Navigant Consulting 8-K Navigant Reports Preliminary Unaudited Fourth Quarter and Full Year 2010 Financial Results and Provides 2011 Business and Financial Outlook

Exhibit 99.2

NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
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 risk factors contained 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 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

All numbers in $000s except Per Share, DSO, People data and	2010												2010			2009												2009			2008
percentages	Q4			Q3			Q2			Q1			Full Year			Q4			Q3			Q2			Q1			Full Year			Full Year
Revenues Before Reimbursements	$	161,752		$	153,222		$	154,617		$	153,870		$	623,461		$	153,051		$	159,153		$	157,332		$	167,212		$	636,748		$	727,062
Reimbursements		21,188			21,625			17,706			19,680			80,199			20,907			18,210			16,224			15,150			70,491			83,578
Total Revenues		182,940			174,847			172,323			173,550			703,660			173,958			177,363			173,556			182,362			707,239			810,640
Y/Y Growth rate		5	%		-1	%		-1	%		-5	%		-1	%		-10	%		-10	%		-18	%		-12	%		-13	%		6	%
Q/Q Growth rate		5	%		1	%		-1	%		0	%		N/A			-2	%		2	%		-5	%		-6	%		N/A			N/A
Geographic Revenues as % of Total
U.S. Operations		88	%		88	%		86	%		84	%		85	%		82	%		84	%		84	%		86	%		84	%		83	%
Non U.S. Operations		12	%		12	%		14	%		16	%		15	%		18	%		16	%		16	%		14	%		16	%		17	%
Cost of Services Before Reimbursements		111,797			102,368			102,128			102,230			418,523			103,766			100,545			101,967			110,267			416,545			444,035
% of Revenues Before Reimbursements		69	%		67	%		66	%		66	%		67	%		68	%		63	%		65	%		66	%		65	%		61	%
General & Administrative Expenses		31,347			30,789			29,089			30,460			121,685			28,142			32,500			33,513			34,893			129,048			155,378
% of Revenues Before Reimbursements		19	%		20	%		19	%		20	%		20	%		18	%		20	%		21	%		21	%		20	%		21	%
EBITDA (1)		18,608			20,965			23,400			21,180			84,153			19,013			25,238			17,627			21,752			83,630			124,976
% of Revenues Before Reimbursements		12	%		14	%		15	%		14	%		13	%		12	%		16	%		11	%		13	%		13	%		17	%
Adjusted EBITDA (excluding other operating costs (benefit) and severance expense) (1)		21,201			21,448			24,407			22,016			89,072			25,448			27,653			23,192			25,059			101,352			131,909
% of Revenues Before Reimbursements		13	%		14	%		16	%		14	%		14	%		17	%		17	%		15	%		15	%		16	%		18	%
Operating Income		4,284			14,269			16,885			14,583			50,021			11,603			17,716			9,528			12,884			51,731			88,754
% of Revenues Before Reimbursements		3	%		9	%		11	%		9	%		8	%		8	%		11	%		6	%		8	%		8	%		12	%
Net Income		559			9,223			7,828			6,447			24,057			4,789			8,340			3,385			5,433			21,947			40,057
% of Revenues Before Reimbursements		0	%		6	%		5	%		4	%		4	%		3	%		5	%		2	%		3	%		3	%		6	%
Y/Y Growth rate		-88	%		11	%		131	%		19	%		10	%		-58	%		6	%		-66	%		-50	%		-45	%		20	%
Q/Q Growth rate		-94	%		18	%		21	%		35	%		N/A			-43	%		146	%		-38	%		-52	%		N/A			N/A
Net Income Per Diluted Share (EPS)		0.01			0.18			0.16			0.13			0.48			0.10			0.17			0.07			0.11			0.44			0.83
Adjusted Net Income Per Diluted Share (excluding the net income impact of other operating costs (benefit), severance expense and non recurring foreign tax elections) (2)		0.15			0.16			0.17			0.14			0.61			0.18			0.20			0.14			0.16			0.68			0.95
Shares used in computing income per diluted share		50,909			50,518			50,264			50,096			50,447			50,018			49,954			49,756			49,449			49,795			48,285
Balance Sheet
Cash and cash equivalents		1,981			5,383			3,000			361			1,981			49,144			13,342			5,132			6,743			49,144			23,134
Trade accounts receivable, net		179,058			178,881			162,227			174,690			179,058			163,608			185,129			187,201			188,824			163,608			170,464
Days sales outstanding (DSO)		81			86			79			83			81			78			87			91			87			78			73
Debt		202,951			199,370			202,549			197,275			202,951			219,375			222,326			239,717			260,522			219,375			232,479
Share-based compensation expense related to consulting personnel		1,118			928			1,040			801			3,887			869			955			1,333			1,926			5,083			9,087
Employee Full Time Equivalent Data (Period End) (3)
Billable		1,779			1,652			1,668			1,661			1,779			1,666			1,716			1,778			1,920			1,666			1,931
Non-billable		528			508			522			518			528			511			514			535			573			511			577
Total		2,307			2,160			2,190			2,179			2,307			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 other operating costs (benefit), severance expense and non recurring foreign tax elections. See accompanying schedule for further information regarding non-GAAP financial measures included in this chart.
(3)	Employee Full Time Equivalent Data represents full-time equivalent (FTE) employees (adjusted for part-time status).

Page 1 of 4

SEGMENT INFORMATION (4)

All numbers in $000s except Per Share, People	2010												2010			2009												2009			2008
data and percentages	Q4			Q3			Q2			Q1			Full Year			Q4			Q3			Q2			Q1			Full Year			Full Year
Business Segment Revenues
Dispute and Investigative Services		70,627			71,279			63,867			67,894		$	273,667			72,160			76,010			76,758			77,496		$	302,424		$	356,524
% of Total Revenues		39	%		41	%		37	%		39	%		39	%		41	%		43	%		44	%		43	%		43	%		43	%
Business Consulting Services		78,185			68,894			71,756			66,250			285,085			67,419			65,450			63,393			73,516			269,778			329,550
% of Total Revenues		43	%		39	%		42	%		38	%		41	%		39	%		37	%		37	%		40	%		38	%		41	%
International Consulting		16,046			16,443			18,078			20,797			71,364			21,780			21,279			19,250			17,303			79,612			87,673
% of Total Revenues		9	%		9	%		10	%		12	%		10	%		13	%		12	%		11	%		9	%		11	%		11	%
Economic Consulting		18,082			18,231			18,622			18,609			73,544			12,599			14,624			14,155			14,047			55,425			36,893
% of Total Revenues		10	%		10	%		11	%		11	%		10	%		7	%		8	%		8	%		8	%		8	%		5	%
Total Company	$	182,940		$	174,847		$	172,323		$	173,550		$	703,660		$	173,958		$	177,363		$	173,556		$	182,362		$	707,239		$	810,640
Business Segment Revenues Before Reimbursements
Dispute and Investigative Services		63,540			64,997			59,737			63,338			251,612			65,359			69,260			70,124			71,903			276,646			324,458
% of Revenues Before Reimbursements		39	%		42	%		39	%		41	%		40	%		43	%		43	%		45	%		43	%		44	%		44	%
Business Consulting Services		68,749			58,406			63,430			57,399			247,984			58,717			58,749			57,883			66,906			242,255			290,257
% of Revenues Before Reimbursements		43	%		38	%		41	%		37	%		40	%		38	%		37	%		37	%		40	%		38	%		40	%
International Consulting		12,760			13,231			14,484			16,145			56,620			17,512			17,266			16,067			15,516			66,361			76,605
% of Revenues Before Reimbursements		8	%		9	%		9	%		11	%		9	%		11	%		11	%		10	%		9	%		10	%		11	%
Economic Consulting		16,703			16,588			16,966			16,988			67,245			11,463			13,878			13,258			12,887			51,486			35,742
% of Revenues Before Reimbursements		10	%		11	%		11	%		11	%		11	%		8	%		9	%		8	%		8	%		8	%		5	%
Total Company	$	161,752		$	153,222		$	154,617		$	153,870		$	623,461		$	153,051		$	159,153		$	157,332		$	167,212		$	636,748		$	727,062
Segment Operating Profit (5)
Dispute and Investigative Services		23,733			26,738			21,585			25,408			97,464			25,966			30,025			28,369			28,234			112,594			143,870
% of Revenues Before Reimbursements		37	%		41	%		36	%		40	%		39	%		40	%		43	%		40	%		39	%		41	%		44	%
Business Consulting Services		22,722			19,817			23,148			19,017			84,704			18,881			21,763			20,332			23,452			84,428			115,280
% of Revenues Before Reimbursements		33	%		34	%		36	%		33	%		34	%		32	%		37	%		35	%		35	%		35	%		40	%
International Consulting		1,632			1,680			3,663			3,740			10,715			2,661			4,793			4,406			4,176			16,036			22,606
% of Revenues Before Reimbursements		13	%		13	%		25	%		23	%		19	%		15	%		28	%		27	%		27	%		24	%		30	%
Economic Consulting		4,878			5,585			6,273			6,296			23,032			3,402			5,239			4,888			4,644			18,173			14,121
% of Revenues Before Reimbursements		29	%		34	%		37	%		37	%		34	%		30	%		38	%		37	%		36	%		35	%		40	%
Total Company	$	52,965		$	53,820		$	54,669		$	54,461		$	215,915		$	50,910		$	61,820		$	57,995		$	60,506		$	231,231		$	295,877
% of Revenues Before Reimbursements		33	%		35	%		35	%		35	%		35	%		33	%		39	%		37	%		36	%		36	%		41	%
Other Operating Data
Average Billable Full Time Equivalent Headcount
Dispute and Investigative Services		616			627			642			647			633			701			716			764			810			747			820
Business Consulting Services		833			703			699			706			735			668			699			735			804			727			836
International Consulting		173			189			200			212			193			211			215			233			226			221			208
Economic Consulting		133			136			119			114			126			105			104			100			101			102			62
Total Company		1,755			1,655			1,660			1,679			1,687			1,685			1,734			1,832			1,941			1,797			1,926
Average Bill Rate (excluding success fees)
Dispute and Investigative Services		290			296			300			292			295			282			280			276			278			279			284
Business Consulting Services		222			219			217			218			219			223			215			210			219			216			223
International Consulting		288			280			259			263			271			267			259			239			233			248			294
Economic Consulting		382			375			385			367			377			342			347			344			343			344			332
Total Company		267			267			266			264			266			260			255			250			252			254			260
Average Utilization (based off 1,850 hrs)
Dispute and Investigative Services		74	%		72	%		69	%		75	%		72	%		75	%		74	%		72	%		73	%		74	%		78	%
Business Consulting Services		79	%		79	%		81	%		80	%		80	%		79	%		79	%		75	%		77	%		77	%		80	%
International Consulting		55	%		54	%		60	%		65	%		58	%		67	%		68	%		61	%		67	%		66	%		69	%
Economic Consulting		72	%		69	%		76	%		90	%		76	%		76	%		81	%		87	%		85	%		82	%		96	%
Total Company		74	%		73	%		73	%		77	%		74	%		76	%		76	%		73	%		75	%		75	%		79	%

(4)	During the first quarter of 2010, the Company made organizational changes in its 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.

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NAVIGANT CONSULTING, INC. AND SUBSIDIARIES
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 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 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 costs and benefits due to its real estate initiatives including the impact of closing certain offices and changes in market conditions associated with expected sublease proceeds. During the quarter ended September 30, 2010, the Company recorded a non recurring benefit from a tax election related to certain of its foreign entities. During the quarter ended December 31, 2010 the Company recorded an impairment on its intangible assets relating to its International Consulting segment. Adjusted EBITDA and adjusted operating income excludes the impact of other operating costs (benefit) and severance, and adjusted earnings per share excludes the net income impact of other operating costs (benefit), severance and the non recurring benefit from a tax election related to certain of the Company’s foreign entities in all periods presented. Severance and other operating costs (benefit) are not considered to be non recurring, infrequent or unusual to the Company’s business, however, management believes providing investors with this information gives additional insights into Navigant’s operating performance. Although the intangible assets impairment previously discussed has not historically been as frequent as severance and office consolidation costs, we have substantial intangible assets which could become impaired in the future. While management believes that these non-GAAP financial measures are useful in evaluating Navigant’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 and Adjusted EBITDA

EBITDA (earnings before interest, taxes, depreciation and amortization) is not a measure of financial performance under 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 Company’s 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 other operating costs (benefit) and severance 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
	Q4			Q3			Q2			Q1			Full Year			Q4			Q3			Q2			Q1			Full Year			Full Year
Operating Income	$	4,284		$	14,269		$	16,885		$	14,583		$	50,021		$	11,603		$	17,716		$	9,528		$	12,884		$	51,731		$	88,754
Depreciation		3,575			3,528			3,553			3,801			14,457			4,288			4,352			4,320			4,640			17,600			17,302
Accelerated depreciation - office closures included in other operating costs (benefit)		—			—			—			—			—			175			115			387			608			1,285			2,534
Amortization		3,442			3,168			2,962			2,796			12,368			2,947			3,055			3,392			3,620			13,014			16,386
Intangible assets impairment		7,307			—			—			—			7,307			—			—			—			—			—			—
EBITDA		18,608			20,965			23,400			21,180			84,153			19,013			25,238			17,627			21,752			83,630			124,976
Add:
Other operating costs (benefit):
Office consolidation (excluding depreciation above)		—			(900	)		—			—			(900	)		2,130			870			4,225			300			7,525			2,673
Severance expense		2,593			1,383			1,007			836			5,819			4,305			1,545			1,340			3,007			10,197			4,260
Adjusted EBITDA (excluding other operating costs (benefit) and severance expense)		21,201			21,448			24,407			22,016			89,072			25,448			27,653			23,192			25,059			101,352			131,909
General and administrative expenses		31,347			30,789			29,089			30,460			121,685			28,142			32,500			33,513			34,893			129,048			155,378
Long term compensation expense related to consulting personnel (including share based compensation)		3,010			2,966			2,180			2,821			10,977			1,625			3,212			2,630			3,561			11,028			12,850
Severance expense added above		(2,593	)		(1,383	)		(1,007	)		(836	)		(5,819	)		(4,305	)		(1,545	)		(1,340	)		(3,007	)		(10,197	)		(4,260	)
Total Segment Operating Profit	$	52,965		$	53,820		$	54,669		$	54,461		$	215,915		$	50,910		$	61,820		$	57,995		$	60,506		$	231,231		$	295,877

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Adjusted earnings per share (adjusted to exclude the net income impact from other operating costs (benefit), severance expense and non recurring foreign tax elections)

The Company discloses adjusted earnings per share to exclude the net income impact from other operating costs (benefit), severance expense and non recurring foreign tax elections as discussed above. Management believes the adjusted earnings per share information provides additional insights into Navigant’s 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
	Q4			Q3			Q2			Q1			Full Year			Q4			Q3			Q2			Q1			Full Year			Full Year
Other operating costs (benefit) - office consolidation	$	—		$	(900	)	$	—		$	—		$	(900	)	$	2,305		$	985		$	4,612		$	908		$	8,810		$	5,207
Income tax (benefit) (6)		—			363			—			—			363			(930	)		(397	)		(1,860	)		(366	)		(3,553	)		(2,100	)
Net income impact of other operating costs (benefit) - office consolidation	$	—		$	(537	)	$	—		$	—		$	(537	)	$	1,375		$	588		$	2,752		$	542		$	5,257		$	3,107
Shares used in computing income per diluted share		50,909			50,518			50,264			50,096			50,447			50,018			49,954			49,756			49,449			49,795			48,285
Diluted income per share impact of other operating costs (benefit) - office consolidation	$	—		$	(0.01	)	$	—		$	—		$	(0.01	)	$	0.03		$	0.01		$	0.06		$	0.01		$	0.11		$	0.06
Other operating costs (benefit) - intangible assets impairment	$	7,307		$	—		$	—		$	—		$	7,307		$	—		$	—		$	—		$	—		$	—		$	—
Income tax (benefit) (6)		(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		50,909			50,518			50,264			50,096			50,447			50,018			49,954			49,756			49,449			49,795			48,285
Diluted income per share impact of other operating costs (benefit) - intangible assets impairment	$	0.10		$	—		$	—		$	—		$	0.11		$	—		$	—		$	—		$	—		$	—		$	—
Severance expense	$	2,593		$	1,383		$	1,007		$	836		$	5,819		$	4,305		$	1,545		$	1,340		$	3,007		$	10,197		$	4,260
Income tax (benefit)(6)		(1,020	)		(415	)		(371	)		(322	)		(2,128	)		(1,442	)		(480	)		(497	)		(1,170	)		(3,589	)		(1,512	)
Net income impact of severance expense	$	1,573		$	968		$	636		$	514		$	3,691		$	2,863		$	1,065		$	843		$	1,837		$	6,608		$	2,748
Shares used in computing income per diluted share		50,909			50,518			50,264			50,096			50,447			50,018			49,954			49,756			49,449			49,795			48,285
Diluted income per share impact of severance expense	$	0.03		$	0.02		$	0.01		$	0.01		$	0.07		$	0.06		$	0.02		$	0.02		$	0.04		$	0.13		$	0.06
Net income	$	559		$	9,223		$	7,828		$	6,447		$	24,057		$	4,789		$	8,340		$	3,385		$	5,433		$	21,947		$	40,057
Net income impact of other operating costs (benefit) - office consolidation		—			(537	)		—			—			(537	)		1,375			588			2,752			542			5,257			3,107
Net income impact of other operating costs (benefit) - intangible assets impairment		5,316			—			—			—			5,316			—			—			—			—			—			—
Net income impact of severance expense		1,573			968			636			514			3,691			2,863			1,065			843			1,837			6,608			2,748
Non recurring foreign tax elections		—			(1,751	)		—			—			(1,751	)		—			—			—			—			—			—
Adjusted net income, excluding the net income impact of other operating costs (benefit), severance expense and non recurring foreign tax elections	$	7,448		$	7,903		$	8,464		$	6,961		$	30,776		$	9,027		$	9,993		$	6,980		$	7,812		$	33,812		$	45,912
Shares used in computing income per diluted share		50,909			50,518			50,264			50,096			50,447			50,018			49,954			49,756			49,449			49,795			48,285
Adjusted earnings per share, excluding the net income impact of other operating costs (benefit), severance expense and non recurring foreign tax elections	$	0.15		$	0.16		$	0.17		$	0.14		$	0.61		$	0.18		$	0.20		$	0.14		$	0.16		$	0.68		$	0.95

(6) Effective income tax (benefit) has been determined based on specific tax jurisdiction.

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