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Sapient Reports First Quarter 2014 Results

  • First Quarter Service Revenues Up 17% Compared to First Quarter 2013
  • Non-GAAP Income from Operations Up 29% Compared to First Quarter 2013
Sapient (NASDAQ: SAPE) today reported the following financial results for the first quarter ended March 31, 2014:
  • Service revenues were $341.5 million compared to $292.6 million in the first quarter of 2013, an increase of $48.9 million, or 16.7%. On a constant currency basis, revenues increased 16.2% over the first quarter of 2013.
  • GAAP income from operations was $19.8 million, or 5.8% of service revenues, compared to $11.2 million, or 3.8% of service revenues, in the first quarter of 2013.
  • Non-GAAP income from operations increased 29% to $34.2 million, or 10.0% of service revenues, compared to $26.4 million, or 9.0% of service revenues, in the first quarter of 2013.
  • GAAP diluted net income per share was $0.09, compared to $0.04 in the first quarter of 2013.
  • Non-GAAP diluted net income per share was $0.16, compared to $0.11 in the first quarter of 2013.

“We are pleased with our strong first quarter results and the growth across all three business units,” said Sapient Chief Executive Officer and Co-Chairman Alan J. Herrick. “We are in a good position strategically and continue to see opportunities for growth across the business.”

The company used cash from operations of $42.5 million in the first quarter of 2014, compared to a use of $9.4 million in the first quarter of 2013. As of March 31, 2014, the company had cash, cash equivalents, restricted cash and marketable securities of $277.5 million. Days sales outstanding was 71 days for the first quarter of 2014, up from 63 days in the fourth quarter of 2013 and 65 days in the first quarter of 2013.

Outlook

Sapient management provided the following guidance:

  • For the second quarter ending June 30, 2014, service revenues are expected to be in the range of $350 million to $360 million.
  • Second quarter 2014 non-GAAP income from operations is expected to be in the range of $44 million to $50 million.