Attached files
file | filename |
---|---|
8-K - FORM 8-K - NAVIGANT CONSULTING INC | c56384e8vk.htm |
EX-99.1 - EX-99.1 - NAVIGANT CONSULTING INC | c56384exv99w1.htm |
Exhibit 99.2
NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
METRICS SUMMARY
(UNAUDITED)
METRICS SUMMARY
(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 managements good faith estimates as of the date of this chart, and the Company
makes no guarantee as to either their accuracy or completeness. The Company does not undertake any
obligation to update this chart to reflect new information, future events or otherwise.
TOTAL COMPANY | ||||||||||||||||||||||||||||||||||||||||||||
2009 | Full Year | 2008 | Full Year | |||||||||||||||||||||||||||||||||||||||||
All numbers in $000s except Per Share, People data and | ||||||||||||||||||||||||||||||||||||||||||||
percentages | Q4 | Q3 | Q2 | Q1 | 2009 | Q4 | Q3 | Q2 | Q1 | 2008 | ||||||||||||||||||||||||||||||||||
Revenues Before Reimbursements |
$ | 153,051 | $ | 159,153 | $ | 157,332 | $ | 167,212 | $ | 636,748 | $ | 174,475 | $ | 178,908 | $ | 189,385 | $ | 184,294 | $ | 727,062 | ||||||||||||||||||||||||
Reimbursements |
20,907 | 18,210 | 16,224 | 15,150 | $ | 70,491 | 19,526 | 19,184 | 22,023 | 22,845 | 83,578 | |||||||||||||||||||||||||||||||||
Total Revenues |
173,958 | 177,363 | 173,556 | 182,362 | $ | 707,239 | 194,001 | 198,092 | 211,408 | 207,139 | 810,640 | |||||||||||||||||||||||||||||||||
Y/Y Growth rate |
-10 | % | -10 | % | -18 | % | -12 | % | -13 | % | -5 | % | 4 | % | 11 | % | 13 | % | 6 | % | ||||||||||||||||||||||||
Q/Q Growth rate |
-2 | % | 2 | % | -5 | % | -6 | % | N/A | -2 | % | -6 | % | 2 | % | 2 | % | N/A | ||||||||||||||||||||||||||
Geographic Revenues as % of Total |
||||||||||||||||||||||||||||||||||||||||||||
U.S. Operations |
82 | % | 84 | % | 84 | % | 86 | % | 84 | % | 85 | % | 82 | % | 82 | % | 85 | % | 83 | % | ||||||||||||||||||||||||
Non U.S. Operations |
18 | % | 16 | % | 16 | % | 14 | % | 16 | % | 15 | % | 18 | % | 18 | % | 15 | % | 17 | % | ||||||||||||||||||||||||
Cost of Services Before Reimbursements |
103,766 | 100,545 | 101,967 | 110,267 | 416,545 | 107,027 | 110,083 | 113,852 | 113,073 | 444,035 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
68 | % | 63 | % | 65 | % | 66 | % | 65 | % | 61 | % | 62 | % | 60 | % | 61 | % | 61 | % | ||||||||||||||||||||||||
General & Administrative Expenses |
28,142 | 32,500 | 33,513 | 34,893 | 129,048 | 34,877 | 41,417 | 41,071 | 38,013 | 155,378 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
18 | % | 20 | % | 21 | % | 21 | % | 20 | % | 20 | % | 23 | % | 22 | % | 21 | % | 21 | % | ||||||||||||||||||||||||
EBITDA (1) |
19,013 | 25,238 | 17,627 | 21,752 | 83,630 | 32,503 | 27,408 | 32,507 | 32,558 | 124,976 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
12 | % | 16 | % | 11 | % | 13 | % | 13 | % | 19 | % | 15 | % | 17 | % | 18 | % | 17 | % | ||||||||||||||||||||||||
Adjusted EBITDA (excluding office consolidation and severance expense) (1) |
25,448 | 27,653 | 23,192 | 25,059 | 101,352 | 33,631 | 28,897 | 35,831 | 33,550 | 131,909 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
17 | % | 17 | % | 15 | % | 15 | % | 16 | % | 19 | % | 16 | % | 19 | % | 18 | % | 18 | % | ||||||||||||||||||||||||
Operating Income |
11,603 | 17,716 | 9,528 | 12,884 | 51,731 | 23,977 | 18,570 | 22,909 | 23,298 | 88,754 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
8 | % | 11 | % | 6 | % | 8 | % | 8 | % | 14 | % | 10 | % | 12 | % | 13 | % | 12 | % | ||||||||||||||||||||||||
Net Income |
4,789 | 8,340 | 3,385 | 5,433 | 21,947 | 11,329 | 7,836 | 9,986 | 10,906 | 40,057 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
3 | % | 5 | % | 2 | % | 3 | % | 3 | % | 6 | % | 4 | % | 5 | % | 6 | % | 6 | % | ||||||||||||||||||||||||
Y/Y Growth rate |
-58 | % | 6 | % | -66 | % | -50 | % | -45 | % | 90 | % | 66 | % | -12 | % | -4 | % | 20 | % | ||||||||||||||||||||||||
Q/Q Growth rate |
-43 | % | 146 | % | -38 | % | -52 | % | N/A | 45 | % | -22 | % | -8 | % | 82 | % | N/A | ||||||||||||||||||||||||||
Net Income Per Diluted Share (EPS) |
0.10 | 0.17 | 0.07 | 0.11 | 0.44 | 0.23 | 0.16 | 0.21 | 0.23 | 0.83 | ||||||||||||||||||||||||||||||||||
Adjusted Net Income Per Diluted Share (excluding the net income impact of
office consolidation and severance expense) (2) |
0.18 | 0.20 | 0.14 | 0.16 | 0.68 | 0.25 | 0.19 | 0.26 | 0.26 | 0.95 | ||||||||||||||||||||||||||||||||||
Shares used in computing income per diluted share |
50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 49,145 | 48,895 | 48,257 | 46,838 | 48,285 | ||||||||||||||||||||||||||||||||||
Balance Sheet |
||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
49,144 | 13,342 | 5,132 | 6,743 | 49,144 | 23,134 | 10,530 | 10,320 | 7,632 | 23,134 | ||||||||||||||||||||||||||||||||||
Trade accounts receivable, net |
163,608 | 185,129 | 187,201 | 188,824 | 163,608 | 170,464 | 197,877 | 219,868 | 206,567 | 170,464 | ||||||||||||||||||||||||||||||||||
Days sales outstanding (DSO) (3) |
78 | 87 | 91 | 87 | N/A | 73 | 84 | 85 | 83 | N/A | ||||||||||||||||||||||||||||||||||
Debt |
219,375 | 222,326 | 239,717 | 260,522 | 219,375 | 232,479 | 272,979 | 309,037 | 267,767 | 232,479 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense related to consulting personnel |
869 | 955 | 1,333 | 1,926 | 5,083 | 1,697 | 2,476 | 2,399 | 2,515 | 9,087 | ||||||||||||||||||||||||||||||||||
Employee Data (Period End) (4) |
||||||||||||||||||||||||||||||||||||||||||||
Billable |
1,666 | 1,716 | 1,778 | 1,920 | 1,666 | 1,931 | 1,952 | 1,928 | 1,896 | 1,931 | ||||||||||||||||||||||||||||||||||
Non-billable |
511 | 514 | 535 | 573 | 511 | 577 | 574 | 571 | 547 | 577 | ||||||||||||||||||||||||||||||||||
Total |
2,177 | 2,230 | 2,313 | 2,493 | 2,177 | 2,508 | 2,526 | 2,499 | 2,443 | 2,508 |
(1) | EBITDA and Adjusted EBITDA are non-GAAP financial measures. See accompanying schedule for reconciliation to operating income. | |
(2) | Adjusted EPS is a non-GAAP financial measure and excludes the net income impact from office consolidation and severance expense as provided in the accompanying schedule. | |
(3) | Q2 2008 DSO is calculated on a proforma basis as if the Chicago Partners acquisition had occurred April 1, 2008. | |
(4) | Employee Data represents FTE employees (adjusted for part-time status). Non-billable employee data prior to Q4 2008 has been restated on an FTE basis. |
Page 1 of 3
SEGMENT INFORMATION | ||||||||||||||||||||||||||||||||||||||||||||
2009 | Full Year | 2008 | Full Year | |||||||||||||||||||||||||||||||||||||||||
All numbers in $000s except Per Share, People data and | ||||||||||||||||||||||||||||||||||||||||||||
percentages | Q4 | Q3 | Q2 | Q1 | 2009 | Q4 | Q3 | Q2 | Q1 | 2008 | ||||||||||||||||||||||||||||||||||
Business Segment Revenues |
||||||||||||||||||||||||||||||||||||||||||||
North American Dispute and Investigative Services |
$ | 69,954 | $ | 72,578 | $ | 72,225 | $ | 72,630 | $ | 287,387 | $ | 78,790 | $ | 79,836 | $ | 88,602 | $ | 91,002 | $ | 338,230 | ||||||||||||||||||||||||
% of Total Revenues |
40 | % | 41 | % | 42 | % | 40 | % | 41 | % | 41 | % | 40 | % | 42 | % | 44 | % | 42 | % | ||||||||||||||||||||||||
North American Business Consulting Services |
71,874 | 70,738 | 69,356 | 79,639 | 291,607 | 84,703 | 82,902 | 92,045 | 96,341 | 355,991 | ||||||||||||||||||||||||||||||||||
% of Total Revenues |
42 | % | 40 | % | 40 | % | 44 | % | 41 | % | 44 | % | 42 | % | 44 | % | 47 | % | 44 | % | ||||||||||||||||||||||||
International Consulting Operations |
19,531 | 19,423 | 17,820 | 16,046 | 72,820 | 15,804 | 20,828 | 23,098 | 19,796 | 79,526 | ||||||||||||||||||||||||||||||||||
% of Total Revenues |
11 | % | 11 | % | 10 | % | 9 | % | 10 | % | 8 | % | 11 | % | 11 | % | 10 | % | 10 | % | ||||||||||||||||||||||||
Economic Consulting Services |
12,599 | 14,624 | 14,155 | 14,047 | 55,425 | 14,704 | 14,526 | 7,663 | n/a | 36,893 | ||||||||||||||||||||||||||||||||||
% of Total Revenues |
7 | % | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | 7 | % | 4 | % | n/a | 5 | % | |||||||||||||||||||||||||
Business Segment Revenue Before Reimbursements |
||||||||||||||||||||||||||||||||||||||||||||
North American Dispute and Investigative Services |
62,976 | 65,859 | 65,810 | 67,247 | 261,892 | 71,359 | 72,363 | 79,305 | 83,823 | 306,850 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
41 | % | 41 | % | 42 | % | 40 | % | 41 | % | 41 | % | 40 | % | 42 | % | 45 | % | 42 | % | ||||||||||||||||||||||||
North American Business Consulting Services |
63,041 | 63,884 | 63,566 | 72,772 | 263,263 | 75,131 | 74,048 | 82,030 | 83,468 | 314,677 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
42 | % | 40 | % | 40 | % | 44 | % | 41 | % | 43 | % | 41 | % | 43 | % | 45 | % | 43 | % | ||||||||||||||||||||||||
International Consulting Operations |
15,571 | 15,532 | 14,698 | 14,306 | 60,107 | 13,778 | 18,311 | 20,701 | 17,003 | 69,793 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
10 | % | 10 | % | 9 | % | 9 | % | 10 | % | 8 | % | 10 | % | 11 | % | 9 | % | 10 | % | ||||||||||||||||||||||||
Economic Consulting Services |
11,463 | 13,878 | 13,258 | 12,887 | 51,486 | 14,207 | 14,186 | 7,349 | n/a | 35,742 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
7 | % | 9 | % | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | 4 | % | n/a | 5 | % | |||||||||||||||||||||||||
Segment Operating Profit(5) |
||||||||||||||||||||||||||||||||||||||||||||
North American Dispute and Investigative Services |
24,446 | 28,068 | 25,681 | 25,450 | 103,645 | 30,106 | 32,558 | 33,753 | 35,023 | 131,440 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
39 | % | 43 | % | 39 | % | 38 | % | 40 | % | 42 | % | 45 | % | 43 | % | 42 | % | 43 | % | ||||||||||||||||||||||||
North American Business Consulting Services |
20,795 | 24,408 | 23,356 | 26,391 | 94,950 | 31,695 | 28,047 | 33,993 | 33,330 | 127,065 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
33 | % | 38 | % | 37 | % | 36 | % | 36 | % | 42 | % | 38 | % | 41 | % | 40 | % | 40 | % | ||||||||||||||||||||||||
International Consulting Operations |
2,267 | 4,105 | 4,070 | 4,021 | 14,463 | 3,562 | 6,127 | 8,179 | 5,383 | 23,251 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
15 | % | 26 | % | 28 | % | 28 | % | 24 | % | 26 | % | 33 | % | 40 | % | 32 | % | 33 | % | ||||||||||||||||||||||||
Economic Consulting Services |
3,402 | 5,239 | 4,888 | 4,644 | 18,173 | 5,219 | 5,954 | 2,948 | n/a | 14,121 | ||||||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
30 | % | 38 | % | 37 | % | 36 | % | 35 | % | 37 | % | 42 | % | 40 | % | n/a | 40 | % | |||||||||||||||||||||||||
Other Operating Data |
||||||||||||||||||||||||||||||||||||||||||||
Average Billable Full Time Equivalent Headcount |
||||||||||||||||||||||||||||||||||||||||||||
North American Dispute and Investigative Services |
663 | 673 | 719 | 765 | 704 | 779 | 761 | 762 | 796 | 775 | ||||||||||||||||||||||||||||||||||
North American Business Consulting Services |
723 | 756 | 797 | 868 | 786 | 871 | 886 | 914 | 940 | 904 | ||||||||||||||||||||||||||||||||||
International Consulting Operations |
194 | 201 | 216 | 207 | 205 | 192 | 189 | 185 | 177 | 185 | ||||||||||||||||||||||||||||||||||
Economic Consulting Services |
105 | 104 | 100 | 101 | 102 | 98 | 91 | 55 | n/a | 62 | ||||||||||||||||||||||||||||||||||
Total Company |
1,685 | 1,734 | 1,832 | 1,941 | 1,797 | 1,940 | 1,927 | 1,916 | 1,913 | 1,926 | ||||||||||||||||||||||||||||||||||
Average Bill Rate (excluding success fees) |
||||||||||||||||||||||||||||||||||||||||||||
North American Dispute and Investigative Services |
289 | 286 | 281 | 283 | 284 | 275 | 291 | 299 | 292 | 290 | ||||||||||||||||||||||||||||||||||
North American Business Consulting Services |
224 | 217 | 212 | 221 | 218 | 230 | 227 | 227 | 213 | 224 | ||||||||||||||||||||||||||||||||||
International Consulting Operations |
252 | 247 | 230 | 223 | 237 | 250 | 292 | 294 | 293 | 280 | ||||||||||||||||||||||||||||||||||
Economic Consulting Services |
342 | 347 | 344 | 343 | 344 | 335 | 337 | 319 | n/a | 332 | ||||||||||||||||||||||||||||||||||
Total Company |
260 | 255 | 250 | 252 | 254 | 257 | 265 | 266 | 254 | 260 | ||||||||||||||||||||||||||||||||||
Average Utilization (based off 1,850 hrs) |
||||||||||||||||||||||||||||||||||||||||||||
North American Dispute and Investigative Services |
75 | % | 74 | % | 71 | % | 72 | % | 73 | % | 75 | % | 73 | % | 77 | % | 84 | % | 77 | % | ||||||||||||||||||||||||
North American Business Consulting Services |
79 | % | 79 | % | 75 | % | 77 | % | 77 | % | 78 | % | 78 | % | 80 | % | 84 | % | 80 | % | ||||||||||||||||||||||||
International Consulting Operations |
67 | % | 69 | % | 62 | % | 69 | % | 67 | % | 67 | % | 72 | % | 76 | % | 73 | % | 72 | % | ||||||||||||||||||||||||
Economic Consulting Services |
76 | % | 81 | % | 87 | % | 85 | % | 82 | % | 98 | % | 99 | % | 88 | % | n/a | 96 | % | |||||||||||||||||||||||||
Total Company |
76 | % | 76 | % | 73 | % | 75 | % | 75 | % | 77 | % | 76 | % | 79 | % | 83 | % | 79 | % |
(5) | Segment Operating Profit is a measure of profit used by management and excludes certain expense amounts not allocated to the specific reporting segments. |
Page 2 of 3
NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
RECONCILIATION OF NON GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(UNAUDITED)
RECONCILIATION OF NON GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(UNAUDITED)
Non-GAAP Financial Information
This metrics summary includes certain non-GAAP financial information as defined by Securities and
Exchange Commission Regulation G. Pursuant to the requirements of this regulation, reconciliations
of this non-GAAP financial information to the Companys financial statements as prepared under
generally accepted accounting principles (GAAP) are included in this metrics summary. During
2009, the Company incurred significant severance expense as staffing levels were adjusted to
market demand and Navigant executed its strategic refresh initiative involving the redeployment of
certain resources. The Company also continues to be impacted by office consolidation expense due
to its real estate initiatives including the impact of closing certain offices and changes in
market conditions associated with expected sublease proceeds. Adjusted EBITDA exclude the impact
of severance and office consolidation expense and adjusted earnings per share excludes the net
income impact of severance and office consolidation expense in all periods presented. Severance
and office consolidation expense are not considered to be non-recurring, infrequent or unusual to
our business, however, management believes providing investors with this information gives
additional insights into Navigants operating performance. While management believes that these
non-GAAP financial measures are useful in evaluating Navigants 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 and Adjusted EBITDA
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 provides 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 Companys financial and operating performance and its ability to generate
cash flows from operations that are available for interest, debt service, taxes and capital
expenditures. Investors should recognize that EBITDA might not be comparable to similarly-titled
measures of other companies. Adjusted EBITDA excludes the impact of severance and office
consolidation expense as discussed above. This measure should be considered as supplemental in
nature and not as a substitute for or superior to, any measure of performance prepared in
accordance with GAAP.
2009 | Full Year | 2008 | Full Year | |||||||||||||||||||||||||||||||||||||||||
Q4 | Q3 | Q2 | Q1 | 2009 | Q4 | Q3 | Q2 | Q1 | 2008 | |||||||||||||||||||||||||||||||||||
Operating Income |
$ | 11,603 | $ | 17,716 | $ | 9,528 | $ | 12,884 | $ | 51,731 | $ | 23,977 | $ | 18,570 | $ | 22,909 | $ | 23,298 | $ | 88,754 | ||||||||||||||||||||||||
Depreciation |
4,288 | 4,352 | 4,320 | 4,640 | 17,600 | 4,426 | 4,330 | 4,381 | 4,165 | 17,302 | ||||||||||||||||||||||||||||||||||
Accelerated depreciation office closures included in other operating costs |
175 | 115 | 387 | 608 | 1,285 | 493 | 553 | 620 | 868 | 2,534 | ||||||||||||||||||||||||||||||||||
Amortization |
2,947 | 3,055 | 3,392 | 3,620 | 13,014 | 3,607 | 3,955 | 4,597 | 4,227 | 16,386 | ||||||||||||||||||||||||||||||||||
EBITDA |
19,013 | 25,238 | 17,627 | 21,752 | 83,630 | 32,503 | 27,408 | 32,507 | 32,558 | 124,976 | ||||||||||||||||||||||||||||||||||
Add: |
||||||||||||||||||||||||||||||||||||||||||||
Office consolidation (excluding depreciation above) |
2,130 | 870 | 4,225 | 300 | 7,525 | 68 | | 1,955 | 650 | 2,673 | ||||||||||||||||||||||||||||||||||
Severance expense |
4,305 | 1,545 | 1,340 | 3,007 | 10,197 | 1,060 | 1,489 | 1,369 | 342 | 4,260 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA (excluding office consolidation and severance expense ) |
25,448 | 27,653 | 23,192 | 25,059 | 101,352 | 33,631 | 28,897 | 35,831 | 33,550 | 131,909 | ||||||||||||||||||||||||||||||||||
General and administrative expenses |
28,142 | 32,500 | 33,513 | 34,893 | 129,048 | 34,877 | 41,417 | 41,071 | 38,013 | 155,378 | ||||||||||||||||||||||||||||||||||
Long term compensation expense related to consulting personnel (including
share based compensation) |
1,625 | 3,212 | 2,630 | 3,561 | 11,028 | 3,134 | 3,861 | 3,340 | 2,515 | 12,850 | ||||||||||||||||||||||||||||||||||
Severance expense added above |
(4,305 | ) | (1,545 | ) | (1,340 | ) | (3,007 | ) | (10,197 | ) | (1,060 | ) | (1,489 | ) | (1,369 | ) | (342 | ) | (4,260 | ) | ||||||||||||||||||||||||
Total Segment Operating Profit |
$ | 50,910 | $ | 61,820 | $ | 57,995 | $ | 60,506 | $ | 231,231 | $ | 70,582 | $ | 72,686 | $ | 78,873 | $ | 73,736 | $ | 295,877 | ||||||||||||||||||||||||
Adjusted earnings per share (adjusted to exclude the net income impact from office
consolidation and severance expense)
The Company discloses adjusted earnings per share to exclude the net income impact from severance
and office consolidation expense as discussed above. Management believes the adjusted earnings
per share information provides additional insights into Navigants ongoing operating performance.
This measure should be considered as supplemental in nature and not as a substitute for or
superior to, any measure of performance prepared in accordance with GAAP.
2009 | Full Year | 2008 | Full Year | |||||||||||||||||||||||||||||||||||||||||
Q4 | Q3 | Q2 | Q1 | 2009 | Q4 | Q3 | Q2 | Q1 | 2008 | |||||||||||||||||||||||||||||||||||
Office consolidation expense |
$ | 2,305 | $ | 985 | $ | 4,612 | $ | 908 | $ | 8,810 | $ | 561 | $ | 553 | $ | 2,575 | $ | 1,518 | $ | 5,207 | ||||||||||||||||||||||||
Tax benefit (1) |
(930 | ) | (397 | ) | (1,860 | ) | (366 | ) | (3,553 | ) | (226 | ) | (223 | ) | (1,038 | ) | (613 | ) | (2,100 | ) | ||||||||||||||||||||||||
Net income impact of office consolidation expense |
$ | 1,375 | $ | 588 | $ | 2,752 | $ | 542 | $ | 5,257 | $ | 335 | $ | 330 | $ | 1,537 | $ | 905 | $ | 3,107 | ||||||||||||||||||||||||
Shares used in computing income per diluted share |
50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 49,145 | 48,895 | 48,257 | 46,838 | 48,285 | ||||||||||||||||||||||||||||||||||
Diluted income per share impact of office consolidation expense |
$ | 0.03 | $ | 0.01 | $ | 0.06 | $ | 0.01 | $ | 0.11 | $ | 0.01 | $ | 0.01 | $ | 0.03 | $ | 0.02 | $ | 0.06 | ||||||||||||||||||||||||
Severance expense |
$ | 4,305 | $ | 1,545 | $ | 1,340 | $ | 3,007 | $ | 10,197 | $ | 1,060 | $ | 1,489 | $ | 1,369 | $ | 342 | $ | 4,260 | ||||||||||||||||||||||||
Tax benefit(1) |
(1,442 | ) | (480 | ) | (497 | ) | (1,170 | ) | (3,589 | ) | (413 | ) | (463 | ) | (500 | ) | (136 | ) | (1,512 | ) | ||||||||||||||||||||||||
Net income impact of severance expense |
$ | 2,863 | $ | 1,065 | $ | 843 | $ | 1,837 | $ | 6,608 | $ | 647 | $ | 1,026 | $ | 869 | $ | 206 | $ | 2,748 | ||||||||||||||||||||||||
Shares used in computing income per diluted share |
50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 49,145 | 48,895 | 48,257 | 46,838 | 48,285 | ||||||||||||||||||||||||||||||||||
Diluted income per share impact of severance expense |
$ | 0.06 | $ | 0.02 | $ | 0.02 | $ | 0.04 | $ | 0.13 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | | $ | 0.06 | ||||||||||||||||||||||||
Net income |
$ | 4,789 | $ | 8,340 | $ | 3,385 | $ | 5,433 | $ | 21,947 | $ | 11,329 | $ | 7,836 | $ | 9,986 | $ | 10,906 | $ | 40,057 | ||||||||||||||||||||||||
Net income impact of office consolidation expense |
1,375 | 588 | 2,752 | 542 | $ | 5,257 | 335 | 330 | 1,537 | 905 | $ | 3,107 | ||||||||||||||||||||||||||||||||
Net income impact of severance expense |
2,863 | 1,065 | 843 | 1,837 | $ | 6,608 | 647 | 1,026 | 869 | 206 | $ | 2,748 | ||||||||||||||||||||||||||||||||
Adjusted net income, excluding the net income impact of office
consolidation and severance expense |
$ | 9,027 | $ | 9,993 | $ | 6,980 | $ | 7,812 | $ | 33,812 | $ | 12,311 | $ | 9,192 | $ | 12,392 | $ | 12,017 | $ | 45,912 | ||||||||||||||||||||||||
Shares used in computing income per diluted share |
50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 49,145 | 48,895 | 48,257 | 46,838 | 48,285 | ||||||||||||||||||||||||||||||||||
Adjusted earnings per share, excluding the net income impact
of office consolidation and severance expense |
$ | 0.18 | $ | 0.20 | $ | 0.14 | $ | 0.16 | $ | 0.68 | $ | 0.25 | $ | 0.19 | $ | 0.26 | $ | 0.26 | $ | 0.95 | ||||||||||||||||||||||||
(1) | Effective tax benefit has been determined based on specific tax jurisdiction. |
Page 3 of 3