PERFICIENT, INC. (NASDAQ:PRFT) Files An 8-K Other Events

PERFICIENT, INC. (NASDAQ:PRFT) Files An 8-K Other Events
ITEM 8.01 OTHER EVENTS

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Perficient, Inc. (the “Company”) adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, as amended (“ASU No. 2014-09”), on January 1, 2018. As previously disclosed in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, the Company’s adoption of ASU No. 2014-09 may impact the Company in relation to, among other things, distinguishing performance obligations, variable consideration, timing of software and hardware revenue recognition and principal versus agent considerations. Under ASU No. 2014-09, the principal versus agent considerations emphasize whether the entity controls the specified good or service before being transferred to the customer. Whereas, under existing applicable accounting guidance, the evaluation considers a risks and rewards model. Accordingly, the Company has determined that it will no longer be considered the principal in resales of third-party software and hardware, as of the adoption date. Through December 31, 2017, the Company had recorded its third-party software and hardware revenue on a gross basis considering the Company’s role as principal in the transaction under applicable accounting guidance. In connection with the Company’s adoption of ASU No. 2014-09 on January 1, 2018, the Company began recording its third-party software and hardware revenue on a net basis as the agent.

On January 15, 2018, in advance of investor conferences, the Company posted on the Investor Relations page of its website at www.perficient.com a slide presentation that shows historical third-party software and hardware revenues recast as if they were recorded under net revenue presentation. The slide presentation is being provided for illustrative purposes only and does not constitute a restatement or modification of the Company’s historical financial statements previously filed with the SEC, which should be considered by investors in their entirety as filed. As the Company plans to adopt ASU No. 2014-09 using the modified retrospective method, the gross versus net presentation discussed above will not impact the historical 2017 and 2016 presentation, but will impact the 2018 presentation. The Company is providing this example to its investors solely to aid in their understanding of the effect of the change from gross to net revenue presentation upon the Company’s adoption of ASU No. 2014-09 with respect to the Company’s financial results after January 1, 2018. A copy of the presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information contained or incorporated in the Company’s website is not part of this filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

Exhibit

Number

Description

99.1

Perficient, Inc. Gross vs. Net Software and Hardware Revenues Presentation


PERFICIENT INC Exhibit
EX-99.1 2 prft_swhw_rev_presentation.htm PERFICIENT,…
To view the full exhibit click here

About PERFICIENT, INC. (NASDAQ:PRFT)

Perficient, Inc. is an information technology and management consulting firm. The Company designs, builds and delivers business-driven technology solutions using third-party software products. Its solutions include big data and analytics, technology platform implementations, commerce, enterprise content management, portals and collaboration, management consulting, custom applications, business integration, content management (CM), business process management (BPM), and customer relationship management (CRM), among others. It provides services primarily to the healthcare (including pharma and life sciences), financial services (including banking and insurance), retail and consumer goods, automotive and transport products, electronics and computer hardware, telecommunications, manufacturing, energy and utilities, business services, and leisure, and media and entertainment markets, among others.

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