, depreciation, amortization, and stock compensation), 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 employee stock options and restricted stock awards, the amortization of intangible assets, acquisition costs, adjustments to the fair value of contingent consideration, 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 EBITDAS 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 EBITDAS, 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 of Intangible Assets

Perficient has incurred expense on amortization of intangible assets primarily related to various acquisitions. Management excludes these items for the purposes of calculating EBITDAS, 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 acquisitions which are expensed in its GAAP financial statements.  Management excludes these items for the purposes of calculating EBITDAS, 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.

Adjustments 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 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.

Stock-Based Compensation

Perficient incurs stock-based compensation expense under Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation.  Perficient excludes this item for the purposes of calculating EBITDAS, adjusted net income, and adjusted earnings per share because it 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.

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,
	2013		2012		2013		2012
GAAP Net Income	$	5,513	$	4,376	$	21,432	$	16,107
Additions:
Provision for income taxes		3,077		2,645		10,065		9,878
Amortization		2,224		2,163		7,974		7,827
Acquisition costs		854		40		2,297		1,871
Adjustment to fair value of contingent consideration		184		82		287		517
Stock compensation		2,892		2,602		11,128		9,642
Adjusted Net Income Before Tax		14,744		11,908		53,183		45,842
Adjusted income tax (1)		5,205		4,549		17,923		17,237
Adjusted Net Income	$	9,539	$	7,359	$	35,260	$	28,605
GAAP Earnings Per Share (diluted)	$	0.17	$	0.14	$	0.67	$	0.52
Adjusted Earnings Per Share (diluted)	$	0.30	$	0.23	$	1.11	$	0.92
Shares used in computing GAAP and Adjusted Earnings Per Share (diluted)		32,155		31,811		31,808		31,086

(1) The estimated adjusted effective tax rate of 35.3% and 38.2% for the three months ended December 31, 2013 and 2012, respectively, and 33.7% and 37.6% for the year ended December 31, 2013 and 2012, 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,
	2013				2012			2013				2012
GAAP Net Income		$	5,513			$	4,376		$	21,432			$	16,107
Additions:
Provision for income taxes			3,077				2,645			10,065				9,878
Net interest expense			138				12			293				143
Net other expense (income)			(142	)			5			(112	)			(44	)
Depreciation			928				661			3,262				2,251
Amortization			2,224				2,163			7,974				7,827
Acquisition costs			854				40			2,297				1,871
Adjustment to fair value of contingent consideration			184				82			287				517
Stock compensation			2,892				2,602			11,128				9,642
EBITDAS (1)		$	15,668			$	12,586		$	56,626			$	48,192
(1) EBITDAS 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. EBITDAS measures presented may not be comparable to similarly titled measures presented by other companies.

EX-99.2

EXHIBIT 99.2