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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Perficient
Perficient (PRFT) investor relations material
Perficient has been acquired by EQT Corporation
Perficient Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary8 Aug, 2024
Executive summary
Q2 2024 revenue declined to $222.8 million, down 3.6–4% year-over-year, with net income falling to $17.4 million, a 34% decrease.
Diluted EPS for Q2 2024 was $0.49, down 33% from Q2 2023; adjusted EPS was $0.92, down 8%.
The company entered a merger agreement with EQT Asia, with shareholders to receive $76.00 per share in cash; closing expected by end of 2024.
Adjusted EBITDA dropped 10% to $43.3 million compared to Q2 2023.
Macroeconomic uncertainty and project delays impacted revenues, partially offset by acquisitions.
Financial highlights
Services revenue declined to $219.5–$222.5 million in Q2 2024; software and hardware revenue was $0.3 million.
Net income for Q2 2024 was $17.4 million, down from $26.4 million in Q2 2023.
Adjusted net income for Q2 2024 was $31.9 million, down from $34.4 million in Q2 2023.
Adjusted EBITDA for Q2 2024 was $43.3 million, down from $48.2 million in Q2 2023.
Cash and equivalents at June 30, 2024, were $112.9 million, down from $128.9 million at year-end.
Outlook and guidance
Merger with EQT Asia expected to close by year-end 2024, subject to regulatory approvals.
Company expects significant transaction costs related to the merger; a termination fee of $81.3 million may be payable under certain conditions.
No guidance or earnings call will be provided due to the pending acquisition.
Management expects accounts receivable changes to normalize by end of Q3 after ERP system implementation.
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Frequently asked questions
Perficient, Inc. provides digital consultancy services and solutions in the United States. It offers strategy, experience design, business intelligence, mobile, portals and collaboration, e-commerce, web content management/digital asset management, application development/integration and application management and infrastructure support services; and cloud, big data and analytics, managed hosting, interactive Personalization, social engagement platforms/advanced search technology platforms/campaign management platforms, Adobe Marketing Cloud, video marketing management software technology solutions. It provides its products to marketing leaders from companies across North America. The company was founded in 1997 and is based in St. Louis, Missouri.