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8-K - FORM 8-K - NAVIGANT CONSULTING INC | c59409e8vk.htm |
EX-99.1 - EX-99.1 - NAVIGANT CONSULTING INC | c59409exv99w1.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
2010 | 2010 | 2009 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||
All numbers in $000s except Per Share, DSO, People data and | ||||||||||||||||||||||||||||||||||||||||
percentages | Q2 | Q1 | Full Year | Q4 | Q3 | Q2 | Q1 | Full Year | Full Year | |||||||||||||||||||||||||||||||
Revenues
Before
Reimbursements |
$ | 154,617 | $ | 153,870 | $ | 308,487 | $ | 153,051 | $ | 159,153 | $ | 157,332 | $ | 167,212 | $ | 636,748 | $ | 727,062 | ||||||||||||||||||||||
Reimbursements |
17,706 | 19,680 | 37,386 | 20,907 | 18,210 | 16,224 | 15,150 | 70,491 | 83,578 | |||||||||||||||||||||||||||||||
Total Revenues |
172,323 | 173,550 | 345,873 | 173,958 | 177,363 | 173,556 | 182,362 | 707,239 | 810,640 | |||||||||||||||||||||||||||||||
Y/Y Growth rate |
-1 | % | -5 | % | N/A | -10 | % | -10 | % | -18 | % | -12 | % | -13 | % | 6 | % | |||||||||||||||||||||||
Q/Q Growth rate |
-1 | % | 0 | % | N/A | -2 | % | 2 | % | -5 | % | -6 | % | N/A | N/A | |||||||||||||||||||||||||
Geographic Revenues
as % of Total |
||||||||||||||||||||||||||||||||||||||||
U.S. Operations |
86 | % | 84 | % | 84 | % | 82 | % | 84 | % | 84 | % | 86 | % | 84 | % | 83 | % | ||||||||||||||||||||||
Non U.S. Operations |
14 | % | 16 | % | 16 | % | 18 | % | 16 | % | 16 | % | 14 | % | 16 | % | 17 | % | ||||||||||||||||||||||
Cost of Services
Before
Reimbursements |
102,128 | 102,230 | 204,358 | 103,766 | 100,545 | 101,967 | 110,267 | 416,545 | 444,035 | |||||||||||||||||||||||||||||||
% of Revenues
Before
Reimbursements |
66 | % | 66 | % | 66 | % | 68 | % | 63 | % | 65 | % | 66 | % | 65 | % | 61 | % | ||||||||||||||||||||||
General &
Administrative
Expenses |
29,089 | 30,460 | 59,549 | 28,142 | 32,500 | 33,513 | 34,893 | 129,048 | 155,378 | |||||||||||||||||||||||||||||||
% of Revenues
Before
Reimbursements |
19 | % | 20 | % | 19 | % | 18 | % | 20 | % | 21 | % | 21 | % | 20 | % | 21 | % | ||||||||||||||||||||||
EBITDA (1) |
23,400 | 21,180 | 44,580 | 19,013 | 25,238 | 17,627 | 21,752 | 83,630 | 124,976 | |||||||||||||||||||||||||||||||
% of Revenues
Before
Reimbursements |
15 | % | 14 | % | 14 | % | 12 | % | 16 | % | 11 | % | 13 | % | 13 | % | 17 | % | ||||||||||||||||||||||
Adjusted EBITDA
(excluding office
consolidation and
severance expense)
(1) |
24,407 | 22,016 | 46,423 | 25,448 | 27,653 | 23,192 | 25,059 | 101,352 | 131,909 | |||||||||||||||||||||||||||||||
% of Revenues
Before
Reimbursements |
16 | % | 14 | % | 15 | % | 17 | % | 17 | % | 15 | % | 15 | % | 16 | % | 18 | % | ||||||||||||||||||||||
Operating Income |
16,885 | 14,583 | 31,468 | 11,603 | 17,716 | 9,528 | 12,884 | 51,731 | 88,754 | |||||||||||||||||||||||||||||||
% of Revenues
Before
Reimbursements |
11 | % | 9 | % | 10 | % | 8 | % | 11 | % | 6 | % | 8 | % | 8 | % | 12 | % | ||||||||||||||||||||||
Net Income |
7,828 | 6,447 | 14,275 | 4,789 | 8,340 | 3,385 | 5,433 | 21,947 | 40,057 | |||||||||||||||||||||||||||||||
% of Revenues
Before
Reimbursements |
5 | % | 4 | % | 5 | % | 3 | % | 5 | % | 2 | % | 3 | % | 3 | % | 6 | % | ||||||||||||||||||||||
Y/Y Growth rate |
131 | % | 19 | % | N/A | -58 | % | 6 | % | -66 | % | -50 | % | -45 | % | 20 | % | |||||||||||||||||||||||
Q/Q Growth rate |
21 | % | 35 | % | N/A | -43 | % | 146 | % | -38 | % | -52 | % | N/A | N/A | |||||||||||||||||||||||||
Net Income Per
Diluted Share (EPS) |
0.16 | 0.13 | 0.28 | 0.10 | 0.17 | 0.07 | 0.11 | 0.44 | 0.83 | |||||||||||||||||||||||||||||||
Adjusted Net Income
Per Diluted Share
(excluding the net
income impact of
office
consolidation and
severance expense)
(2) |
0.17 | 0.14 | 0.32 | 0.18 | 0.20 | 0.14 | 0.16 | 0.68 | 0.95 | |||||||||||||||||||||||||||||||
Shares used in
computing income
per diluted share |
50,264 | 50,096 | 50,180 | 50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 48,285 | |||||||||||||||||||||||||||||||
Balance Sheet |
||||||||||||||||||||||||||||||||||||||||
Cash and cash
equivalents |
3,000 | 361 | 3,000 | 49,144 | 13,342 | 5,132 | 6,743 | 49,144 | 23,134 | |||||||||||||||||||||||||||||||
Trade accounts
receivable, net |
162,227 | 174,690 | 162,227 | 163,608 | 185,129 | 187,201 | 188,824 | 163,608 | 170,464 | |||||||||||||||||||||||||||||||
Days sales
outstanding (DSO) |
79 | 83 | N/A | 78 | 87 | 91 | 87 | N/A | N/A | |||||||||||||||||||||||||||||||
Debt |
202,549 | 197,275 | 202,549 | 219,375 | 222,326 | 239,717 | 260,522 | 219,375 | 232,479 | |||||||||||||||||||||||||||||||
Share-based
compensation
expense related to
consulting
personnel |
1,040 | 801 | 1,841 | 869 | 955 | 1,333 | 1,926 | 5,083 | 9,087 | |||||||||||||||||||||||||||||||
Employee Data
(Period End) (3) |
||||||||||||||||||||||||||||||||||||||||
Billable |
1,668 | 1,661 | 1,668 | 1,666 | 1,716 | 1,778 | 1,920 | 1,666 | 1,931 | |||||||||||||||||||||||||||||||
Non-billable |
522 | 518 | 522 | 511 | 514 | 535 | 573 | 511 | 577 | |||||||||||||||||||||||||||||||
Total |
2,190 | 2,179 | 2,190 | 2,177 | 2,230 | 2,313 | 2,493 | 2,177 | 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) | Employee Data represents FTE employees (adjusted for part-time status). |
SEGMENT INFORMATION (4)
2010 | 2010 | 2009 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||
All numbers in $000s except Per | ||||||||||||||||||||||||||||||||||||||||
Share, People data and percentages | Q2 | Q1 | Full Year | Q4 | Q3 | Q2 | Q1 | Full Year | Full Year | |||||||||||||||||||||||||||||||
Business Segment Revenues |
||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
63,867 | 67,894 | $ | 131,761 | 72,160 | 76,010 | 76,758 | 77,496 | $ | 302,424 | $ | 356,524 | ||||||||||||||||||||||||||||
% of Total Revenues |
37 | % | 39 | % | 38 | % | 41 | % | 43 | % | 44 | % | 43 | % | 43 | % | 43 | % | ||||||||||||||||||||||
Business Consulting Services |
71,756 | 66,250 | 138,006 | 67,419 | 65,450 | 63,393 | 73,516 | 269,778 | 329,550 | |||||||||||||||||||||||||||||||
% of Total Revenues |
42 | % | 38 | % | 40 | % | 39 | % | 37 | % | 37 | % | 40 | % | 38 | % | 41 | % | ||||||||||||||||||||||
International Consulting |
18,078 | 20,797 | 38,875 | 21,780 | 21,279 | 19,250 | 17,303 | 79,612 | 87,673 | |||||||||||||||||||||||||||||||
% of Total Revenues |
10 | % | 12 | % | 11 | % | 13 | % | 12 | % | 11 | % | 9 | % | 11 | % | 11 | % | ||||||||||||||||||||||
Economic Consulting |
18,622 | 18,609 | 37,231 | 12,599 | 14,624 | 14,155 | 14,047 | 55,425 | 36,893 | |||||||||||||||||||||||||||||||
% of Total Revenues |
11 | % | 11 | % | 11 | % | 7 | % | 8 | % | 8 | % | 8 | % | 8 | % | 5 | % | ||||||||||||||||||||||
Total Company |
$ | 172,323 | $ | 173,550 | $ | 345,873 | $ | 173,958 | $ | 177,363 | $ | 173,556 | $ | 182,362 | $ | 707,239 | $ | 810,640 | ||||||||||||||||||||||
Business Segment Revenue Before
Reimbursements |
||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
59,737 | 63,338 | 123,075 | 65,359 | 69,260 | 70,124 | 71,903 | 276,646 | 324,458 | |||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
39 | % | 41 | % | 40 | % | 43 | % | 43 | % | 45 | % | 43 | % | 44 | % | 44 | % | ||||||||||||||||||||||
Business Consulting Services |
63,430 | 57,399 | 120,829 | 58,717 | 58,749 | 57,883 | 66,906 | 242,255 | 290,257 | |||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
41 | % | 37 | % | 39 | % | 38 | % | 37 | % | 37 | % | 40 | % | 38 | % | 40 | % | ||||||||||||||||||||||
International Consulting |
14,484 | 16,145 | 30,629 | 17,512 | 17,266 | 16,067 | 15,516 | 66,361 | 76,605 | |||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
9 | % | 11 | % | 10 | % | 11 | % | 11 | % | 10 | % | 9 | % | 10 | % | 11 | % | ||||||||||||||||||||||
Economic Consulting |
16,966 | 16,988 | 33,954 | 11,463 | 13,878 | 13,258 | 12,887 | 51,486 | 35,742 | |||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
11 | % | 11 | % | 11 | % | 8 | % | 9 | % | 8 | % | 8 | % | 8 | % | 5 | % | ||||||||||||||||||||||
Total Company |
$ | 154,617 | $ | 153,870 | $ | 308,487 | $ | 153,051 | $ | 159,153 | $ | 157,332 | $ | 167,212 | $ | 636,748 | $ | 727,062 | ||||||||||||||||||||||
Segment Operating Profit (5) |
||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
21,585 | 25,408 | 46,993 | 25,966 | 30,025 | 28,369 | 28,234 | 112,594 | 143,870 | |||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
36 | % | 40 | % | 38 | % | 40 | % | 43 | % | 40 | % | 39 | % | 41 | % | 44 | % | ||||||||||||||||||||||
Business Consulting Services |
23,148 | 19,017 | 42,165 | 18,881 | 21,763 | 20,332 | 23,452 | 84,428 | 115,280 | |||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
36 | % | 33 | % | 35 | % | 32 | % | 37 | % | 35 | % | 35 | % | 35 | % | 40 | % | ||||||||||||||||||||||
International Consulting |
3,663 | 3,740 | 7,403 | 2,661 | 4,793 | 4,406 | 4,176 | 16,036 | 22,606 | |||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
25 | % | 23 | % | 24 | % | 15 | % | 28 | % | 27 | % | 27 | % | 24 | % | 30 | % | ||||||||||||||||||||||
Economic Consulting |
6,273 | 6,296 | 12,569 | 3,402 | 5,239 | 4,888 | 4,644 | 18,173 | 14,121 | |||||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
37 | % | 37 | % | 37 | % | 30 | % | 38 | % | 37 | % | 36 | % | 35 | % | 40 | % | ||||||||||||||||||||||
Total Company |
$ | 54,669 | $ | 54,461 | $ | 109,130 | $ | 50,910 | $ | 61,820 | $ | 57,995 | $ | 60,506 | $ | 231,231 | $ | 295,877 | ||||||||||||||||||||||
% of Revenues Before Reimbursements |
35 | % | 35 | % | 35 | % | 33 | % | 39 | % | 37 | % | 36 | % | 36 | % | 41 | % | ||||||||||||||||||||||
Other Operating Data |
||||||||||||||||||||||||||||||||||||||||
Average Billable Full Time
Equivalent Headcount |
||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
642 | 647 | 644 | 701 | 716 | 764 | 810 | 747 | 820 | |||||||||||||||||||||||||||||||
Business Consulting Services |
699 | 706 | 702 | 668 | 699 | 735 | 804 | 727 | 836 | |||||||||||||||||||||||||||||||
International Consulting |
200 | 212 | 206 | 211 | 215 | 233 | 226 | 221 | 208 | |||||||||||||||||||||||||||||||
Economic Consulting |
119 | 114 | 117 | 105 | 104 | 100 | 101 | 102 | 62 | |||||||||||||||||||||||||||||||
Total Company |
1,660 | 1,679 | 1,669 | 1,685 | 1,734 | 1,832 | 1,941 | 1,797 | 1,926 | |||||||||||||||||||||||||||||||
Average Bill Rate (excluding
success fees) |
||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
300 | 292 | 295 | 282 | 280 | 276 | 278 | 279 | 284 | |||||||||||||||||||||||||||||||
Business Consulting Services |
217 | 218 | 217 | 223 | 215 | 210 | 219 | 216 | 223 | |||||||||||||||||||||||||||||||
International Consulting |
259 | 263 | 261 | 267 | 259 | 239 | 233 | 248 | 294 | |||||||||||||||||||||||||||||||
Economic Consulting |
385 | 367 | 376 | 342 | 347 | 344 | 343 | 344 | 332 | |||||||||||||||||||||||||||||||
Total Company |
266 | 264 | 264 | 260 | 255 | 250 | 252 | 254 | 260 | |||||||||||||||||||||||||||||||
Average Utilization (based off
1,850 hrs) |
||||||||||||||||||||||||||||||||||||||||
Dispute and Investigative Services |
69 | % | 75 | % | 72 | % | 75 | % | 74 | % | 72 | % | 73 | % | 74 | % | 78 | % | ||||||||||||||||||||||
Business Consulting Services |
81 | % | 80 | % | 81 | % | 79 | % | 79 | % | 75 | % | 77 | % | 77 | % | 80 | % | ||||||||||||||||||||||
International Consulting |
60 | % | 65 | % | 62 | % | 67 | % | 68 | % | 61 | % | 67 | % | 66 | % | 69 | % | ||||||||||||||||||||||
Economic Consulting |
76 | % | 90 | % | 82 | % | 76 | % | 81 | % | 87 | % | 85 | % | 82 | % | 96 | % | ||||||||||||||||||||||
Total Company |
73 | % | 77 | % | 75 | % | 76 | % | 76 | % | 73 | % | 75 | % | 75 | % | 79 | % |
(4) | During the first quarter of 2010, we made organizational changes in our business which resulted in the formation of additional operating segments and the repositioning of certain service offerings between the segments. Prior year comparative segment data has been restated to be consistent with the current presentation. | |
(5) | Segment Operating Profit is a measure of profit used by management and excludes certain expense amounts not allocated to the specific reporting segments. |
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.
2010 | 2010 | 2009 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||
Q2 | Q1 | Full Year | Q4 | Q3 | Q2 | Q1 | Full Year | Full Year | ||||||||||||||||||||||||||||||||
Operating Income |
$ | 16,885 | $ | 14,583 | $ | 31,468 | $ | 11,603 | $ | 17,716 | $ | 9,528 | $ | 12,884 | $ | 51,731 | $ | 88,754 | ||||||||||||||||||||||
Depreciation |
3,553 | 3,801 | 7,354 | 4,288 | 4,352 | 4,320 | 4,640 | 17,600 | 17,302 | |||||||||||||||||||||||||||||||
Accelerated
depreciation -
office closures included in other operating costs |
| | | 175 | 115 | 387 | 608 | 1,285 | 2,534 | |||||||||||||||||||||||||||||||
Amortization |
2,962 | 2,796 | 5,758 | 2,947 | 3,055 | 3,392 | 3,620 | 13,014 | 16,386 | |||||||||||||||||||||||||||||||
EBITDA |
23,400 | 21,180 | 44,580 | 19,013 | 25,238 | 17,627 | 21,752 | 83,630 | 124,976 | |||||||||||||||||||||||||||||||
Add: |
||||||||||||||||||||||||||||||||||||||||
Office
consolidation
(excluding
depreciation above) |
| | | 2,130 | 870 | 4,225 | 300 | 7,525 | 2,673 | |||||||||||||||||||||||||||||||
Severance expense |
1,007 | 836 | 1,843 | 4,305 | 1,545 | 1,340 | 3,007 | 10,197 | 4,260 | |||||||||||||||||||||||||||||||
Adjusted EBITDA
(excluding office
consolidation and
severance expense) |
24,407 | 22,016 | 46,423 | 25,448 | 27,653 | 23,192 | 25,059 | 101,352 | 131,909 | |||||||||||||||||||||||||||||||
General and
administrative
expenses |
29,089 | 30,460 | 59,549 | 28,142 | 32,500 | 33,513 | 34,893 | 129,048 | 155,378 | |||||||||||||||||||||||||||||||
Long term
compensation
expense related to
consulting
personnel
(including share
based compensation) |
2,180 | 2,821 | 5,001 | 1,625 | 3,212 | 2,630 | 3,561 | 11,028 | 12,850 | |||||||||||||||||||||||||||||||
Severance expense
added above |
(1,007 | ) | (836 | ) | (1,843 | ) | (4,305 | ) | (1,545 | ) | (1,340 | ) | (3,007 | ) | (10,197 | ) | (4,260 | ) | ||||||||||||||||||||||
Total Segment
Operating Profit |
$ | 54,669 | $ | 54,461 | $ | 109,130 | $ | 50,910 | $ | 61,820 | $ | 57,995 | $ | 60,506 | $ | 231,231 | $ | 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.
2010 | 2010 | 2009 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||
Q2 | Q1 | Full Year | Q4 | Q3 | Q2 | Q1 | Full Year | Full Year | ||||||||||||||||||||||||||||||||
Office consolidation expense |
$ | | $ | | $ | | $ | 2,305 | $ | 985 | $ | 4,612 | $ | 908 | $ | 8,810 | $ | 5,207 | ||||||||||||||||||||||
Tax benefit (6) |
| | | (930 | ) | (397 | ) | (1,860 | ) | (366 | ) | (3,553 | ) | (2,100 | ) | |||||||||||||||||||||||||
Net income impact of office
consolidation expense |
$ | | $ | | $ | | $ | 1,375 | $ | 588 | $ | 2,752 | $ | 542 | $ | 5,257 | $ | 3,107 | ||||||||||||||||||||||
Shares used in computing
income per diluted share |
50,264 | 50,096 | 50,180 | 50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 48,285 | |||||||||||||||||||||||||||||||
Diluted income per share
impact of office
consolidation expense |
$ | | $ | | $ | | $ | 0.03 | $ | 0.01 | $ | 0.06 | $ | 0.01 | $ | 0.11 | $ | 0.06 | ||||||||||||||||||||||
Severance expense |
$ | 1,007 | $ | 836 | $ | 1,843 | $ | 4,305 | $ | 1,545 | $ | 1,340 | $ | 3,007 | $ | 10,197 | $ | 4,260 | ||||||||||||||||||||||
Tax benefit(6) |
(371 | ) | (322 | ) | (693 | ) | (1,442 | ) | (480 | ) | (497 | ) | (1,170 | ) | (3,589 | ) | (1,512 | ) | ||||||||||||||||||||||
Net income impact of
severance expense |
$ | 636 | $ | 514 | $ | 1,150 | $ | 2,863 | $ | 1,065 | $ | 843 | $ | 1,837 | $ | 6,608 | $ | 2,748 | ||||||||||||||||||||||
Shares used in computing
income per diluted share |
50,264 | 50,096 | 50,180 | 50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 48,285 | |||||||||||||||||||||||||||||||
Diluted income per share
impact of severance expense |
$ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.06 | $ | 0.02 | $ | 0.02 | $ | 0.04 | $ | 0.13 | $ | 0.06 | ||||||||||||||||||||||
Net income |
$ | 7,828 | $ | 6,447 | $ | 14,275 | $ | 4,789 | $ | 8,340 | $ | 3,385 | $ | 5,433 | $ | 21,947 | $ | 40,057 | ||||||||||||||||||||||
Net income impact of office
consolidation expense |
| | | 1,375 | 588 | 2,752 | 542 | 5,257 | 3,107 | |||||||||||||||||||||||||||||||
Net income impact of
severance expense |
636 | 514 | 1,150 | 2,863 | 1,065 | 843 | 1,837 | 6,608 | 2,748 | |||||||||||||||||||||||||||||||
Adjusted net income,
excluding the net income
impact of office
consolidation and severance
expense |
$ | 8,464 | $ | 6,961 | $ | 15,425 | $ | 9,027 | $ | 9,993 | $ | 6,980 | $ | 7,812 | $ | 33,812 | $ | 45,912 | ||||||||||||||||||||||
Shares used in computing
income per diluted share |
50,264 | 50,096 | 50,180 | 50,018 | 49,954 | 49,756 | 49,449 | 49,795 | 48,285 | |||||||||||||||||||||||||||||||
Adjusted earnings per
share, excluding the net
income impact of office
consolidation and severance
expense |
$ | 0.17 | $ | 0.14 | $ | 0.31 | $ | 0.18 | $ | 0.20 | $ | 0.14 | $ | 0.16 | $ | 0.68 | $ | 0.95 | ||||||||||||||||||||||
(6) | Effective tax benefit has been determined based on specific tax jurisdiction. |