EX-99.2 5 c25948exv99w2.htm METRICS SUMMARY exv99w2
 

Exhibit 99.2
NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
(UNAUDITED)
DISCLAIMER:
The Company strongly encourages investors to read its annual and quarterly filings with the Securities and Exchange Commission (the “SEC Filings”), including the financial statements and description of risk factors therein. Although certain information included in this chart is intended to be identical to information in the SEC Filings, in the event of a conflict between information included in the SEC Filings and in this chart, the SEC Filings should be relied upon. Other information included in this chart represents financial metrics compiled by the Company for internal use in analyzing certain aspects of its business (the “Internal Metrics”). The internal Metrics represent management’s good faith estimates as of the date of this chart, and the Company makes no representations as to either their accuracy or completeness. The Company disclaims any obligation to update this chart to reflect future events or circumstances or to correct inaccuracies an historical information.
                                                             
    2008     2007     Full Year
All numbers in $000s except Per Share, People data and                                
percentages   Q1     Q4   Q3   Q2   Q1     2007   2006
Revenues Before Reimbursements
   $ 184,294       $ 179,693     $ 167,057     $ 169,650     $ 164,838       $ 681,238     $ 605,105  
Reimbursements
     22,845         23,595       23,790       19,983       18,452         85,820       76,640  
Total Revenues
     207,139         203,288       190,847       189,633       183,290         767,058       681,745  
Y/Y Growth rate
     13 %       13 %     11 %     15 %     10 %       13 %     18 %
Q/Q Growth rate
     2 %       7 %     1 %     3 %     2 %       N/A       N/A  
 
                                                            
Geographic Revenues as % of Total
                                                            
U.S. Operations
     85 %       84 %     85 %     86 %     89 %       86 %     91 %
Non U.S. Operations
     15 %       16 %     15 %     14 %     11 %       14 %     9 %
 
                                                            
Cost of Services Before Reimbursements
     113,073         109,544       104,405       105,849       101,234         421,032       349,103  
% of Revenues Before Reimbursements
     61 %       61 %     62 %     62 %     61 %       62 %     58 %
 
                                                            
General & Administrative Expenses
     38,013         37,203       35,680       34,144       34,403         141,430       127,579  
% of Revenues Before Reimbursements
     21 %       21 %     21 %     20 %     21 %       21 %     21 %
 
                                                            
EBITDA (1)
     32,558         25,683       23,675       29,657       27,924         106,939       121,023  
% of Revenues Before Reimbursements
     18 %       14 %     14 %     17 %     17 %       16 %     20 %
Adjusted EBITDA (1)
     33,208         32,946       26,972       29,657       29,201         118,776       128,423  
% of Revenues Before Reimbursements
     18 %       18 %     16 %     17 %     18 %       17 %     21 %
 
                                                            
Operating Income
     23,298         16,713       14,108       21,878       20,567         73,266       97,664  
% of Revenues Before Reimbursements
     13 %       9 %     8 %     13 %     12 %       11 %     16 %
 
                                                            
Net Income
     10,906         5,976       4,733       11,350       11,337         33,396       52,974  
% of Revenues Before Reimbursements
     6 %       3 %     3 %     7 %     7 %       5 %     9 %
Y/Y Growth rate
     -4 %       -64 %     -45 %     -19 %     -18 %       -37 %     6 %
Q/Q Growth rate
     82 %       26 %     -58 %     0 %     -32 %       N/A       N/A  
 
                                                            
Net Income Per Diluted Share
     0.23         0.13       0.10       0.21       0.20         0.66       0.97  
Adjusted Net Income Per Diluted Share(2)
     0.25         0.22       0.14       0.21       0.22         0.80       1.05  
Shares used in computing income per diluted share
     46,838         46,533       46,462       54,126       55,907         50,757       54,703  
 
                                                            
Balance Sheet
                                                            
Cash and cash equivalents
     7,632         11,656       21,149       19,691       21,173         11,656       11,745  
Trade accounts receivable, net
     206,567         189,616       202,097       195,970       179,876         189,616       168,062  
Days sales outstanding
     83         77       90       87       81         77       78  
Debt
     267,767         256,616       310,398       303,497       63,506         256,616       33,567  
 
                                                            
Share-based compensation expense related to consulting personnel
     2,515         1,425       3,669       4,397       2,756         12,247       10,265  
 
                                                            
Employee Data (Period End)
                                                            
Billable
     1,896         1,944       2,009       1,907       1,928         1,944       1,871  
Non-billable
     561         539       557       568       536         539       494  
Total
     2,457         2,483       2,566       2,475       2,464         2,483       2,365  
 
                                                            
Segment Information
                                                            
 
                                                            
Business Segment Revenues
                                                            
North American Dispute and Investigative Services
     91,002         85,620       81,633       80,754       76,727         324,734       296,066  
% of Total Revenues
     44 %       42 %     43 %     43 %     42 %       42 %     43 %
North American Business Consulting Services
     96,341         98,330       91,244       94,399       95,179         379,152       356,452  
% of Total Revenues
     47 %       48 %     48 %     50 %     52 %       49 %     52 %
International Consulting Operations
     19,796         19,338       17,970       14,480       11,384         63,172       29,227  
% of Total Revenues
     10 %       10 %     9 %     8 %     6 %       8 %     4 %
 
                                                            
Segment Operating Profit
                                                            
North American Dispute and Investigative Services
     35,023         32,666       31,809       30,910       31,144         126,529       128,858  
% of Revenues Before Reimbursements
     42 %       42 %     43 %     41 %     44 %       42 %     47 %
North American Business Consulting Services
     33,330         33,030       29,629       30,072       31,033         123,764       123,669  
% of Revenues Before Reimbursements
     40 %       39 %     38 %     37 %     37 %       38 %     40 %
International Consulting Operations
     5,383         5,878       4,883       7,216       4,183         22,160       13,740  
% of Revenues Before Reimbursements
     32 %       34 %     33 %     53 %     44 %       40 %     56 %
 
                                                            
Other Operating Data
                                                            
 
                                                            
Average Billable Full Time Equivalant Headcount
                                                            
North American Dispute and Investigative Services
     796         811       804       790       792         790       774  
North American Business Consulting Services
     940         998       1,001       1,003       1,052         1,018       945  
International Consulting Operations
     177         176       157       97       89         154       40  
Total Company
     1,913         1,985       1,962       1,890       1,933         1,962       1,759  
Average Bill Rate (excluding performance fees)
                                                            
North American Dispute and Investigative Services
     292         285       282       276       265         277       255  
North American Business Consulting Services
     213         196       200       203       201         200       201  
International Consulting Operations
     293         284       267       251       257         267       240  
Total Company
     254         240       238       236       230         236       226  
Average Utilization (based off 1,850 hrs)
                                                            
North American Dispute and Investigative Services
     84 %       78 %     75 %     76 %     78 %       77 %     77 %
North American Business Consulting Services
     84 %       80 %     79 %     76 %     77 %       78 %     79 %
International Consulting Operations
     73 %       66 %     71 %     85 %     86 %       75 %     97 %
Total Company
     83 %       78 %     77 %     77 %     78 %       77 %     78 %
 
(1)   See accompanying reconciliation of EBITDA and Adjusted EBITDA
 
(2)   Adjusted EPS excludes certain operating costs in calculating net income as provided in the accompanying schedule
Confidential & Proprietary

 

 

RECONCILIATION OF EBITDA AND ADJUSTED EBITDA TO OPERATING INCOME
                                                             
    2008     2007     Full Year
All numbers in $000s   Q1     Q4   Q3   Q2   Q1     2007   2006
Operating Income
     23,298         16,713       14,108       21,878       20,567         73,266       97,664  
Depreciation
     4,165         4,274       4,189       3,995       3,721         16,179       13,400  
Accelerated depreciation — office closures included in other operating costs
     868         —       —       —       —         —       —  
Amortization
     4,227         4,696       5,378       3,784       3,636         17,494       9,959  
                 
EBITDA(3)
     32,558         25,683       23,675       29,657       27,924         106,939       121,023  
             
 
                                                            
Operating Costs
                                                            
Separation and Severance costs
     —         2,663       3,348       —       1,277         7,288       —  
Office consolidation (exluding depreciation above)
     650         4,600       2,150       —       —         6,750       —  
Gain on sale of property
     —         —       (2,201 )     —       —         (2,201 )     —  
Litigation Charge
     —         —       —       —       —         —       7,400  
                 
Adjusted EBITDA(3)
     33,208         32,946       26,972       29,657       29,201         118,776       128,423  
             
 
(3)   EBITDA (earnings before interest, taxes, depreciation and amortization) is not a measure of financial performance under generally accepted accounting principles (GAAP). The Company believes EBITDA is useful supplemental information for investors to evaluate financial performance. This data is also used by the Company for assessment of its operating and financial results, in addition to operating income, net income and other GAAP measures. Management believes EBITDA is a useful indicator of the Company’s financial and operating performance and its ability to generate cash flows from operations that are available for taxes and capital expenditures. Investors should recognize that EBITDA might not be comparable to similarly-titled measures of other companies. This measure should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.
Confidential & Proprietary