Perficient, Inc. (NASDAQ:PRFT) Q1 2022 Results Conference Call April 28, 2022 11:00 AM ET

Company Participants

Jeff Davis - CEO

Paul Martin - CFO

Tom Hogan - COO

Conference Call Participants

Mayank Tandon - Needham

Brian Kinstlinger - Alliance Global Partners

Jonathan Lee - Morgan Stanley

Maggie Nolan - William Blair

Puneet Jain - JPMorgan

Vincent Colicchio - Barrington Research

Jack Vander Aarde - Maxim Group

Operator

Good day, and thank you for standing by. Welcome to the Q1 2022 Perficient Earnings Conference Call. Later, we will conduct a question-and-answer session, and [Operator Instructions]

I would now like to turn the conference over to your host, Chairman and CEO, Jeff Davis. Please go ahead, sir.

Jeff Davis

Thank you, and good morning, everyone. With me on the call today is Paul Martin, our CFO; and Tom Hogan, our President and COO. We got, as typical, about 10 to 15 minutes of prepared comments, after which we will open up the call for questions. But before we proceed, Paul, would you please read the safe harbor statement.

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 security 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 discussions.

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

Jeff Davis

Thanks, Paul. Well, once again, good morning. We're excited to be with you this morning to discuss our first quarter performance and provide some thoughts on the second quarter and beyond. '22 has begun as 2021 ended strongly.

Revenue was up 31%, and adjusted earnings were up 38% during the period. North American average bill rates reached an all-time high. Utilization was strong and on the heels of setting a quarterly large wind bookings record in Q4, we again set a record in Q1. In fact, the overall bookings were up sequentially as well as annually.