Perficient Inc. (NASDAQ:PRFT) Q2 2017 Earnings Conference Call - Final Transcript

Aug 03, 2017 • 10:00 am ET

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Perficient Inc. (NASDAQ:PRFT) Q2 2017 Earnings Conference Call - Final Transcript

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Operator
Operator

Good day, ladies and gentlemen, and welcome to the Q2 2017 Perficient Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. [Operator Instructions]. As a reminder, this conference call is being recorded.

I would now like to introduce your host for today's conference, Chairman and CEO, Jeff Davis. Sir, you may begin.

Executive
Jeffrey Davis

Thank you very much. Good morning, everyone.

With me on the call today is Paul Martin, our CFO. I'd like to thank you for your time this morning. As typical, we have about 10 to 15 minutes of prepared comments, after which, we will open the call up for questions.

But before we proceed, Paul, would you please read the Safe Harbor statement.

Executive
Paul Martin

Thanks Jeff, and good morning everyone.

Some of the things we will discuss in today's call concerning future company performance will be forward-looking statements within the meaning of the securities laws. Actual results may materially differ from those discussed in these forward-looking statements, and we encourage you to refer to the additional information contained in our SEC filings concerning factors that could cause those results to be different than contemplated in today's discussion.

At times during this call, we will refer to adjusted EPS. Our earnings press release includes a reconciliation of certain non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with generally accepted accounting principles, or GAAP, and it is posted on our website at www.perficient.com. We have also posted a slide deck, which includes a reconciliation of certain non-GAAP goals to the most directly comparable financial measures compared in accordance with GAAP on our website under Investor Relations.

Jeff?

Executive
Jeffrey Davis

Thanks, Paul. Well, once again, good morning, and thanks for joining.

We're excited to share our second quarter results with you today. We've talked for a couple of quarters now about our intent and ability to drive margins higher, and during the second quarter we did just that. Services margin rose 200 basis points in the quarter, and we expect sequential margin expansion in Q3, and similar year-over-year results in both third and fourth quarter this year.

Let me give you this morning, it not just contain some margins and profitability, our bookings momentum is very strong right now, in fact the month of June represented a single largest booking month in our history, and it was nearly 25% greater than January 2016 which previously represented our strongest month, that drove a record Q2 bookings, total up sequentially year-over-year substantially.

On the yields of that performance, third quarter is off to a great start with record bookings for the month of July. Those successes have our sales organization operating with right momentum, and with real energy, enthusiasm in growing sense of confidence right now; things are very exciting in Perficient.

One of the key contributors to June's record bookings was the signing of our first $20 million plus statement of work; a