Navigant Reports Unaudited Fourth Quarter and Full Year 2011 Financial Results and Provides 2012 Business and Financial Outlook
-
Full year 2011 revenues before reimbursements (RBR) of
$696 million were up 12% year over year. Fourth quarter 2011 RBR of$171 million was up 6% from fourth quarter 2010. -
GAAP earnings per share (EPS) were
$0.80 for full year 2011, up 67% from full year 2010, and$0.21 for fourth quarter 2011, up from$0.01 in fourth quarter 2010. Adjusted EPS was$0.84 for full year 2011, up 38% from full year 2010, and$0.22 for fourth quarter 2011, up 47% from$0.15 in fourth quarter 2010. -
Strong cash flow resulted in
$71 million of debt reduction during 2011; year-end 2011 debt was$132 million versus$203 million at the prior year-end. -
234,300 shares of Navigant’s common stock were repurchased during
fourth quarter 2011 under the Company’s share repurchase authority at
a weighted average price of
$10.92 per share. - 2012 outlook anticipates continued steady top line growth which is expected to again drive year over year improvements in adjusted EBITDA and adjusted EPS.
“We are pleased to report strong fourth quarter results, capping our
solid performance throughout the year,” stated
Fourth Quarter and Full Year 2011 Results
| Unaudited Total Company Fourth Quarter and Full Year 2011 Financial Results (1) | ||||||||||||||||||||||||||||
| Q4 2011 | Q4 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||||||
| Revenues Before Reimbursements ($000) | $ | 170,996 | $ | 161,752 | 5.7 | % | $ | 695,714 | $ | 623,461 | 11.6 | % | ||||||||||||||||
| Total Revenues ($000) | $ | 197,005 | $ | 182,940 | 7.7 | % | $ | 784,684 | $ | 703,660 | 11.5 | % | ||||||||||||||||
| EBITDA ($000) | $ | 24,797 | $ | 18,608 | 33.3 | % | $ | 98,254 | $ | 84,153 | 16.8 | % | ||||||||||||||||
| Adjusted EBITDA ($000) | $ | 25,644 | $ | 21,201 | 21.0 | % | $ | 101,177 | $ | 89,072 | 13.6 | % | ||||||||||||||||
| Net Income ($000) | $ | 11,056 | $ | 559 | 1877.8 | % | $ | 41,130 | $ | 24,057 | 71.0 | % | ||||||||||||||||
| Earnings Per Share | $ | 0.21 | $ | 0.01 | 2000.0 | % | $ | 0.80 | $ | 0.48 | 66.7 | % | ||||||||||||||||
| Adjusted Earnings Per Share | $ | 0.22 | $ | 0.15 | 46.7 | % | $ | 0.84 | $ | 0.61 | 37.7 | % | ||||||||||||||||
| Average Billable Full Time Equivalents (FTEs) | 1,889 | 1,755 | 7.6 | % | 1,818 | 1,687 | 7.8 | % | ||||||||||||||||||||
| End of Period Billable FTEs | 1,882 | 1,779 | 5.8 | % | 1,882 | 1,779 | 5.8 | % | ||||||||||||||||||||
| Consultant Utilization (1,850 base) (2) |
76% |
|
75% |
|
1.3 | % |
78% |
|
74% |
|
5.4 | % | ||||||||||||||||
| Average Bill Rate (excluding performance based fees) | $ | 271 | $ | 267 | 1.5 | % | $ | 274 | $ | 266 | 3.0 | % | ||||||||||||||||
| Days Sales Outstanding (DSO) | 76 | 81 | -6.2 | % | 76 | 81 | -6.2 | % | ||||||||||||||||||||
(1) EBITDA, adjusted EBITDA and adjusted earnings per share are non GAAP financial measures. See the attached financial schedules for a reconciliation of EBITDA, adjusted EBITDA and adjusted earnings per share to the most directly comparable GAAP financial measures.
(2) Prior period utilization figures have been restated to reflect consulting personnel only and do not include technology personnel (those who provide client services but do not record time to specific client engagements).
Navigant’s fourth quarter 2011 RBR totaled
Navigant’s full year 2011 RBR was
Business Segment Highlights
| Unaudited Business Segment Fourth Quarter and Full Year Financial Results (3) | ||||||||||||||||||||||||
| Q4 2011 | Q4 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||
| Business Segment Revenues ($000) | ||||||||||||||||||||||||
| Business Consulting Services | $ | 89,828 | $ | 78,185 | 14.9 | % | $ | 343,267 | $ | 285,085 | 20.4 | % | ||||||||||||
| Dispute and Investigative Services | 72,829 | 70,627 | 3.1 | % | 291,270 | 273,667 | 6.4 | % | ||||||||||||||||
| Economic Consulting | 14,661 | 18,082 | -18.9 | % | 71,719 | 73,544 | -2.5 | % | ||||||||||||||||
| International Consulting | 19,687 | 16,046 | 22.7 | % | 78,428 | 71,364 | 9.9 | % | ||||||||||||||||
| Total Company | $ | 197,005 | $ | 182,940 | 7.7 | % | $ | 784,684 | $ | 703,660 | 11.5 | % | ||||||||||||
| Business Segment Revenues before Reimbursements ($000) | ||||||||||||||||||||||||
| Business Consulting Services | $ | 75,253 | $ | 68,749 | 9.5 | % | $ | 298,318 | $ | 247,984 | 20.3 | % | ||||||||||||
| Dispute and Investigative Services | 65,643 | 63,540 | 3.3 | % | 264,976 | 251,612 | 5.3 | % | ||||||||||||||||
| Economic Consulting | 13,619 | 16,703 | -18.5 | % | 66,992 | 67,245 | -0.4 | % | ||||||||||||||||
| International Consulting | 16,481 | 12,760 | 29.2 | % | 65,428 | 56,620 | 15.6 | % | ||||||||||||||||
| Total Company | $ | 170,996 | $ | 161,752 | 5.7 | % | $ | 695,714 | $ | 623,461 | 11.6 | % | ||||||||||||
| Segment Operating Profit ($000) | ||||||||||||||||||||||||
| Business Consulting Services | $ | 27,026 | $ | 22,722 | 18.9 | % | $ | 99,530 | $ | 84,704 | 17.5 | % | ||||||||||||
| Dispute and Investigative Services | 26,546 | 23,733 | 11.9 | % | 107,329 | 97,464 | 10.1 | % | ||||||||||||||||
| Economic Consulting | 4,581 | 4,878 | -6.1 | % | 22,067 | 23,032 | -4.2 | % | ||||||||||||||||
| International Consulting | 4,284 | 1,632 | 162.5 | % | 14,273 | 10,715 | 33.2 | % | ||||||||||||||||
| Total Company | $ | 62,437 | $ | 52,965 | 17.9 | % | $ | 243,199 | $ | 215,915 | 12.6 | % | ||||||||||||
(3) A metrics summary including data by segment is available at www.navigant.com/investor_relations.
Navigant’s Business Consulting Services segment reported RBR of
The Company’s Dispute and Investigative Services segment generated RBR
of
Navigant’s
The Company’s
2012 Outlook
Full year 2012 RBR is expected to range between
Conference Call Details
Goodyear will host a conference call to discuss the Company’s unaudited
fourth quarter and full year 2011 financial results and 2012 business
and financial outlook at
About Navigant
Statements included in this press release which are not historical in
nature are forward-looking statements as defined within the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by words including “outlook,” ”plans,”
“goals,” “anticipates,” “believes,” “intends,” “estimates,” “expects”
and similar expressions. These statements are based upon
management’s current expectations and speak only as of the date of this
press release. The Company cautions readers that there may be
events in the future that the Company is not able to accurately predict
or control and the information contained in the forward-looking
statements is inherently uncertain and subject to a number of risks that
could cause actual results to differ materially from those contained in
or implied by the forward-looking statements including, without
limitation: the success and timing of the Company’s implementation of
its strategic business assessment; the success of the Company’s
organizational changes and cost reduction actions; risks inherent in
international operations, including foreign currency fluctuations;
ability to make acquisitions; pace, timing and integration of
acquisitions; impairment charges; management of professional staff,
including dependence on key personnel, recruiting, attrition and the
ability to successfully integrate new consultants into the Company’s
practices; utilization rates; conflicts of interest; potential loss of
clients; clients’ financial condition and their ability to make payments
to the Company; risks inherent with litigation; higher risk client
assignments; professional liability; potential legislative and
regulatory changes; continued access to capital; and market and general
economic conditions. Further information on these and other
potential factors that could affect the Company’s financial results are
included under the “Risk Factors” section and elsewhere in the Company’s
filings with the
| NAVIGANT CONSULTING, INC. AND SUBSIDIARIES | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| For the quarters ended December 31, | For the years ended December 31, | ||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Revenues before reimbursements | $ | 170,996 | $ | 161,752 | $ | 695,714 | $ | 623,461 | |||||||||
| Reimbursements | 26,009 | 21,188 | 88,970 | 80,199 | |||||||||||||
| Total revenues | 197,005 | 182,940 | 784,684 | 703,660 | |||||||||||||
| Cost of Services: | |||||||||||||||||
| Cost of services before reimbursable expenses | 112,199 | 111,797 | 467,045 | 418,523 | |||||||||||||
| Reimbursable expenses | 26,009 | 21,188 | 88,970 | 80,199 | |||||||||||||
| Total costs of services | 138,208 | 132,985 | 556,015 | 498,722 | |||||||||||||
| General and administrative expenses | 34,000 | 31,347 | 130,415 | 121,685 | |||||||||||||
| Depreciation expense | 3,239 | 3,575 | 13,303 | 14,457 | |||||||||||||
| Amortization expense | 1,960 | 3,442 | 8,658 | 12,368 | |||||||||||||
| Other operating costs (benefit): | |||||||||||||||||
| Office consolidation | - | - | - | (900 | ) | ||||||||||||
| Intangible assets impairment | - | 7,307 | - | 7,307 | |||||||||||||
| Operating income | 19,598 | 4,284 | 76,293 | 50,021 | |||||||||||||
| Interest expense | 1,634 | 1,929 | 7,292 | 10,704 | |||||||||||||
| Interest income | (255 | ) | (325 | ) | (1,447 | ) | (1,309 | ) | |||||||||
| Other income, net | (109 | ) | (378 | ) | (279 | ) | (567 | ) | |||||||||
| Income before income tax expense | 18,328 | 3,058 | 70,727 | 41,193 | |||||||||||||
| Income tax expense | 7,272 | 2,499 | 29,597 | 17,136 | |||||||||||||
| Net income | $ | 11,056 | $ | 559 | $ | 41,130 | $ | 24,057 | |||||||||
| Basic net income per share | $ | 0.22 | $ | 0.01 | $ | 0.81 | $ | 0.49 | |||||||||
| Shares used in computing income per basic share | 51,173 | 50,062 | 50,820 | 49,405 | |||||||||||||
| Diluted net income per share | $ | 0.21 | $ | 0.01 | $ | 0.80 | $ | 0.48 | |||||||||
| Shares used in computing income per diluted share | 51,692 | 50,909 | 51,371 | 50,447 | |||||||||||||
| NAVIGANT CONSULTING, INC. AND SUBSIDIARIES | ||||||||||
| CONSOLIDATED BALANCE SHEETS AND SELECTED DATA | ||||||||||
| (In thousands, except DSO data) | ||||||||||
| (Unaudited) | ||||||||||
| December 31, | December 31, | |||||||||
| 2011 | 2010 | |||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 2,969 | $ | 1,981 | ||||||
| Accounts receivable, net | 179,041 | 179,058 | ||||||||
| Prepaid expenses and other current assets | 22,766 | 19,697 | ||||||||
| Deferred income tax assets | 16,229 | 18,749 | ||||||||
| Total current assets | 221,005 | 219,485 | ||||||||
| Non-current assets: | ||||||||||
| Property and equipment, net | 41,138 | 38,903 | ||||||||
| Intangible assets, net | 16,825 | 23,194 | ||||||||
| Goodwill | 570,280 | 561,002 | ||||||||
| Other assets | 25,953 | 26,451 | ||||||||
| Total assets | $ | 875,201 | $ | 869,035 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 16,261 | $ | 10,900 | ||||||
| Accrued liabilities | 8,432 | 7,936 | ||||||||
| Accrued compensation-related costs | 95,451 | 72,639 | ||||||||
| Income tax payable | 3,558 | 2,306 | ||||||||
| Term loan current | - | 18,397 | ||||||||
| Other current liabilities | 32,622 | 43,401 | ||||||||
| Total current liabilities | 156,324 | 155,579 | ||||||||
| Non-current liabilities: | ||||||||||
| Deferred income tax liabilities | 52,964 | 42,274 | ||||||||
| Other non-current liabilities | 20,445 | 25,907 | ||||||||
| Bank debt non-current | 131,790 | 33,695 | ||||||||
| Term loan non-current | - | 150,859 | ||||||||
| Total non-current liabilities | 205,199 | 252,735 | ||||||||
| Total liabilities | 361,523 | 408,314 | ||||||||
| Stockholders' equity: | ||||||||||
| Common stock | 61 | 61 | ||||||||
| Additional paid-in capital | 567,627 | 564,214 | ||||||||
| Treasury stock | (197,602 | ) | (206,162 | ) | ||||||
| Retained earnings | 156,373 | 115,243 | ||||||||
| Accumulated other comprehensive loss | (12,781 | ) | (12,635 | ) | ||||||
| Total stockholders' equity | 513,678 | 460,721 | ||||||||
| Total liabilities and stockholders' equity | $ | 875,201 | $ | 869,035 | ||||||
| Selected Data | ||||||||||
| Days sales outstanding, net (DSO) | 76 | 81 | ||||||||
| NAVIGANT CONSULTING, INC. AND SUBSIDIARIES | ||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| For the quarters ended | For the years ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||
| Net income | $ | 11,056 | $ | 559 | $ | 41,130 | $ | 24,057 | ||||||||||
| Adjustments to reconcile net income to net cash | ||||||||||||||||||
| used in operating activities: | ||||||||||||||||||
| Depreciation expense | 3,239 | 3,575 | 13,303 | 14,457 | ||||||||||||||
| Amortization expense | 1,960 | 3,442 | 8,658 | 12,368 | ||||||||||||||
| Share-based compensation expense | 2,276 | 1,979 | 8,792 | 6,755 | ||||||||||||||
| Accretion of interest expense | 141 | 324 | 836 | 944 | ||||||||||||||
| Deferred income taxes | 655 | (3,874 | ) | 11,264 | 3,773 | |||||||||||||
| Allowance for doubtful accounts receivable | 1,634 | 1,106 | 6,910 | 8,211 | ||||||||||||||
| Intangible assets impairment | - | 7,307 | - | 7,307 | ||||||||||||||
| Changes in assets and liabilities: | ||||||||||||||||||
| Accounts receivable | 17,984 | (1,440 | ) | (5,817 | ) | (23,990 | ) | |||||||||||
| Prepaid expenses and other assets | 255 | (5,647 | ) | 208 | (16,146 | ) | ||||||||||||
| Accounts payable | 1,634 | 310 | 5,353 | 2,742 | ||||||||||||||
| Accrued liabilities | (141 | ) | (119 | ) | 491 | (110 | ) | |||||||||||
| Accrued compensation-related costs | 18,759 | 13,461 | 22,720 | 3,003 | ||||||||||||||
| Income tax payable | (1,079 | ) | 4,673 | 1,705 | 2,371 | |||||||||||||
| Other liabilities | (1,283 | ) | 1,972 | (4,186 | ) | (3,974 | ) | |||||||||||
| Net cash provided by operating activities | 57,090 | 27,628 | 111,367 | 41,768 | ||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||
| Purchases of property and equipment | (4,903 | ) | (3,844 | ) | (10,375 | ) | (11,959 | ) | ||||||||||
| Acquisitions of businesses, net of cash acquired | (1,900 | ) | (28,500 | ) | (9,246 | ) | (62,370 | ) | ||||||||||
| Payments of acquisition liabilities | (4,750 | ) | (2,750 | ) | (14,967 | ) | (2,750 | ) | ||||||||||
| Other, net | - | - | (225 | ) | - | |||||||||||||
| Net cash used in investing activities | (11,553 | ) | (35,094 | ) | (34,813 | ) | (77,079 | ) | ||||||||||
| Cash flows from financing activities: | ||||||||||||||||||
| Issuances of common stock | 482 | 444 | 1,865 | 3,457 | ||||||||||||||
| Repurchase of common stock | (2,558 | ) | - | (2,558 | ) | - | ||||||||||||
| Payment upon termination of credit agreement | - | - | (250,613 | ) | - | |||||||||||||
| Proceeds from new credit agreement | - | - | 250,613 | - | ||||||||||||||
| Net (repayments to) borrowings from banks | (41,663 | ) | 8,500 | (66,378 | ) | 34,441 | ||||||||||||
| Payments of term loan | - | (4,599 | ) | (4,599 | ) | (50,119 | ) | |||||||||||
| Payments of debt issuance costs | - | - | (2,814 | ) | - | |||||||||||||
| Other, net | (201 | ) | (70 | ) | (907 | ) | 494 | |||||||||||
| Net cash (used in) provided by financing activities | (43,940 | ) | 4,275 | (75,391 | ) | (11,727 | ) | |||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (52 | ) | (211 | ) | (175 | ) | (125 | ) | ||||||||||
| Net increase (decrease) in cash and cash equivalents | 1,545 | (3,402 | ) | 988 | (47,163 | ) | ||||||||||||
| Cash and cash equivalents at beginning of the period | 1,424 | 5,383 | 1,981 | 49,144 | ||||||||||||||
| Cash and cash equivalents at end of the period | $ | 2,969 | $ | 1,981 | $ | 2,969 | $ | 1,981 | ||||||||||
| NAVIGANT CONSULTING, INC. AND SUBSIDIARIES | |||||||||||||||||
| RECONCILIATION OF NON GAAP FINANCIAL MEASURES | |||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
|
Non-GAAP Financial Information |
|||||||||||||||||
| This press release includes certain non-GAAP financial measures as defined by the Securities and Exchange Commission. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles (GAAP) are included in this press release. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and adjusted operating income exclude the impact of other operating costs (benefit) and severance expense. Adjusted net income and adjusted earnings per share (EPS) excludes the net income impact of other operating costs (benefit), severance expense and a non recurring benefit from a tax election related to certain of the Company’s foreign entities in all periods presented. In recent years the Company has incurred significant severance expense directly related to its strategic realignment and other staffing reductions. Other operating costs (benefit) include office consolidation costs as the Company continually assesses its office space requirements and intangible assets impairment charges. Severance expense and other operating costs (benefit) are not considered to be non recurring, infrequent or unusual to our business, however, management believes providing investors with this information gives them additional insights into the Company’s operating performance. Although the intangible assets impairment has not historically been as frequent as severance expense and office consolidation costs, we have substantial intangible assets which could become impaired in the future. Adjusted EBITDA, adjusted operating income, adjusted net income and adjusted EPS are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. While management believes that these non-GAAP financial measures are useful in evaluating the Company's operations, this information should be considered as supplemental in nature and not as a substitute for or superior to, any measure prepared in accordance with GAAP. | |||||||||||||||||
|
EBITDA, ADJUSTED OPERATING INCOME AND ADJUSTED EBITDA |
For the quarters ended |
For the years ended |
|||||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||||
| EBITDA reconciliation: | |||||||||||||||||
| Operating income | $ | 19,598 | $ | 4,284 | $ | 76,293 | $ | 50,021 | |||||||||
| Depreciation | 3,239 | 3,575 | 13,303 | 14,457 | |||||||||||||
| Amortization | 1,960 | 3,442 | 8,658 | 12,368 | |||||||||||||
| Intangible assets impairment | - | 7,307 | - | 7,307 | |||||||||||||
| EBITDA | $ | 24,797 | $ | 18,608 | $ | 98,254 | $ | 84,153 | |||||||||
| Adjusted EBITDA and operating income reconciliation to operating income: | |||||||||||||||||
| Operating income | $ | 19,598 | $ | 4,284 | $ | 76,293 | $ | 50,021 | |||||||||
| Other operating costs (benefit): | |||||||||||||||||
| Office consolidation | - | - | - | (900 | ) | ||||||||||||
| Intangible assets impairment | - | 7,307 | - | 7,307 | |||||||||||||
| Severance expense | 847 | 2,593 | 2,923 | 5,819 | |||||||||||||
| Adjusted operating income | $ | 20,445 | $ | 14,184 | $ | 79,216 | $ | 62,247 | |||||||||
| Depreciation | 3,239 | 3,575 | 13,303 | 14,457 | |||||||||||||
| Amortization | 1,960 | 3,442 | 8,658 | 12,368 | |||||||||||||
| Adjusted EBITDA | $ | 25,644 | $ | 21,201 | $ | 101,177 | $ | 89,072 | |||||||||
|
ADJUSTED NET INCOME AND ADJUSTED EPS |
For the quarters ended |
For the years ended |
|||||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||||
| Other operating benefit - office consolidation | $ | - | $ | - | $ | - | $ | (900 | ) | ||||||||
| Income tax expense (benefit) (1) | - | - | - | 363 | |||||||||||||
| Net income impact of other operating benefit - office consolidation | $ | - | $ | - | $ | - | $ | (537 | ) | ||||||||
| Shares used in computing income per diluted share | 51,692 | 50,909 | 51,371 | 50,447 | |||||||||||||
| Diluted income per share impact of other operating benefit - office consolidation | $ | - | $ | - | $ | - | $ | (0.01 | ) | ||||||||
| Other operating costs (benefit) - intangible assets impairment | $ | - | $ | 7,307 | $ | - | $ | 7,307 | |||||||||
| Income tax expense (benefit) (1) | - | (1,991 | ) | - | (1,991 | ) | |||||||||||
| Net income impact of other operating costs (benefit) - intangible assets impairment | $ | - | $ | 5,316 | $ | - | $ | 5,316 | |||||||||
| Shares used in computing income per diluted share | 51,692 | 50,909 | 51,371 | 50,447 | |||||||||||||
| Diluted income per share impact of other operating costs (benefit) - intangible assets impairment | $ | - | $ | 0.10 | $ | - | $ | 0.11 | |||||||||
| Severance expense | $ | 847 | $ | 2,593 | $ | 2,923 | $ | 5,819 | |||||||||
| Income tax expense (benefit) (1) | (302 | ) | (1,020 | ) | (1,037 | ) | (2,128 | ) | |||||||||
| Net income impact of severance expense | $ | 545 | $ | 1,573 | $ | 1,886 | $ | 3,691 | |||||||||
| Shares used in computing income per diluted share | 51,692 | 50,909 | 51,371 | 50,447 | |||||||||||||
| Diluted income per share impact of severance expense | $ | 0.01 | $ | 0.03 | $ | 0.04 | $ | 0.07 | |||||||||
| Net income | $ | 11,056 | $ | 559 | $ | 41,130 | $ | 24,057 | |||||||||
| Net income impact of other operating benefit - office consolidation | - | - | - | (537 | ) | ||||||||||||
| Net income impact of other operating costs - intangible assets impairment | - | 5,316 | - | 5,316 | |||||||||||||
| Net income impact of severance expense | 545 | 1,573 | 1,886 | 3,691 | |||||||||||||
| Non recurring foreign tax elections | - | - | - | (1,751 | ) | ||||||||||||
| Adjusted net income | $ | 11,601 | $ | 7,448 | $ | 43,016 | $ | 30,776 | |||||||||
| Shares used in computing income per diluted share | 51,692 | 50,909 | 51,371 | 50,447 | |||||||||||||
| Adjusted earnings per share | $ | 0.22 | $ | 0.15 | $ | 0.84 | $ | 0.61 | |||||||||
| (1) Effective income tax (benefit) has been determined based on specific tax jurisdiction. | |||||||||||||||||
Source: Navigant
Navigant
Jennifer Moreno Reddick
Executive Director, Investor
Relations
312.573.5634
jennifer.morenoreddick@navigant.com