Navigant Consulting 8-K Navigant Consulting, Inc. Announces Second Quarter 2009 Results

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 in historical information.

TOTAL COMPANY

	2009						Full Year			2008												Full Year
All numbers in $000s except Per Share, People data
and percentages	Q2			Q1			2009			Q4			Q3			Q2			Q1			2008
Revenues Before Reimbursements	$	157,332		$	167,212		$	324,544		$	174,475		$	178,908		$	189,385		$	184,294		$	727,062
Reimbursements		16,224			15,150			31,374			19,526			19,184			22,023			22,845			83,578
Total Revenues		173,556			182,362			355,918			194,001			198,092			211,408			207,139			810,640
Y/Y Growth rate		-18	%		-12	%		-15	%		-5	%		4	%		11	%		13	%		6	%
Q/Q Growth rate		-5	%		-6	%		N/A			-2	%		-6	%		2	%		2	%		N/A
Geographic Revenues as % of Total
U.S. Operations		84	%		86	%		85	%		85	%		82	%		82	%		85	%		83	%
Non U.S. Operations		16	%		14	%		15	%		15	%		18	%		18	%		15	%		17	%
Cost of Services Before Reimbursements		101,967			110,267			212,234			107,027			110,083			113,852			113,073			444,035
% of Revenues Before Reimbursements		65	%		66	%		65	%		61	%		62	%		60	%		61	%		61	%
General & Administrative Expenses		33,513			34,893			68,406			34,877			41,417			41,071			38,013			155,378
% of Revenues Before Reimbursements		21	%		21	%		21	%		20	%		23	%		22	%		21	%		21	%
EBITDA (1)		17,627			21,752			39,379			32,503			27,408			32,507			32,558			124,976
% of Revenues Before Reimbursements		11	%		13	%		12	%		19	%		15	%		17	%		18	%		17	%
Adjusted EBITDA (1)		21,852			22,052			43,904			32,571			27,408			34,462			33,208			127,649
% of Revenues Before Reimbursements		14	%		13	%		14	%		19	%		15	%		18	%		18	%		18	%
Operating Income		9,528			12,884			22,412			23,977			18,570			22,909			23,298			88,754
% of Revenues Before Reimbursements		6	%		8	%		7	%		14	%		10	%		12	%		13	%		12	%
Net Income		3,385			5,433			8,818			11,329			7,836			9,986			10,906			40,057
% of Revenues Before Reimbursements		2	%		3	%		3	%		6	%		4	%		5	%		6	%		6	%
Y/Y Growth rate		-66	%		-50	%		-58	%		90	%		66	%		-12	%		-4	%		20	%
Q/Q Growth rate		-38	%		-52	%		N/A			45	%		-22	%		-8	%		82	%		N/A
Net Income Per Diluted Share (EPS)		0.07			0.11			0.18			0.23			0.16			0.21			0.23			0.83
Adjusted Net Income Per Diluted Share(2)		0.12			0.12			0.24			0.24			0.17			0.24			0.25			0.89
Shares used in computing income per diluted share		49,756			49,449			49,604			49,145			48,895			48,257			46,838			48,285
Balance Sheet
Cash and cash equivalents		5,132			6,743			5,132			23,134			10,530			10,320			7,632			23,134
Trade accounts receivable, net		187,201			188,824			187,201			170,464			197,877			219,868			206,567			170,464
Days sales outstanding (3)		91			87			91			73			84			85			83			73
Debt		239,717			260,522			239,717			232,479			272,979			309,037			267,767			232,479
Share-based compensation expense related to consulting personnel		1,333			1,926			3,259			1,698			2,476			2,399			2,515			9,087
Employee Data (Period End) (4)
Billable		1,778			1,920			1,778			1,931			1,952			1,928			1,896			1,931
Non-billable		535			573			535			577			574			571			547			577
Total		2,313			2,493			2,313			2,508			2,526			2,499			2,443			2,508

(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
(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.

SEGMENT INFORMATION (5)

All numbers in $000s except Per Share, People data and	2009						Full Year			2008												Full Year
percentages	Q2			Q1			2009			Q4			Q3			Q2			Q1			2008
Business Segment Revenues
North American Dispute and Investigative Services	$	72,225		$	72,630		$	144,855		$	78,790		$	79,836		$	88,602		$	91,002		$	338,230
% of Total Revenues		42	%		40	%		41	%		41	%		40	%		42	%		44	%		42	%
North American Business Consulting Services		69,356			79,639			148,995			84,703			82,902			92,045			96,341			355,991
% of Total Revenues		40	%		44	%		42	%		44	%		42	%		44	%		47	%		44	%
International Consulting Operations		17,820			16,046			33,866			15,804			20,828			23,098			19,796			79,526
% of Total Revenues		10	%		9	%		10	%		8	%		11	%		11	%		10	%		10	%
Economic Consulting Services		14,155			14,047			28,202			14,704			14,526			7,663			n/a			36,893
% of Total Revenues		8	%		8	%		8	%		8	%		7	%		4	%		n/a			5	%
Business Segment Revenue Before Reimbursements
North American Dispute and Investigative Services		65,810			67,247			133,057			71,359			72,363			79,305			83,823			306,850
% of Revenues Before Reimbursements		42	%		40	%		41	%		41	%		40	%		42	%		45	%		42	%
North American Business Consulting Services		63,566			72,772			136,338			75,131			74,048			82,030			83,468			314,677
% of Revenues Before Reimbursements		40	%		44	%		42	%		43	%		41	%		43	%		45	%		43	%
International Consulting Operations		14,698			14,306			29,004			13,778			18,311			20,701			17,003			69,793
% of Revenues Before Reimbursements		9	%		9	%		9	%		8	%		10	%		11	%		9	%		10	%
Economic Consulting Services		13,258			12,887			26,145			14,207			14,186			7,349			n/a			35,742
% of Revenues Before Reimbursements		8	%		8	%		8	%		8	%		8	%		4	%		n/a			5	%
Segment Operating Profit(5)
North American Dispute and Investigative Services		25,681			25,450			51,131			30,106			32,558			33,753			35,023			131,440
% of Revenues Before Reimbursements		39	%		38	%		38	%		42	%		45	%		43	%		42	%		43	%
North American Business Consulting Services		23,356			26,391			49,747			31,695			28,047			33,993			33,330			127,065
% of Revenues Before Reimbursements		37	%		36	%		36	%		42	%		38	%		41	%		40	%		40	%
International Consulting Operations		4,070			4,021			8,091			3,562			6,127			8,179			5,383			23,251
% of Revenues Before Reimbursements		28	%		28	%		28	%		26	%		33	%		40	%		32	%		33	%
Economic Consulting Services		4,888			4,644			9,532			5,219			5,954			2,948			n/a			14,121
% of Revenues Before Reimbursements		37	%		36	%		36	%		37	%		42	%		40	%		n/a			40	%
Other Operating Data
Average Billable Full Time Equivalent Headcount
North American Dispute and Investigative Services		719			765			742			779			761			762			796			775
North American Business Consulting Services		797			868			832			871			886			914			940			904
International Consulting Operations		216			207			212			192			189			185			177			185
Economic Consulting Services		100			101			100			98			91			55			n/a			62
Total Company		1,832			1,941			1,886			1,940			1,927			1,916			1,913			1,926
Average Bill Rate (excluding success fees)
North American Dispute and Investigative Services		281			283			282			275			291			299			292			290
North American Business Consulting Services		212			221			216			230			227			227			213			224
International Consulting Operations		230			223			226			250			292			294			293			280
Economic Consulting Services		344			343			344			335			337			319			n/a			332
Total Company		250			252			251			257			265			266			254			260
Average Utilization (based off 1,850 hrs)
North American Dispute and Investigative Services		71	%		72	%		71	%		75	%		73	%		77	%		84	%		77	%
North American Business Consulting Services		75	%		77	%		76	%		78	%		78	%		80	%		84	%		80	%
International Consulting Operations		62	%		69	%		66	%		67	%		72	%		76	%		73	%		72	%
Economic Consulting Services		87	%		85	%		86	%		98	%		99	%		88	%		n/a			96	%
Total Company		73	%		75	%		74	%		77	%		76	%		79	%		83	%		79	%

RECONCILIATION OF EBITDA AND ADJUSTED EBITDA TO OPERATING INCOME

	2009				Full Year		2008								Full Year
All numbers in $000s	Q2		Q1		2009		Q4		Q3		Q2		Q1		2008
Operating Income	$	9,528	$	12,884	$	22,412	$	23,977	$	18,570	$	22,909	$	23,298	$	88,754
Depreciation		4,320		4,640		8,960		4,426		4,330		4,381		4,165		17,302
Accelerated depreciation — office closures included in other operating costs		387		608		995		493		553		620		868		2,534
Amortization		3,392		3,620		7,012		3,607		3,955		4,597		4,227		16,386
EBITDA (6)		17,627		21,752		39,379		32,503		27,408		32,507		32,558		124,976
Operating Costs
Office consolidation (excluding depreciation above)		4,225		300		4,525		68		—		1,955		650		2,673
Adjusted EBITDA (6)		21,852		22,052		43,904		32,571		27,408		34,462		33,208		127,649
General and administrative expenses		33,513		34,893		68,406		34,877		41,417		41,071		38,013		155,378
Long term compensation expense related to consulting personnel (including share based compensation)		2,630		3,561		6,191		3,134		3,861		3,340		2,515		12,850
Total Segment Operating Profit (5)	$	57,995	$	60,506	$	118,501	$	70,582	$	72,686	$	78,873	$	73,736	$	295,877

(5)

Segment Operating Profit is a measure of profit used by management and excludes certain expense amounts not allocated to the specific reporting segments.

(6)

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.