Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Jul. 29, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'PERFICIENT INC | ' |
Trading Symbol | '0 | ' |
Entity Central Index Key | '0001085869 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 33,029,609 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $5,439 | $5,813 |
Accounts receivable, net | 83,435 | 69,662 |
Prepaid expenses | 2,146 | 1,649 |
Other current assets | 4,695 | 3,717 |
Total current assets | 95,715 | 80,841 |
Property and equipment, net | 8,251 | 4,398 |
Goodwill | 175,162 | 160,936 |
Intangible assets, net | 21,326 | 17,350 |
Other non-current assets | 3,664 | 3,669 |
Total assets | 304,118 | 267,194 |
Current liabilities: | ' | ' |
Accounts payable | 6,205 | 7,959 |
Other current liabilities | 26,228 | 20,605 |
Total current liabilities | 32,433 | 28,564 |
Long-term debt | 16,000 | 2,800 |
Other non-current liabilities | 5,094 | 1,417 |
Total liabilities | 53,527 | 32,781 |
Stockholders' equity: | ' | ' |
Common stock (par value $.001 per share; 50,000,000 shares authorized and 41,231,099 shares issued and 30,870,552 shares outstanding as of September 30, 2013; 39,024,337 shares issued and 30,825,123 shares outstanding as of December 31, 2012) | 40 | 39 |
Additional paid-in capital | 291,574 | 276,201 |
Accumulated other comprehensive loss | -339 | -306 |
Treasury stock, at cost (9,360,547 shares as of September 30, 2013; 8,199,214 shares as of December 31, 2012) | -78,052 | -62,970 |
Retained earnings | 37,368 | 21,449 |
Total stockholders' equity | 250,591 | 234,413 |
Total liabilities and stockholders' equity | $304,118 | $267,194 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Condensed Consolidated Balance Sheets | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 40,231,099 | 39,024,337 |
Common stock, shares outstanding (in shares) | 30,870,552 | 30,825,123 |
Treasury stock, shares (in shares) | 9,360,547 | 8,199,214 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Services | $86,568 | $75,948 | $240,549 | $214,793 |
Software and hardware | 5,620 | 7,450 | 23,169 | 17,122 |
Reimbursable expenses | 4,570 | 4,076 | 12,142 | 12,053 |
Total revenues | 96,758 | 87,474 | 275,860 | 243,968 |
Cost of revenues (exclusive of depreciation and amortization, shown separately below) | ' | ' | ' | ' |
Project personnel costs | 52,154 | 47,843 | 149,998 | 136,742 |
Software and hardware costs | 4,919 | 6,301 | 20,471 | 14,554 |
Reimbursable expenses | 4,570 | 4,076 | 12,142 | 12,053 |
Other project related expenses | 1,252 | 1,027 | 3,274 | 2,988 |
Total cost of revenues | 62,895 | 59,247 | 185,885 | 166,337 |
Gross margin | 33,863 | 28,227 | 89,975 | 77,631 |
Selling, general and administrative | 20,532 | 17,714 | 57,254 | 49,065 |
Depreciation | 932 | 612 | 2,334 | 1,590 |
Amortization | 1,955 | 2,258 | 5,750 | 5,664 |
Acquisition costs | 29 | 9 | 1,443 | 1,831 |
Adjustment to fair value of contingent consideration for purchase of business | 69 | 97 | 102 | 435 |
Income from operations | 10,346 | 7,537 | 23,092 | 19,046 |
Net interest expense | -96 | -93 | -154 | -131 |
Net other income | 7 | 5 | -30 | 49 |
Income before income taxes | 10,257 | 7,449 | 22,908 | 18,964 |
Provision for income taxes | 3,023 | 2,307 | 6,989 | 7,233 |
Net income | $7,234 | $5,142 | $15,919 | $11,731 |
Basic net income per share (in dollars per share) | $0.24 | $0.17 | $0.53 | $0.40 |
Diluted net income per share (in dollars per share) | $0.23 | $0.16 | $0.50 | $0.38 |
Shares used in computing basic net income per share (in shares) | 30,141 | 30,021 | 30,287 | 29,273 |
Shares used in computing diluted net income per share (in shares) | 31,808 | 31,674 | 31,692 | 30,844 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $7,234 | $5,142 | $15,919 | $11,731 |
Foreign currency translation adjustment | 21 | 49 | -33 | 9 |
Total comprehensive income | $7,255 | $5,191 | $15,886 | $11,740 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Retained Earnings (Deficit) [Member] | Total |
In Thousands, except Share data | ||||||
Balance at December 31, 2012 at Dec. 31, 2012 | $39 | $276,201 | ($306) | ($62,970) | $21,449 | $234,413 |
Balance at December 31, 2012 (in shares) at Dec. 31, 2012 | 30,825,000 | ' | ' | ' | ' | 30,825,123 |
Proceeds from the exercise of stock options and sales of stock through the Employee Stock Purchase Plan | ' | 180 | ' | ' | ' | 180 |
Proceeds from the exercise of stock options and sales of stock through the Employee Stock Purchase Plan, shares | 43,000 | ' | ' | ' | ' | ' |
Net tax benefit from stock option exercises and restricted stock vesting | ' | 1,666 | ' | ' | ' | 1,666 |
Stock compensation related to restricted stock vesting and retirement savings plan contributions | ' | 8,158 | ' | ' | ' | 8,158 |
Stock compensation related to restricted stock vesting and retirement savings plan contributions (in shares) | 535,000 | ' | ' | ' | ' | ' |
Purchases of treasury stock and buyback of shares for taxes | 0 | ' | ' | -15,082 | ' | -15,082 |
Purchases of treasury stock and buyback of shares for taxes (in shares) | -1,161,000 | ' | ' | ' | ' | ' |
Issuance of stock for acquisitions | 1 | 5,369 | ' | ' | ' | 5,370 |
Issuance of stock for acquisitions, shares | 628,000 | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | 15,919 | 15,919 |
Foreign currency translation adjustment | ' | ' | -33 | ' | ' | -33 |
Balance at September 30, 2013 at Sep. 30, 2013 | $40 | $291,574 | ($339) | ($78,052) | $37,368 | $250,591 |
Balance at September 30, 2013, shares at Sep. 30, 2013 | 30,870,000 | ' | ' | ' | ' | 30,870,552 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES | ' | ' |
Net income | $15,919 | $11,731 |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' |
Depreciation | 2,334 | 1,590 |
Amortization | 5,750 | 5,664 |
Deferred income taxes | 918 | 243 |
Non-cash stock compensation and retirement savings plan contributions | 8,158 | 6,995 |
Tax benefit from stock option exercises and restricted stock vesting | -1,698 | -781 |
Adjustment to fair value of contingent consideration for purchase of business | 102 | 435 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' |
Accounts receivable | -5,351 | -9,161 |
Other assets | 1,532 | 1,510 |
Accounts payable | -1,875 | 1,768 |
Other liabilities | -34 | 855 |
Net cash provided by operating activities | 25,755 | 20,849 |
INVESTING ACTIVITIES | ' | ' |
Purchase of property and equipment | -4,282 | -1,391 |
Capitalization of software developed for internal use | -1,749 | -107 |
Purchase of businesses and related costs | -19,779 | -36,412 |
Net cash used in investing activities | -25,810 | -37,910 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from line of credit | 128,150 | 116,100 |
Payments on line of credit | -114,950 | -104,600 |
Payment of credit facility financing fees | -397 | 0 |
Payment of contingent consideration for purchase of business | 0 | -425 |
Tax benefit on stock option exercises and restricted stock vesting | 1,698 | 781 |
Proceeds from the exercise of stock options and sales of stock through the Employee Stock Purchase Plan | 180 | 134 |
Purchase of treasury stock | -13,116 | -605 |
Remittance of taxes withheld as part of a net share settlement of restricted stock vesting | -1,966 | -582 |
Net cash used in financing activities | -401 | 10,803 |
Effect of exchange rate on cash and cash equivalents | 82 | 7 |
Change in cash and cash equivalents | -374 | -6,251 |
Cash and cash equivalents at beginning of period | 5,813 | 9,732 |
Cash and cash equivalents at end of period | 5,439 | 3,481 |
Supplemental disclosures: | ' | ' |
Cash paid for income taxes | 5,040 | 6,071 |
Cash paid for interest | 163 | 0 |
Non-cash activity: | ' | ' |
Stock issued for purchase of businesses | 5,370 | 15,572 |
Estimated fair value of contingent consideration for purchase of business | 1,534 | 1,474 |
Accrued Additions To Property And Equipment | $1,488 | $0 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
1. Basis of Presentation | |
The accompanying interim unaudited condensed consolidated financial statements of Perficient, Inc. (the "Company") have been prepared in accordance with accounting principles generally accepted in the United States and are presented in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") applicable to interim financial information. Accordingly, certain footnote disclosures have been condensed or omitted. In the opinion of management, the interim unaudited condensed consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the Company's consolidated financial statements and notes thereto filed with the SEC in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. Operating results for the three and nine months ended September 30, 2013 may not be indicative of the results for the full fiscal year ending December 31, 2013. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates, and such differences could be material to the financial statements | |
Reclassification | |
The Company has reclassified the presentation of certain prior period information to conform to the current year presentation. | |
Revenue Recognition | |
Revenues are primarily derived from professional services provided on a time and materials basis. For time and material contracts, revenues are recognized and billed by multiplying the number of hours expended in the performance of the contract by the established billing rates. For fixed fee projects, revenues are generally recognized using an input method based on the ratio of hours expended to total estimated hours. Amounts invoiced and collected in excess of revenues recognized are classified as deferred revenues. On many projects the Company is also reimbursed for out-of-pocket expenses such as airfare, lodging, and meals.  These reimbursements are included as a component of revenues. Revenues from software and hardware sales are generally recorded on a gross basis considering the Company's role as a principal in the transaction.  On rare occasions, the Company enters into a transaction where it is not the principal.  In these cases, revenue is recorded on a net basis. | |
Unbilled revenues represent the project time and expenses that have been incurred, but not yet billed to the client, prior to the end of the fiscal period.  For time and materials projects, the client is invoiced for the amount of hours worked multiplied by the billing rates as stated in the contract. For fixed fee arrangements, the client is invoiced according to the agreed-upon schedule detailing the amount and timing of payments in the contract.  Clients are typically billed monthly for services provided during that month, but can be billed on a more or less frequent basis as determined by the contract.  If the time and expenses are worked/incurred and approved at the end of a fiscal period and the invoice has not yet been sent to the client, the amount is recorded as unbilled revenue once the Company verifies all other revenue recognition criteria have been met. | |
Revenues are recognized when the following criteria are met: (1) persuasive evidence of the customer arrangement exists; (2) fees are fixed and determinable; (3) delivery and acceptance have occurred; and (4) collectability is deemed probable. The Company's policy for revenue recognition in instances where multiple deliverables are sold contemporaneously to the same customer is in accordance with Financial Accounting Standards Board Accounting Standards Codification ("ASC") Subtopic 985-605, Software – Revenue Recognition, ASC Subtopic 605-25, Revenue Recognition – Multiple-Element Arrangements, and ASC Section 605-10-S99 (Staff Accounting Bulletin Topic 13, Revenue Recognition). Specifically, if the Company enters into contracts for the sale of services and software or hardware, then the Company evaluates whether each element should be accounted for separately by considering the following criteria: (1) whether the deliverables have value to the client on a stand-alone basis; and (2) whether delivery or performance of the undelivered item or items is considered probable and substantially in the control of the Company (only if the arrangement includes a general right of return related to the delivered item). Further, for sales of software and services, the Company also evaluates whether the services are essential to the functionality of the software and if it has fair value evidence for each deliverable. If the Company has concluded that the separation criteria are met, then it accounts for each deliverable in the transaction separately, based on the relevant revenue recognition policies. Generally, all deliverables of the Company's multiple element arrangements meet these criteria and are accounted for separately, with the arrangement consideration allocated among the deliverables using vendor-specific objective evidence of the selling price. As a result, the Company generally recognizes software and hardware sales upon delivery to the customer and services consistent with the policies described herein. | |
Further, delivery of software and hardware sales, when sold contemporaneously with services, can generally occur at varying times depending on the specific client project arrangement. Delivery of services generally occurs over a period of time consistent with the timeline as outlined in the client contract. | |
There are no significant cancellation or termination-type provisions for the Company's software and hardware sales. Contracts for professional services provide for a general right, to the client or the Company, to cancel or terminate the contract within a given period of time (generally 10 to 30 days' notice is required). The client is responsible for any time and expenses incurred up to the date of cancellation or termination of the contract. | |
The Company may provide multiple services under the terms of an arrangement and is required to assess whether one or more units of accounting are present.  Service fees are typically accounted for as one unit of accounting, as fair value evidence for individual tasks or milestones is not available.  The Company follows the guidelines discussed above in determining revenues; however, certain judgments and estimates are made and used to determine revenues recognized in any accounting period. If estimates are revised, material differences may result in the amount and timing of revenues recognized for a given period. | |
Revenues are presented net of taxes assessed by governmental authorities.  Sales taxes are generally collected and subsequently remitted on all software and hardware sales and certain services transactions as appropriate. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||
Stock-Based Compensation | ' | ||||||||
3. Stock-Based Compensation | |||||||||
Stock-based compensation is accounted for in accordance with ASC Topic 718, Compensation – Stock Compensation ("ASC Topic 718"). Under this method, the Company recognizes share-based compensation ratably using the straight-line attribution method over the requisite service period. In addition, pursuant to ASC Topic 718, the Company is required to estimate the amount of expected forfeitures when calculating share-based compensation, instead of accounting for forfeitures as they occur. | |||||||||
Stock Award Plans | |||||||||
The Company made various award grants under the 2009 Long-Term Incentive Plan prior to May 2012. Â In May 2012, the Company's stockholders approved the 2012 Long-Term Incentive Plan (the "Incentive Plan"), which had been previously approved by the Company's Board of Directors. Â The Incentive Plan allows for the granting of various types of stock awards, not to exceed a total of 2.5 million shares, to eligible individuals. Â The Compensation Committee of the Board of Directors administers the Incentive Plan and determines the terms of all stock awards made under the Incentive Plan. | |||||||||
Stock-based compensation cost recognized for the three and nine months ended September 30, 2013 was approximately $2.8 million and $8.2 million, respectively, which included $0.4 and $1.2 million, respectively, of expense for retirement savings plan contributions. Â The associated current and future income tax benefits recognized were $1.0 million and $2.7 million for the three and nine months ended September 30, 2013, respectively. Â Stock-based compensation cost recognized for the three and nine months ended September 30, 2012 was approximately $2.5 million and $7.0 million, respectively, which included $0.4 and $1.1 million, respectively, of expense for retirement savings plan contributions. Â The associated current and future income tax benefits recognized were $0.8 million and $2.3 million for the three and nine months ended September 30, 2012, respectively. As of September 30, 2013, there was $12.9 million of total unrecognized compensation cost related to non-vested share-based awards. This cost is expected to be recognized over a weighted-average period of two years. | |||||||||
Stock option activity for the nine months ended September 30, 2013 was as follows (shares in thousands): | |||||||||
Shares | Weighted-Average Exercise Price | ||||||||
Options outstanding at December 31, 2012 | 303 | $ | 5.08 | ||||||
Options exercised | (36 | ) | 2.34 | ||||||
Options canceled | (10 | ) | 0.63 | ||||||
Options outstanding at September 30, 2013 | 257 | 5.63 | |||||||
Options vested at September 30, 2013 | 257 | $ | 5.63 | ||||||
Restricted stock activity for the nine months ended September 30, 2013 was as follows (shares in thousands): | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant Date | |||||||||
Fair | |||||||||
Value | |||||||||
Restricted stock awards outstanding at December 31, 2012 | 1,939 | $ | 9.93 | ||||||
Awards granted | 371 | 11.64 | |||||||
Awards vested | (437 | ) | 9.72 | ||||||
Awards forfeited | (93 | ) | 10.07 | ||||||
Restricted stock awards outstanding at September 30, 2013 | 1,780 | $ | 10.31 |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net Income Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||
4. Net Income per Share | |||||||||||||||||
The following table presents the calculation of basic and diluted net income per share (in thousands, except per share information): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 7,234 | $ | 5,142 | $ | 15,919 | $ | 11,731 | |||||||||
Basic: | |||||||||||||||||
Weighted-average shares of common stock outstanding | 30,141 | 30,021 | 30,287 | 29,273 | |||||||||||||
Shares used in computing basic net income per share | 30,141 | 30,021 | 30,287 | 29,273 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 154 | 190 | 156 | 201 | |||||||||||||
Restricted stock subject to vesting | 773 | 662 | 634 | 619 | |||||||||||||
Contingently issuable shares | - | 104 | - | 107 | |||||||||||||
Shares issuable for acquisition consideration (1) | 740 | 697 | 615 | 644 | |||||||||||||
Shares used in computing diluted net income per share | 31,808 | 31,674 | 31,692 | 30,844 | |||||||||||||
Basic net income per share | $ | 0.24 | $ | 0.17 | $ | 0.53 | $ | 0.4 | |||||||||
Diluted net income per share | $ | 0.23 | $ | 0.16 | $ | 0.5 | $ | 0.38 | |||||||||
Anti-dilutive options and restricted stock not included in the calculation of diluted net income per share | - | 14 | 1 | 14 | |||||||||||||
-1 | For the three and nine months ended September 30, 2013, this represents the shares held in escrow pursuant to: (i) the Agreement and Plan of Merger with Northridge Systems, Inc. ("Northridge"); (ii) the Asset Purchase Agreement with Nascent Systems, LP ("Nascent"); (iii) the Agreement and Plan of Merger with TriTek Solutions, Inc. ("TriTek"); and (iv) the Asset Purchase Agreement with Clear Task, Inc. ("Clear Task") as part of the consideration. Â For the three and nine months ended September 30, 2012, this represents the shares held in escrow pursuant to: (i) the Agreement and Plan of Merger with speakTECH; (ii) the Asset Purchase Agreement with PointBridge Solutions, LLC ("PointBridge"); (iii) the Asset Purchase Agreement with Nascent; and (iv) the Agreement and Plan of Merger with Northridge as part of the consideration. These shares were not included in the calculation of basic net income per share due to the uncertainty of their ultimate status. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments And Contingencies [Abstract] | ' | ||||
Commitments And Contingencies | ' | ||||
5. Commitments and Contingencies | |||||
The Company leases office space and certain equipment under various operating lease agreements. The Company has the option to extend the term of certain lease agreements. Future minimum commitments under these lease agreements as of September 30, 2013 are as follows (in thousands): | |||||
Operating | |||||
Leases | |||||
2013 remaining | $ | 1,086 | |||
2014 | 3,990 | ||||
2015 | 3,066 | ||||
2016 | 2,734 | ||||
2017 | 2,149 | ||||
Thereafter | 1,639 | ||||
Total minimum lease payments | $ | 14,664 |
Balance_Sheet_Components
Balance Sheet Components | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Balance Sheet Components [Abstract] | ' | ||||||||
Balance Sheet Components | ' | ||||||||
6. Balance Sheet Components | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Accounts receivable: | |||||||||
Accounts receivable | $ | 52,120 | $ | 49,661 | |||||
Unbilled revenues | 32,410 | 20,725 | |||||||
Allowance for doubtful accounts | (1,095 | ) | (724 | ) | |||||
Total | $ | 83,435 | $ | 69,662 | |||||
 Property and equipment: | |||||||||
Computer hardware (useful life of 3 years) | $ | 8,626 | $ | 6,906 | |||||
Furniture and fixtures (useful life of 5 years) | 2,158 | 2,046 | |||||||
Leasehold improvements (useful life of 5 years) | 1,986 | 1,775 | |||||||
Software (useful life of 1 to 7 years) | 6,018 | 2,006 | |||||||
Less: Accumulated depreciation | (10,537 | ) | (8,335 | ) | |||||
Total | $ | 8,251 | $ | 4,398 | |||||
Other current liabilities: | |||||||||
Accrued variable compensation | $ | 9,936 | $ | 9,846 | |||||
Deferred revenue | 2,764 | 2,974 | |||||||
Payroll related costs | 3,080 | 1,193 | |||||||
Accrued subcontractor fees | 2,344 | 2,294 | |||||||
Accrued medical claims expense | 1,262 | 1,145 | |||||||
Acquired liabilities | 746 | 64 | |||||||
Other current liabilities | 4,562 | 3,089 | |||||||
Estimated fair value of contingent consideration liability(1) | 1,534 | - | |||||||
Total | $ | 26,228 | $ | 20,605 | |||||
(1) Represents the fair value estimate of additional earnings-based contingent consideration that may be realized by Clear Task's interest holders 12 months after the Clear Task acquisition. | |||||||||
Business_Combinations
Business Combinations | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combinations | ' | ||||||||
7. Business Combinations | |||||||||
Acquisition of PointBridge | |||||||||
On February 8, 2012, the Company acquired substantially all of the assets of PointBridge pursuant to the terms of an Asset Purchase Agreement. Â PointBridge was based in Chicago, Illinois, and was a business and technology consulting firm focused on collaboration, web content management, unified communications and business intelligence, primarily leveraging Microsoft technologies. The acquisition of PointBridge further solidified the Company's position among the largest and most capable Microsoft systems integrator consulting firms, as well as extended the Company's presence in Chicago, Milwaukee and Boston. | |||||||||
The Company's total allocable purchase price consideration was $20.5 million. The purchase price was comprised of $14.4 million in cash paid and $6.1 million of Company common stock issued at closing. The Company incurred approximately $0.7 million in transaction costs, which were expensed when incurred. | |||||||||
The Company allocated the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions): | |||||||||
Acquired tangible assets | $ | 5 | |||||||
Acquired intangible assets | 6.2 | ||||||||
Liabilities assumed | (1.1 | ) | |||||||
Goodwill | 10.4 | ||||||||
Total purchase price | $ | 20.5 | |||||||
 The Company estimated that the intangible assets acquired have useful lives of eleven months to five years. | |||||||||
Acquisition of Nascent | |||||||||
On June 1, 2012, the Company acquired substantially all of the assets of Nascent pursuant to the terms of an Asset Purchase Agreement.  Nascent was based in Dallas, Texas, and was a full-service software evaluation and implementation firm that specialized in working with the Oracle E-Business Suite and Vertex for sales, use and value added taxes. The acquisition of Nascent allowed the Company significant cross-selling and growth opportunity within the existing client base with Oracle E-Business Suite, and extended the Company's presence in Texas, Oklahoma, Louisiana, and Arkansas.  | |||||||||
The Company's total allocable purchase price consideration was $16.8 million. The purchase price was comprised of $11.6 million in cash paid and $5.2 million of Company common stock issued at closing. The Company incurred approximately $0.6 million in transaction costs, which were expensed when incurred. | |||||||||
The Company allocated the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions): | |||||||||
Acquired tangible assets | $ | 3.8 | |||||||
Acquired intangible assets | 4.4 | ||||||||
Liabilities assumed | (1.1 | ) | |||||||
Goodwill | 9.7 | ||||||||
Total purchase price | $ | 16.8 | |||||||
The Company estimated that the intangible assets acquired have useful lives of seven months to five years. | |||||||||
  | |||||||||
Acquisition of Northridge | |||||||||
On July 1, 2012, the Company acquired Northridge pursuant to the terms of an Agreement and Plan of Merger. Northridge was based in Atlanta, Georgia, and was an expert in the areas of business consulting, user experience, and collaboration technology primarily leveraging Microsoft technologies. The acquisition of Northridge further enhanced the Company's portfolio of services in collaboration strategy, portal migration and implementation, dashboards and analytics, user experience and branding, collaborative websites, and custom collaboration solutions utilizing Microsoft systems, as well as extended the Company's presence in the Atlanta and Charlotte markets. | |||||||||
  | |||||||||
The Company's total allocable purchase price consideration was $13.9 million. The purchase price was comprised of $10.7 million in cash paid and $3.2 million of Company common stock issued at closing. The Company incurred approximately $0.6 million in transaction costs, which were expensed when incurred. | |||||||||
The Company allocated the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions): | |||||||||
Acquired tangible assets | $ | 3.1 | |||||||
Acquired intangible assets | 4.1 | ||||||||
Liabilities assumed | (2.9 | ) | |||||||
Goodwill | 9.6 | ||||||||
Total purchase price | $ | 13.9 | |||||||
The Company estimated that the intangible assets acquired have useful lives of nine months to five years. | |||||||||
Acquisition of TriTek | |||||||||
On May 1, 2013, the Company acquired TriTek, pursuant to the terms of an Agreement and Plan of Merger. TriTek is an IBM-focused enterprise content management and business process management consulting firm. The acquisition of TriTek further enhanced the Company's existing capabilities and further positioned the Company as the IBM solution provider of choice for enterprises across North America. | |||||||||
The Company has initially estimated the total allocable purchase price consideration to be $21.1 million. The purchase price was comprised of $17.0 million in cash paid and $4.1 million of Company common stock issued at closing. The Company incurred approximately $0.8 million in transaction costs, which were expensed when incurred. | |||||||||
The Company has estimated the allocation of the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions): | |||||||||
Acquired tangible assets | $ | 12.3 | |||||||
Acquired intangible assets | 6.2 | ||||||||
Liabilities assumed | (5.6 | ) | |||||||
Goodwill | 8.2 | ||||||||
Total purchase price | $ | 21.1 | |||||||
The Company estimated that the intangible assets acquired have useful lives of eight months to eight years. | |||||||||
The amounts above represent the fair value estimates as of September 30, 2013 and are subject to subsequent adjustment as the Company obtains additional information during the measurement period and finalizes its fair value estimates. Any subsequent adjustments to these fair value estimates occurring during the measurement period will result in an adjustment to goodwill or income, as applicable. | |||||||||
Acquisition of Clear Task | |||||||||
On May 17, 2013, the Company acquired Clear Task, pursuant to the terms of an Asset Purchase Agreement. Clear Task provided salesforce.com implementations and customizations for enterprise customers. Clear Task's professionals helped clients implement Service Cloud, Sales Cloud, Chatter and platform engagement solutions to strengthen customer, employee and partner relationships, and maintain their competitive advantage. The acquisition of Clear Task further expanded Perficient's cloud capabilities to include offerings from each of the world's leading cloud computing providers - IBM, Microsoft, Oracle and salesforce.com. | |||||||||
The Company has initially estimated the total allocable purchase price consideration to be $8.7 million. The purchase price was comprised of $6.0 million in cash paid and $1.3 million of Company common stock issued at closing increased by $1.4 million representing the initial fair value estimate of additional earnings-based contingent consideration, which may be realized by the Clear Task selling shareholders 12 months after the closing date of the acquisition. If the contingency is achieved, 80% of the earnings-based contingent consideration will be paid in cash and 20% will be issued in stock to the Clear Task selling shareholders. The contingent consideration is recorded in "Other current liabilities" on the Condensed Consolidated Balance Sheet as of September 30, 2013. The Company incurred approximately $0.6 million in transaction costs, which were expensed when incurred. | |||||||||
The Company has estimated the allocation of the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions): | |||||||||
Acquired tangible assets | $ | 2.2 | |||||||
Acquired intangible assets | 1.7 | ||||||||
Liabilities assumed | (0.7 | ) | |||||||
Goodwill | 5.5 | ||||||||
Total purchase price | $ | 8.7 | |||||||
The Company estimated that the intangible assets acquired have useful lives of five months to five years. | |||||||||
The amounts above represent the fair value estimates as of September 30, 2013 and are subject to subsequent adjustment as the Company obtains additional information during the measurement period and finalizes its fair value estimates. Any subsequent adjustments to these fair value estimates occurring during the measurement period will result in an adjustment to goodwill or income, as applicable. | |||||||||
The results of the TriTek and Clear Task operations have been included in the Company's condensed consolidated financial statements since the respective acquisition dates. | |||||||||
The amounts of revenue and net income of TriTek and Clear Task included in the Company's Condensed Consolidated Statements of Operations from the acquisition date to September 30, 2013 are as follows (in thousands): | |||||||||
Acquisition Date to | |||||||||
30-Sep-13 | |||||||||
Revenues | $ | 12,198 | |||||||
Net income | $ | 1,675 | |||||||
Acquisition of CoreMatrix Systems LLC ("CoreMatrix") | |||||||||
On October 11, 2013, the Company acquired CoreMatrix, pursuant to the terms of an Asset Purchase Agreement. Â Refer to Note 11, Subsequent Events, for further discussion. | |||||||||
Pro-forma Results of Operations | |||||||||
The following presents the unaudited pro-forma combined results of operations of the Company with TriTek and Clear Task for the nine months ended September 30, 2013 and PointBridge, Nascent, Northridge, TriTek, and Clear Task for the nine months ended September 30, 2012, after giving effect to certain pro-forma adjustments related to the amortization of acquired intangible assets and assuming TriTek and Clear Task were acquired as of the beginning of 2012 and PointBridge, Nascent, and Northridge were acquired as of the beginning of 2011. | |||||||||
These unaudited pro-forma results are presented in compliance with the adoption of Accounting Standards Update ("ASU") 2010-29, Business Combinations (Topic 805): Disclosure of Supplementary Pro Forma Information for Business Combinations, and are not necessarily indicative of the actual consolidated results of operations had the acquisitions actually occurred on January 1, 2012 or January 1, 2011 or of future results of operations of the consolidated entities (in thousands): | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Revenues | $ | 287,806 | $ | 278,658 | |||||
Net income | $ | 18,079 | $ | 13,451 | |||||
Basic net income per share | $ | 0.59 | $ | 0.45 | |||||
Diluted net income per share | $ | 0.57 | $ | 0.43 | |||||
Shares used in computing basic net income per share | 30,649 | 30,222 | |||||||
Shares used in computing diluted net income per share | 31,692 | 31,476 |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Goodwill And Intangible Assets | ' | ||||||||||||||||||||||||
8. Goodwill and Intangible Assets | |||||||||||||||||||||||||
Goodwill represents the excess purchase price over the fair value of net assets acquired, or net liabilities assumed, in a business combination. In accordance with ASC Topic 350, Intangibles – Goodwill and Other, the Company performs an annual impairment test of goodwill. The Company evaluates goodwill as of October 1 each year and more frequently if events or changes in circumstances indicate that goodwill might be impaired.  | |||||||||||||||||||||||||
Other intangible assets include customer relationships, non-compete arrangements, customer backlog, trade names, and internally developed software, which are being amortized over the assets' estimated useful lives using the straight-line method. Estimated useful lives range from five months to eight years. Amortization of customer relationships, non-compete arrangements, customer backlog, trade names, and internally developed software is considered an operating expense and is included in "Amortization" in the accompanying Condensed Consolidated Statements of Operations. The Company periodically reviews the estimated useful lives of its identifiable intangible assets, taking into consideration any events or circumstances that might result in a lack of recoverability or revised useful life.  | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the nine months ended September 30, 2013 are as follows (in thousands): | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 160,936 | |||||||||||||||||||||||
Preliminary purchase price allocations for acquisitions (Note 7) | 13,704 | ||||||||||||||||||||||||
Purchase accounting adjustments | 522 | ||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 175,162 | |||||||||||||||||||||||
Intangible Assets with Definite Lives | |||||||||||||||||||||||||
The following table presents a summary of the Company's intangible assets that are subject to amortization (in thousands): | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amounts | Amounts | Amounts | Amounts | ||||||||||||||||||||||
Customer relationships | $ | 26,913 | $ | (9,235 | ) | $ | 17,678 | $ | 22,682 | $ | (7,299 | ) | $ | 15,383 | |||||||||||
Non-compete agreements | 1,400 | (635 | ) | 765 | 1,156 | (425 | ) | 731 | |||||||||||||||||
Customer backlog | 685 | (497 | ) | 188 | 306 | (184 | ) | 122 | |||||||||||||||||
Trade name | 114 | (46 | ) | 68 | 265 | (204 | ) | 61 | |||||||||||||||||
Internally developed software | 3,346 | (719 | ) | 2,627 | 1,642 | (589 | ) | 1,053 | |||||||||||||||||
Total | $ | 32,458 | $ | (11,132 | ) | $ | 21,326 | $ | 26,051 | $ | (8,701 | ) | $ | 17,350 | |||||||||||
The estimated useful lives of identifiable intangible assets are as follows: | |||||||||||||||||||||||||
       Customer relationships | 3 – 8 years | ||||||||||||||||||||||||
       Non-compete agreements | 2 – 5 years | ||||||||||||||||||||||||
       Internally developed software | 1 – 7 years | ||||||||||||||||||||||||
       Trade name | 1  year | ||||||||||||||||||||||||
       Customer backlog | 5 – 8 months |
Line_Of_Credit
Line Of Credit | 9 Months Ended |
Sep. 30, 2013 | |
Line Of Credit [Abstract] | ' |
Line Of Credit | ' |
9. Line of Credit | |
On July 31, 2013, the Company renewed and extended the term of its Credit Agreement (the "Credit Agreement") with Silicon Valley Bank ("SVB"), U.S. Bank National Association, and Bank of America, N.A.  The Credit Agreement provides for revolving credit borrowings up to a maximum principal amount of $75.0 million, subject to a commitment increase of $25.0 million.  The Credit Agreement also allows for the issuance of letters of credit in the aggregate amount of up to $5.0 million at any one time.  Outstanding letters of credit reduce the credit available for revolving credit borrowings.  As of September 30, 2013, the Company had an outstanding letter of credit in the amount of $0.2 million to secure an office space lease.  The Credit Agreement also allows for the issuance of swing line loans in the aggregate of $10.0 million.  Substantially all of the Company's assets are pledged to secure the credit facility.  | |
All outstanding amounts owed under the Credit Agreement become due and payable no later than the final maturity date of July 31, 2017.  Borrowings under the credit facility bear interest at the Company's option of SVB's prime rate (4.00% on September 30, 2013) plus a margin ranging from 0.00% to 0.50% or one-month LIBOR (0.18% on September 30, 2013) plus a margin ranging from 2.00% to 2.50%.  The additional margin amount is dependent on the level of outstanding borrowings. As of September 30, 2013, the Company had $58.8 million of borrowing capacity.  An annual commitment fee of 0.30% is incurred on the unused portion of the line of credit. | |
The Company is required to comply with various financial covenants under the Credit Agreement. Specifically, the Company is required to maintain a ratio of earnings before interest, taxes, depreciation, and amortization ("EBITDA") plus stock compensation and minus income taxes paid and capital expenditures to interest expense and scheduled payments due for borrowings on a trailing three months basis annualized of not less than 2.00 to 1.00 and a ratio of current maturities of long-term debt to EBITDA plus stock compensation and minus income taxes paid and capital expenditures of not more than 2.75 to 1.00. | |
At September 30, 2013, the Company was in compliance with all covenants under the Credit Agreement. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
10. Income Taxes | |
The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions.  The Internal Revenue Service (the "IRS") has completed examinations of the Company's U.S. income tax returns or the statute of limitations has passed on returns for the years through and including 2009. As of September 30, 2013, the IRS has proposed no significant adjustments to any of the Company's tax positions. The Company's 2011 U.S. income tax return is currently under examination by the IRS. | |
Under the provisions of the ASC Subtopic 740-10-25, Income Taxes - Recognition, the Company had an unrecognized tax benefit of $0.5 million as of September 30, 2013. | |
The Company's effective tax rate was 29.5% and 30.5% for the respective three and nine months ended September 30, 2013 compared to 31.0% and 38.1% for the respective three and nine months ended September 30, 2012. The decrease in the effective rate is primarily due to (i) the research and development tax credit for 2012, which was approved by Congress in January 2013 and which was recorded in the first quarter as a discrete item, (ii) the research and development tax credit for 2013, (iii) the U.S. domestic production deduction for 2010, 2011, and 2012 which was recorded in the third quarter as a discrete item, and (iv) the U.S. domestic production deduction for 2013. In addition to the research and development tax credit and U.S. domestic production deduction, the difference between the Company's federal statutory rate of 35% and the effective tax rate relates primarily to state income taxes, net of the federal benefit, and permanent non-deductible items such as non-deductible executive compensation and 50% of meals and entertainment expenses.  As of September 30, 2013, the Company's net current deferred tax asset was $0.6 million and its net non-current deferred tax liability was $2.0 million.  Generally, deferred tax assets are related to stock compensation, accruals and net operating losses of acquired companies.  Deferred tax liabilities relate to goodwill, fixed asset depreciation, and prepaid expenses.  Net current deferred tax assets are recorded in "Other current assets" and net non-current deferred liabilities are recorded in "Other non-current liabilities" on the Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
11.  Subsequent Events | |
                On October 11, 2013, the Company acquired CoreMatrix, pursuant to the terms of an Asset Purchase Agreement, for approximately $31.5 million, of which approximately $18.5 million was cash paid at closing, $3.0 million was Company common stock placed in a one-year escrow at closing, and $10.0 million represents the initial fair value estimate of additional earnings-based contingent consideration, which may be realized by CoreMatrix at 12 and 24 months after the closing date of the acquisition.  If the contingency is achieved, 70% of the earnings-based contingent consideration will be paid in cash and 30% will be issued in stock to CoreMatrix.  CoreMatrix was a salesforce.com cloud computing services and solutions firm. The acquisition of CoreMatrix provides the Company with the comprehensive capacity to sell and deliver Salesforce solutions across North America. | |
Goodwill and intangible assets are expected to be recorded on the Statement of Consolidated Balance Sheets from the acquisition of CoreMatrix. As of November 7, 2013, the initial accounting for the business combination has not been completed, including the measurement of certain intangible assets and goodwill. Â Acquisition costs for the three and nine months ended September 30, 2013 were immaterial. |
Recent_Accounting_Pronoucement
Recent Accounting Pronoucements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
12.  Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" that requires entities to disclose either on the face of or in the notes to the financial statements the effects of reclassifications out of accumulated other comprehensive income ("AOCI"). Â For items reclassified out of AOCI and into net income in their entirety, entities must disclose the effect of the reclassification on each affected net income item. For items that are not reclassified in their entirety into net income, entities must provide a cross reference to other required U.S. GAAP disclosures. This ASU does not change the items currently reported in other comprehensive income and is effective for annual reporting periods beginning after December 15, 2012 and interim periods within those years. The adoption of these provisions did not have an impact on the condensed consolidated financial statements of the Company. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Use Of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates, and such differences could be material to the financial statements | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassification | |
The Company has reclassified the presentation of certain prior period information to conform to the current year presentation. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenues are primarily derived from professional services provided on a time and materials basis. For time and material contracts, revenues are recognized and billed by multiplying the number of hours expended in the performance of the contract by the established billing rates. For fixed fee projects, revenues are generally recognized using an input method based on the ratio of hours expended to total estimated hours. Amounts invoiced and collected in excess of revenues recognized are classified as deferred revenues. On many projects the Company is also reimbursed for out-of-pocket expenses such as airfare, lodging, and meals.  These reimbursements are included as a component of revenues. Revenues from software and hardware sales are generally recorded on a gross basis considering the Company's role as a principal in the transaction.  On rare occasions, the Company enters into a transaction where it is not the principal.  In these cases, revenue is recorded on a net basis. | |
Unbilled revenues represent the project time and expenses that have been incurred, but not yet billed to the client, prior to the end of the fiscal period.  For time and materials projects, the client is invoiced for the amount of hours worked multiplied by the billing rates as stated in the contract. For fixed fee arrangements, the client is invoiced according to the agreed-upon schedule detailing the amount and timing of payments in the contract.  Clients are typically billed monthly for services provided during that month, but can be billed on a more or less frequent basis as determined by the contract.  If the time and expenses are worked/incurred and approved at the end of a fiscal period and the invoice has not yet been sent to the client, the amount is recorded as unbilled revenue once the Company verifies all other revenue recognition criteria have been met. | |
Revenues are recognized when the following criteria are met: (1) persuasive evidence of the customer arrangement exists; (2) fees are fixed and determinable; (3) delivery and acceptance have occurred; and (4) collectability is deemed probable. The Company's policy for revenue recognition in instances where multiple deliverables are sold contemporaneously to the same customer is in accordance with Financial Accounting Standards Board Accounting Standards Codification ("ASC") Subtopic 985-605, Software – Revenue Recognition, ASC Subtopic 605-25, Revenue Recognition – Multiple-Element Arrangements, and ASC Section 605-10-S99 (Staff Accounting Bulletin Topic 13, Revenue Recognition). Specifically, if the Company enters into contracts for the sale of services and software or hardware, then the Company evaluates whether each element should be accounted for separately by considering the following criteria: (1) whether the deliverables have value to the client on a stand-alone basis; and (2) whether delivery or performance of the undelivered item or items is considered probable and substantially in the control of the Company (only if the arrangement includes a general right of return related to the delivered item). Further, for sales of software and services, the Company also evaluates whether the services are essential to the functionality of the software and if it has fair value evidence for each deliverable. If the Company has concluded that the separation criteria are met, then it accounts for each deliverable in the transaction separately, based on the relevant revenue recognition policies. Generally, all deliverables of the Company's multiple element arrangements meet these criteria and are accounted for separately, with the arrangement consideration allocated among the deliverables using vendor-specific objective evidence of the selling price. As a result, the Company generally recognizes software and hardware sales upon delivery to the customer and services consistent with the policies described herein. | |
Further, delivery of software and hardware sales, when sold contemporaneously with services, can generally occur at varying times depending on the specific client project arrangement. Delivery of services generally occurs over a period of time consistent with the timeline as outlined in the client contract. | |
There are no significant cancellation or termination-type provisions for the Company's software and hardware sales. Contracts for professional services provide for a general right, to the client or the Company, to cancel or terminate the contract within a given period of time (generally 10 to 30 days' notice is required). The client is responsible for any time and expenses incurred up to the date of cancellation or termination of the contract. | |
The Company may provide multiple services under the terms of an arrangement and is required to assess whether one or more units of accounting are present.  Service fees are typically accounted for as one unit of accounting, as fair value evidence for individual tasks or milestones is not available.  The Company follows the guidelines discussed above in determining revenues; however, certain judgments and estimates are made and used to determine revenues recognized in any accounting period. If estimates are revised, material differences may result in the amount and timing of revenues recognized for a given period. | |
Revenues are presented net of taxes assessed by governmental authorities.  Sales taxes are generally collected and subsequently remitted on all software and hardware sales and certain services transactions as appropriate. |
StockBased_Compensation_Polici
Stock-Based Compensation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Stock-Based Compensation [Abstract] | ' |
Stock-Based Compensation | ' |
Stock-based compensation is accounted for in accordance with ASC Topic 718, Compensation – Stock Compensation ("ASC Topic 718"). Under this method, the Company recognizes share-based compensation ratably using the straight-line attribution method over the requisite service period. In addition, pursuant to ASC Topic 718, the Company is required to estimate the amount of expected forfeitures when calculating share-based compensation, instead of accounting for forfeitures as they occur. |
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Goodwill And Intangible Assets [Abstract] | ' |
Goodwill and Intangible Assets | ' |
Goodwill represents the excess purchase price over the fair value of net assets acquired, or net liabilities assumed, in a business combination. In accordance with ASC Topic 350, Intangibles – Goodwill and Other, the Company performs an annual impairment test of goodwill. The Company evaluates goodwill as of October 1 each year and more frequently if events or changes in circumstances indicate that goodwill might be impaired.  | |
Other intangible assets include customer relationships, non-compete arrangements, customer backlog, trade names, and internally developed software, which are being amortized over the assets' estimated useful lives using the straight-line method. Estimated useful lives range from five months to eight years. Amortization of customer relationships, non-compete arrangements, customer backlog, trade names, and internally developed software is considered an operating expense and is included in "Amortization" in the accompanying Condensed Consolidated Statements of Operations. The Company periodically reviews the estimated useful lives of its identifiable intangible assets, taking into consideration any events or circumstances that might result in a lack of recoverability or revised useful life.  |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Stock-Based Compensation [Abstract] | ' | ||||||||
Summary Of Stock Option Activity | ' | ||||||||
Stock option activity for the nine months ended September 30, 2013 was as follows (shares in thousands): | |||||||||
Shares | Weighted-Average Exercise Price | ||||||||
Options outstanding at December 31, 2012 | 303 | $ | 5.08 | ||||||
Options exercised | (36 | ) | 2.34 | ||||||
Options canceled | (10 | ) | 0.63 | ||||||
Options outstanding at September 30, 2013 | 257 | 5.63 | |||||||
Options vested at September 30, 2013 | 257 | $ | 5.63 | ||||||
Summary Of Restricted Stock Activity | ' | ||||||||
Restricted stock activity for the nine months ended September 30, 2013 was as follows (shares in thousands): | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant Date | |||||||||
Fair | |||||||||
Value | |||||||||
Restricted stock awards outstanding at December 31, 2012 | 1,939 | $ | 9.93 | ||||||
Awards granted | 371 | 11.64 | |||||||
Awards vested | (437 | ) | 9.72 | ||||||
Awards forfeited | (93 | ) | 10.07 | ||||||
Restricted stock awards outstanding at September 30, 2013 | 1,780 | $ | 10.31 |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net Income Per Share [Abstract] | ' | ||||||||||||||||
Schedule Of Basic And Diluted Net Income Per Share | ' | ||||||||||||||||
The following table presents the calculation of basic and diluted net income per share (in thousands, except per share information): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income | $ | 7,234 | $ | 5,142 | $ | 15,919 | $ | 11,731 | |||||||||
Basic: | |||||||||||||||||
Weighted-average shares of common stock outstanding | 30,141 | 30,021 | 30,287 | 29,273 | |||||||||||||
Shares used in computing basic net income per share | 30,141 | 30,021 | 30,287 | 29,273 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options | 154 | 190 | 156 | 201 | |||||||||||||
Restricted stock subject to vesting | 773 | 662 | 634 | 619 | |||||||||||||
Contingently issuable shares | - | 104 | - | 107 | |||||||||||||
Shares issuable for acquisition consideration (1) | 740 | 697 | 615 | 644 | |||||||||||||
Shares used in computing diluted net income per share | 31,808 | 31,674 | 31,692 | 30,844 | |||||||||||||
Basic net income per share | $ | 0.24 | $ | 0.17 | $ | 0.53 | $ | 0.4 | |||||||||
Diluted net income per share | $ | 0.23 | $ | 0.16 | $ | 0.5 | $ | 0.38 | |||||||||
Anti-dilutive options and restricted stock not included in the calculation of diluted net income per share | - | 14 | 1 | 14 | |||||||||||||
-1 | For the three and nine months ended September 30, 2013, this represents the shares held in escrow pursuant to: (i) the Agreement and Plan of Merger with Northridge Systems, Inc. ("Northridge"); (ii) the Asset Purchase Agreement with Nascent Systems, LP ("Nascent"); (iii) the Agreement and Plan of Merger with TriTek Solutions, Inc. ("TriTek"); and (iv) the Asset Purchase Agreement with Clear Task, Inc. ("Clear Task") as part of the consideration. Â For the three and nine months ended September 30, 2012, this represents the shares held in escrow pursuant to: (i) the Agreement and Plan of Merger with speakTECH; (ii) the Asset Purchase Agreement with PointBridge Solutions, LLC ("PointBridge"); (iii) the Asset Purchase Agreement with Nascent; and (iv) the Agreement and Plan of Merger with Northridge as part of the consideration. These shares were not included in the calculation of basic net income per share due to the uncertainty of their ultimate status. |
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments And Contingencies [Abstract] | ' | ||||
Schedule Of Operating Lease Agreement | ' | ||||
The Company leases office space and certain equipment under various operating lease agreements. The Company has the option to extend the term of certain lease agreements. Future minimum commitments under these lease agreements as of September 30, 2013 are as follows (in thousands): | |||||
Operating | |||||
Leases | |||||
2013 remaining | $ | 1,086 | |||
2014 | 3,990 | ||||
2015 | 3,066 | ||||
2016 | 2,734 | ||||
2017 | 2,149 | ||||
Thereafter | 1,639 | ||||
Total minimum lease payments | $ | 14,664 |
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Balance Sheet Components [Abstract] | ' | ||||||||
Components of Accounts Receivable | ' | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Accounts receivable: | |||||||||
Accounts receivable | $ | 52,120 | $ | 49,661 | |||||
Unbilled revenues | 32,410 | 20,725 | |||||||
Allowance for doubtful accounts | (1,095 | ) | (724 | ) | |||||
Total | $ | 83,435 | $ | 69,662 | |||||
Components of Property And Equipment | ' | ||||||||
 Property and equipment: | |||||||||
Computer hardware (useful life of 3 years) | $ | 8,626 | $ | 6,906 | |||||
Furniture and fixtures (useful life of 5 years) | 2,158 | 2,046 | |||||||
Leasehold improvements (useful life of 5 years) | 1,986 | 1,775 | |||||||
Software (useful life of 1 to 7 years) | 6,018 | 2,006 | |||||||
Less: Accumulated depreciation | (10,537 | ) | (8,335 | ) | |||||
Total | $ | 8,251 | $ | 4,398 | |||||
Components of Other Current Liabilities | ' | ||||||||
Other current liabilities: | |||||||||
Accrued variable compensation | $ | 9,936 | $ | 9,846 | |||||
Deferred revenue | 2,764 | 2,974 | |||||||
Payroll related costs | 3,080 | 1,193 | |||||||
Accrued subcontractor fees | 2,344 | 2,294 | |||||||
Accrued medical claims expense | 1,262 | 1,145 | |||||||
Acquired liabilities | 746 | 64 | |||||||
Other current liabilities | 4,562 | 3,089 | |||||||
Estimated fair value of contingent consideration liability(1) | 1,534 | - | |||||||
Total | $ | 26,228 | $ | 20,605 | |||||
(1) Represents the fair value estimate of additional earnings-based contingent consideration that may be realized by Clear Task's interest holders 12 months after the Clear Task acquisition. | |||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Legal Entities [Line Items] | ' | ||||||||
Supplementary Pro Forma Information For Business Combinations | ' | ||||||||
The amounts of revenue and net income of TriTek and Clear Task included in the Company's Condensed Consolidated Statements of Operations from the acquisition date to September 30, 2013 are as follows (in thousands): | |||||||||
Acquisition Date to | |||||||||
30-Sep-13 | |||||||||
Revenues | $ | 12,198 | |||||||
Net income | $ | 1,675 | |||||||
These unaudited pro-forma results are presented in compliance with the adoption of Accounting Standards Update ("ASU") 2010-29, Business Combinations (Topic 805): Disclosure of Supplementary Pro Forma Information for Business Combinations, and are not necessarily indicative of the actual consolidated results of operations had the acquisitions actually occurred on January 1, 2012 or January 1, 2011 or of future results of operations of the consolidated entities (in thousands): | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Revenues | $ | 287,806 | $ | 278,658 | |||||
Net income | $ | 18,079 | $ | 13,451 | |||||
Basic net income per share | $ | 0.59 | $ | 0.45 | |||||
Diluted net income per share | $ | 0.57 | $ | 0.43 | |||||
Shares used in computing basic net income per share | 30,649 | 30,222 | |||||||
Shares used in computing diluted net income per share | 31,692 | 31,476 | |||||||
PointBridge [Member] | ' | ||||||||
Legal Entities [Line Items] | ' | ||||||||
Allocation Of The Total Purchase Price Consideration | ' | ||||||||
The Company allocated the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions): | |||||||||
Acquired tangible assets | $ | 5 | |||||||
Acquired intangible assets | 6.2 | ||||||||
Liabilities assumed | (1.1 | ) | |||||||
Goodwill | 10.4 | ||||||||
Total purchase price | $ | 20.5 | |||||||
Nascent [Member] | ' | ||||||||
Legal Entities [Line Items] | ' | ||||||||
Allocation Of The Total Purchase Price Consideration | ' | ||||||||
The Company allocated the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions): | |||||||||
Acquired tangible assets | $ | 3.8 | |||||||
Acquired intangible assets | 4.4 | ||||||||
Liabilities assumed | (1.1 | ) | |||||||
Goodwill | 9.7 | ||||||||
Total purchase price | $ | 16.8 | |||||||
Northridge [Member] | ' | ||||||||
Legal Entities [Line Items] | ' | ||||||||
Allocation Of The Total Purchase Price Consideration | ' | ||||||||
The Company allocated the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions): | |||||||||
Acquired tangible assets | $ | 3.1 | |||||||
Acquired intangible assets | 4.1 | ||||||||
Liabilities assumed | (2.9 | ) | |||||||
Goodwill | 9.6 | ||||||||
Total purchase price | $ | 13.9 | |||||||
TriTek [Member] | ' | ||||||||
Legal Entities [Line Items] | ' | ||||||||
Allocation Of The Total Purchase Price Consideration | ' | ||||||||
The Company has estimated the allocation of the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions): | |||||||||
Acquired tangible assets | $ | 12.3 | |||||||
Acquired intangible assets | 6.2 | ||||||||
Liabilities assumed | (5.6 | ) | |||||||
Goodwill | 8.2 | ||||||||
Total purchase price | $ | 21.1 | |||||||
ClearTask [Member] | ' | ||||||||
Legal Entities [Line Items] | ' | ||||||||
Allocation Of The Total Purchase Price Consideration | ' | ||||||||
The Company has estimated the allocation of the total purchase price consideration between tangible assets, identified intangible assets, liabilities, and goodwill as follows (in millions): | |||||||||
Acquired tangible assets | $ | 2.2 | |||||||
Acquired intangible assets | 1.7 | ||||||||
Liabilities assumed | (0.7 | ) | |||||||
Goodwill | 5.5 | ||||||||
Total purchase price | $ | 8.7 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Changes In The Carrying Amount Of Goodwill | ' | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the nine months ended September 30, 2013 are as follows (in thousands): | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 160,936 | |||||||||||||||||||||||
Preliminary purchase price allocations for acquisitions (Note 7) | 13,704 | ||||||||||||||||||||||||
Purchase accounting adjustments | 522 | ||||||||||||||||||||||||
Balance at September 30, 2013 | $ | 175,162 | |||||||||||||||||||||||
Summary Of Intangible Assets | ' | ||||||||||||||||||||||||
The following table presents a summary of the Company's intangible assets that are subject to amortization (in thousands): | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amounts | Amounts | Amounts | Amounts | ||||||||||||||||||||||
Customer relationships | $ | 26,913 | $ | (9,235 | ) | $ | 17,678 | $ | 22,682 | $ | (7,299 | ) | $ | 15,383 | |||||||||||
Non-compete agreements | 1,400 | (635 | ) | 765 | 1,156 | (425 | ) | 731 | |||||||||||||||||
Customer backlog | 685 | (497 | ) | 188 | 306 | (184 | ) | 122 | |||||||||||||||||
Trade name | 114 | (46 | ) | 68 | 265 | (204 | ) | 61 | |||||||||||||||||
Internally developed software | 3,346 | (719 | ) | 2,627 | 1,642 | (589 | ) | 1,053 | |||||||||||||||||
Total | $ | 32,458 | $ | (11,132 | ) | $ | 21,326 | $ | 26,051 | $ | (8,701 | ) | $ | 17,350 | |||||||||||
Estimated Useful Lives Of Identifiable Intangible Assets | ' | ||||||||||||||||||||||||
The estimated useful lives of identifiable intangible assets are as follows: | |||||||||||||||||||||||||
       Customer relationships | 3 – 8 years | ||||||||||||||||||||||||
       Non-compete agreements | 2 – 5 years | ||||||||||||||||||||||||
       Internally developed software | 1 – 7 years | ||||||||||||||||||||||||
       Trade name | 1  year | ||||||||||||||||||||||||
       Customer backlog | 5 – 8 months |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Minimum [Member] | ' |
Cancellation Period [Line Items] | ' |
Period of cancellation notice | '10 days |
Maximum [Member] | ' |
Cancellation Period [Line Items] | ' |
Period of cancellation notice | '30 days |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation | $2.80 | $2.50 | $8.20 | $7 |
Stock-based compensation cost recognized, retirement savings plan contributions | 0.4 | 0.4 | 1.2 | 1.1 |
Associated current and future income tax benefits recognized | 1 | 0.8 | 2.7 | 2.3 |
Total unrecognized compensation cost related to non-vested share-based awards | $12.90 | ' | $12.90 | ' |
Unrecognized compensation cost, weighted-average period for recognition | ' | ' | '2 years | ' |
2012 Long Term Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Maximum number of shares authorized under plan (in shares) | 2.5 | ' | 2.5 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Stock-Based Compensation [Abstract] | ' |
Options outstanding at December 31, 2012 (in shares) | 303 |
Options exercised (in shares) | -36 |
Options canceled (in shares) | -10 |
Options outstanding at September 30, 2013 | 257 |
Options vested at September 30, 2013 | 257 |
Options outstanding at December 31, 2012, Weighted-Average Exercise Price (in dollars per share) | $5.08 |
Options exercised, Weighted-Average Exercise Price (in dollars per share) | $2.34 |
Options canceled, Weighted-Average Exercise Price (in dollars per share) | $0.63 |
Options outstanding at September 30, 2013, Weighted-Average Exercise Price | $5.63 |
Options vested at September 30, 2013, Weighted-Average Exercise Price | $5.63 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Restricted Stock Activity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Stock-Based Compensation [Abstract] | ' |
Restricted stock awards outstanding at December 31, 2012 (in shares) | 1,939 |
Awards granted (in shares) | 371 |
Awards vested (in shares) | -437 |
Awards forfeited (in shares) | -93 |
Restricted stock awards outstanding at September 30, 2013 | 1,780 |
Restricted stock awards outstanding at December 31, 2012, Weighted-Average Grant Date Fair Value (in dollars per share) | $9.93 |
Awards granted, Weighted-Average Grant Date Fair Value (in dollars per share) | $11.64 |
Awards vested, Weighted-Average Grant Date Fair Value (in dollars per share) | $9.72 |
Awards forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | $10.07 |
Restricted stock awards outstanding at September 30, 2013, Weighted-Average Grant Date Fair Value | $10.31 |
Net_Income_Per_Share_Schedule_
Net Income Per Share (Schedule Of Basic And Diluted Net Income Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Net Income Per Share [Abstract] | ' | ' | ' | ' | ||||
Net income | $7,234 | $5,142 | $15,919 | $11,731 | ||||
Weighted-average shares of common stock outstanding (in shares) | 30,141 | 30,021 | 30,287 | 29,273 | ||||
Shares used in computing basic net income per share (in shares) | 30,141 | 30,021 | 30,287 | 29,273 | ||||
Stock options (in shares) | 154 | 190 | 156 | 201 | ||||
Restricted stock subject to vesting (in shares) | 773 | 662 | 634 | 619 | ||||
Contingently issuable shares (in shares) | 0 | 104 | 0 | 107 | ||||
Shares issuable for acquisition consideration (in shares) | 740 | [1] | 697 | [1] | 615 | [1] | 644 | [1] |
Shares used in computing diluted net income per share (in shares) | 31,808 | 31,674 | 31,692 | 30,844 | ||||
Basic net income per share (in dollars per share) | $0.24 | $0.17 | $0.53 | $0.40 | ||||
Diluted net income per share (in dollars per share) | $0.23 | $0.16 | $0.50 | $0.38 | ||||
Anti-dilutive options and restricted stock not included in the calculation of diluted net income per share (in shares) | 0 | 14 | 1 | 14 | ||||
[1] | For the three and nine months ended September 30, 2013, this represents the shares held in escrow pursuant to: (i) the Agreement and Plan of Merger with Northridge Systems, Inc. ("Northridge"); (ii) the Asset Purchase Agreement with Nascent Systems, LP ("Nascent"); (iii) the Agreement and Plan of Merger with TriTek Solutions, Inc. ("TriTek"); and (iv) the Asset Purchase Agreement with Clear Task, Inc. ("Clear Task") as part of the consideration. For the three and nine months ended September 30, 2012, this represents the shares held in escrow pursuant to: (i) the Agreement and Plan of Merger with speakTECH; (ii) the Asset Purchase Agreement with PointBridge Solutions, LLC ("PointBridge"); (iii) the Asset Purchase Agreement with Nascent; and (iv) the Agreement and Plan of Merger with Northridge as part of the consideration. These shares were not included in the calculation of basic net income per share due to the uncertainty of their ultimate status. |
Commitments_And_Contingencies_1
Commitments And Contingencies (Schedule Of Operaing Lease Agreement) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | ' |
2013 remaining | $1,086 |
2014 | 3,990 |
2015 | 3,066 |
2016 | 2,734 |
2017 | 2,149 |
Thereafter | 1,639 |
Total minimum lease payments | $14,664 |
Balance_Sheet_Components_Compo
Balance Sheet Components (Components Of Accounts Receivable) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet Components [Abstract] | ' | ' |
Accounts receivable | $52,120 | $49,661 |
Unbilled revenues | 32,410 | 20,725 |
Allowance for doubtful accounts | -1,095 | -724 |
Total | $83,435 | $69,662 |
Balance_Sheet_Components_Compo1
Balance Sheet Components (Components of Property And Equipment) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Less: Accumulated depreciation | ($10,537) | ($8,335) |
Total | 8,251 | 4,398 |
Computer Hardware [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 8,626 | 6,906 |
Useful life | '3 years | ' |
Furniture And Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 2,158 | 2,046 |
Useful life | '5 years | ' |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 1,986 | 1,775 |
Useful life | '5 years | ' |
Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $6,018 | $2,006 |
Minimum [Member] | Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Useful life | '1 year | ' |
Maximum [Member] | Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Useful life | '7 years | ' |
Balance_Sheet_Components_Compo2
Balance Sheet Components (Components Of Other Current Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Balance Sheet Components [Abstract] | ' | ' | |
Accrued variable compensation | $9,936 | $9,846 | |
Deferred revenues | 2,764 | 2,974 | |
Payroll related costs | 3,080 | 1,193 | |
Accrued subcontractor fees | 2,344 | 2,294 | |
Accrued medical claims expense | 1,262 | 1,145 | |
Acquired liabilities | 746 | 64 | |
Other current liabilities | 4,562 | 3,089 | |
Estimated fair value of contingent consideration liability (Note 7) | 1,534 | [1] | 0 |
Total | $26,228 | $20,605 | |
[1] | Represents the fair value estimate of additional earnings-based contingent consideration that may be realized by Clear Task's interest holders 12 months after the Clear Task acquisition. |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
PointBridge [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of acquisition | 8-Feb-12 |
Cash paid for acquisition | $14.40 |
Common stock issued | 6.1 |
Transaction costs | 0.7 |
PointBridge [Member] | Minimum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets estimated useful life | '11 months |
PointBridge [Member] | Maximum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets estimated useful life | '5 years |
Nascent [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of acquisition | 1-Jun-12 |
Cash paid for acquisition | 11.6 |
Common stock issued | 5.2 |
Transaction costs | 0.6 |
Nascent [Member] | Minimum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets estimated useful life | '7 months |
Nascent [Member] | Maximum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets estimated useful life | '5 years |
Northridge [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of acquisition | 1-Jul-12 |
Cash paid for acquisition | 10.7 |
Common stock issued | 3.2 |
Transaction costs | 0.6 |
Northridge [Member] | Minimum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets estimated useful life | '9 months |
Northridge [Member] | Maximum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets estimated useful life | '5 years |
TriTek [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of acquisition | 1-May-13 |
Cash paid for acquisition | 17 |
Common stock issued | 4.1 |
Transaction costs | 0.8 |
TriTek [Member] | Minimum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets estimated useful life | '8 months |
TriTek [Member] | Maximum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets estimated useful life | '8 years |
ClearTask [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of acquisition | 17-May-13 |
Cash paid for acquisition | 6 |
Common stock issued | 1.3 |
Fair value estimate of additional earnings-based contingent consideration | 1.4 |
Transaction costs | $0.60 |
ClearTask [Member] | Minimum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets estimated useful life | '5 months |
ClearTask [Member] | Maximum [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets estimated useful life | '5 years |
Business_Combinations_Allocati
Business Combinations, (Allocation of Total Purchase Price) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
PointBridge [Member] | ' |
Legal Entities [Line Items] | ' |
Acquired tangible assets | $5 |
Acquired intangible assets | 6.2 |
Liabilities assumed | -1.1 |
Goodwill | 10.4 |
Total purchase price | 20.5 |
Nascent [Member] | ' |
Legal Entities [Line Items] | ' |
Acquired tangible assets | 3.8 |
Acquired intangible assets | 4.4 |
Liabilities assumed | -1.1 |
Goodwill | 9.7 |
Total purchase price | 16.8 |
Northridge [Member] | ' |
Legal Entities [Line Items] | ' |
Acquired tangible assets | 3.1 |
Acquired intangible assets | 4.1 |
Liabilities assumed | -2.9 |
Goodwill | 9.6 |
Total purchase price | 13.9 |
ClearTask [Member] | ' |
Legal Entities [Line Items] | ' |
Acquired tangible assets | 2.2 |
Acquired intangible assets | 1.7 |
Liabilities assumed | -0.7 |
Goodwill | 5.5 |
Total purchase price | 8.7 |
TriTek [Member] | ' |
Legal Entities [Line Items] | ' |
Acquired tangible assets | 12.3 |
Acquired intangible assets | 6.2 |
Liabilities assumed | -5.6 |
Goodwill | 8.2 |
Total purchase price | $21.10 |
Business_Combinations_Schedule
Business Combinations, - Schedule of Revenue and Income from Acquisition Date (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Business Combinations [Abstract] | ' |
Revenues | $12,198 |
Net income | $1,675 |
Business_Combinations_Pro_Form
Business Combinations, Pro Forma Information (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' |
Revenues | $287,806 | $278,658 |
Net income | $18,079 | $13,451 |
Basic net income per share | $0.59 | $0.45 |
Diluted net income per share | $0.57 | $0.43 |
Shares used in computing basic net income per share | 30,649 | 30,222 |
Shares used in computing diluted net income per share | 31,692 | 31,476 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill And Intangible Assets [Abstract] | ' |
Balance at December 31, 2012 | $160,936 |
Preliminary purchase price allocations for acquisitions (Note 7) | 13,704 |
Purchase accounting adjustments | 522 |
Balance at September 30, 2013 | $175,162 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Summary Of Intangible Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amounts | $32,458 | $26,051 |
Accumulated Amortization | -11,132 | -8,701 |
Net Carrying Amounts | 21,326 | 17,350 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amounts | 26,913 | 22,682 |
Accumulated Amortization | -9,235 | -7,299 |
Net Carrying Amounts | 17,678 | 15,383 |
Non-Compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amounts | 1,400 | 1,156 |
Accumulated Amortization | -635 | -425 |
Net Carrying Amounts | 765 | 731 |
Customer Backlog [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amounts | 685 | 306 |
Accumulated Amortization | -497 | -184 |
Net Carrying Amounts | 188 | 122 |
Trade Name [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amounts | 114 | 265 |
Accumulated Amortization | -46 | -204 |
Net Carrying Amounts | 68 | 61 |
Internally Developed Software [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amounts | 3,346 | 1,642 |
Accumulated Amortization | -719 | -589 |
Net Carrying Amounts | $2,627 | $1,053 |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets (Estimated Useful Lives Of Identifiable Intangible Assets) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Customer Relationships [Member] | Minimum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful lives | '3 years |
Customer Relationships [Member] | Maximum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful lives | '8 years |
Non-Compete Agreements [Member] | Minimum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful lives | '2 years |
Non-Compete Agreements [Member] | Maximum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful lives | '5 years |
Internally Developed Software [Member] | Minimum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful lives | '1 year |
Internally Developed Software [Member] | Maximum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful lives | '7 years |
Trade Name [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful lives | '1 year |
Customer Backlog [Member] | Minimum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful lives | '5 months |
Customer Backlog [Member] | Maximum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful lives | '8 months |
Line_Of_Credit_Details
Line Of Credit (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Line of Credit Facility [Line Items] | ' |
Line of credit facility, maximum borrowing capacity | $75,000,000 |
Line of credit facility, commitment increase | 25,000,000 |
Line of credit facility, allowable issuance amount of letters of credit | 5,000,000 |
Line of Credit Facility Allowable Amount for Swingline Loans | 10,000,000 |
Letters of credit outstanding | 200,000 |
Credit agreement, final maturity date | 31-Jul-17 |
Line of credit, interest rate at period end (in hundredths) | 0.18% |
Line of credit facility, percentage of annual commitment fee on unused capacity (in hundredths) | 0.30% |
Unused portion of line of credit | $58,800,000 |
Minimum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit, margin interest rate percentage (in hundredths) | 2.00% |
Ratio of EBITDA plus stock compensation and minus income taxes paid and capital expenditures to interest expense and scheduled payments due for borrowings | 1 |
Ratio of current maturities of long-term debt to EBITDA plus stock compensation and minus income taxes paid and capital expenditures | 1 |
Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit, margin interest rate percentage (in hundredths) | 2.50% |
Ratio of EBITDA plus stock compensation and minus income taxes paid and capital expenditures to interest expense and scheduled payments due for borrowings | 2 |
Ratio of current maturities of long-term debt to EBITDA plus stock compensation and minus income taxes paid and capital expenditures | 2.75 |
Silicon Valley Bank [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit, interest rate at period end (in hundredths) | 4.00% |
Silicon Valley Bank [Member] | Minimum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit, margin interest rate percentage (in hundredths) | 0.00% |
Silicon Valley Bank [Member] | Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit, margin interest rate percentage (in hundredths) | 0.50% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Abstract] | ' | ' | ' | ' |
Unrecognized tax benefits | $0.50 | ' | $0.50 | ' |
Effective tax rate (in hundredths) | 29.50% | 31.00% | 30.50% | 38.10% |
Federal statutory rate (in hundredths) | 35.00% | ' | ' | ' |
Percentage of non-deductible meals and entertainment expenses (in hundredths) | 50.00% | ' | ' | ' |
Net current deferred tax asset | 0.6 | ' | 0.6 | ' |
Net non-current deferred tax asset | $2 | ' | $2 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], CoreMatrix [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Subsequent Event [Member] | CoreMatrix [Member] | ' |
Subsequent Event [Line Items] | ' |
Date of acquisition | 11-Oct-13 |
Estimated total allocable purchase price consideration | $31.50 |
Cash paid for acquisition | 18.5 |
Common stock issued | 3 |
Initial Fair Value of Contingent Consideration To Be Earned Business Acquisition | $10 |