Navigant Consulting 8-K Navigant Consulting, Inc. Announces Second Quarter 2008 Financial 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.

All numbers in $000s except Per Share, People data and	2008						2007												Full Year
percentages	Q2			Q1			Q4			Q3			Q2			Q1			2007
Revenues Before Reimbursements	$	189,385		$	184,294		$	179,693		$	167,057		$	169,650		$	164,838		$	681,238
Reimbursements		22,023			22,845			23,595			23,790			19,983			18,452			85,820
Total Revenues		211,408			207,139			203,288			190,847			189,633			183,290			767,058
Y/Y Growth rate		11	%		13	%		13	%		11	%		15	%		10	%		13	%
Q/Q Growth rate		2	%		2	%		7	%		1	%		3	%		2	%		N/A
Geographic Revenues as % of Total
U.S. Operations		82	%		85	%		84	%		85	%		86	%		89	%		86	%
Non U.S. Operations		18	%		15	%		16	%		15	%		14	%		11	%		14	%
Cost of Services Before Reimbursements		113,852			113,073			109,544			104,405			105,849			101,234			421,032
% of Revenues Before Reimbursements		60	%		61	%		61	%		62	%		62	%		61	%		62	%
General & Administrative Expenses		41,071			38,013			37,203			35,680			34,144			34,403			141,430
% of Revenues Before Reimbursements		22	%		21	%		21	%		21	%		20	%		21	%		21	%
EBITDA (1)		32,507			32,558			25,683			23,675			29,657			27,924			106,939
% of Revenues Before Reimbursements		17	%		18	%		14	%		14	%		17	%		17	%		16	%
Adjusted EBITDA (1) (2)		34,462			33,208			32,946			26,972			29,657			29,201			118,776
% of Revenues Before Reimbursements		18	%		18	%		18	%		16	%		17	%		18	%		17	%
Operating Income		22,909			23,298			16,713			14,108			21,878			20,567			73,266
% of Revenues Before Reimbursements		12	%		13	%		9	%		8	%		13	%		12	%		11	%
Net Income		9,986			10,906			5,976			4,733			11,350			11,337			33,396
% of Revenues Before Reimbursements		5	%		6	%		3	%		3	%		7	%		7	%		5	%
Y/Y Growth rate		-12	%		-4	%		-64	%		-45	%		-19	%		-18	%		-37	%
Q/Q Growth rate		-8	%		82	%		26	%		-58	%		0	%		-32	%		N/A
Net Income Per Diluted Share		0.21			0.23			0.13			0.10			0.21			0.20			0.66
Adjusted Net Income Per Diluted Share (2)		0.24			0.25			0.22			0.14			0.21			0.22			0.80
Shares used in computing income per diluted share		48,257			46,838			46,533			46,462			54,126			55,907			50,757
Balance Sheet
Cash and cash equivalents		10,320			7,632			11,656			21,149			19,691			21,173			11,656
Trade accounts receivable, net		219,868			206,567			189,616			202,097			195,970			179,876			189,616
Days sales outstanding (3)		85			83			77			90			87			81			77
Debt		309,037			267,767			256,616			310,398			303,497			63,506			256,616
Share-based compensation expense related to consulting personnel		2,398			2,515			1,425			3,669			4,397			2,756			12,247
Employee Data (Period End)
Billable		1,928			1,896			1,944			2,009			1,907			1,928			1,944
Non-billable		585			561			539			557			568			536			539
Total		2,513			2,457			2,483			2,566			2,475			2,464			2,483
Segment Information
Business Segment Revenues
North American Dispute and Investigative Services		88,602			91,002			85,620			81,633			80,754			76,727			324,734
%of Total Revenues		42	%		44	%		42	%		43	%		43	%		42	%		42	%
North American Business Consulting Services		92,045			96,341			98,330			91,244			94,399			95,179			379,152
%of Total Revenues		44	%		47	%		48	%		48	%		50	%		52	%		49	%
International Consulting Operations		23,098			19,796			19,338			17,970			14,480			11,384			63,172
%of Total Revenues		11	%		10	%		10	%		9	%		8	%		6	%		8	%
Economics Consulting		7,663			n/a			n/a			n/a			n/a			n/a			n/a
%of Total Revenues		4	%		n/a			n/a			n/a			n/a			n/a			n/a
Segment Operating Profit
North American Dispute and Investigative Services		33,753			35,023			32,666			31,809			30,910			31,144			126,529
% of Revenues Before Reimbursements		43	%		42	%		42	%		43	%		41	%		44	%		42	%
North American Business Consulting Services		33,993			33,330			33,030			29,629			30,072			31,033			123,764
% of Revenues Before Reimbursements		41	%		40	%		39	%		38	%		37	%		37	%		38	%
International Consulting Operations		8,179			5,383			5,878			4,883			7,216			4,183			22,160
% of Revenues Before Reimbursements		40	%		32	%		34	%		33	%		53	%		44	%		40	%
Economics Consulting		2,948			n/a			n/a			n/a			n/a			n/a			n/a
% of Revenues Before Reimbursements		40	%		n/a			n/a			n/a			n/a			n/a			n/a

(1)	See accompanying reconciliation of EBITDA and Adjusted EBITDA
(2)	Adjusted EBITDA and EPS exclude certain operating costs in calculating 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

Confidential & Proprietary

Other Operating Data

	2008						2007												Full Year
	Q2			Q1			Q4			Q3			Q2			Q1			2007
Average Billable Full Time Equivalant Headcount
North American Dispute and Investigative Services		762			796			811			804			790			792			790
North American Business Consulting Services		914			940			998			1,001			1,003			1,052			1,018
International Consulting Operations		185			177			176			157			97			89			154
Economics Consulting		55			n/a			n/a			n/a			n/a			n/a			n/a
Total Company		1,916			1,913			1,985			1,962			1,890			1,933			1,962
Average Bill Rate (excluding success fees)
North American Dispute and Investigative Services		299			292			285			282			276			265			277
North American Business Consulting Services		227			213			196			200			203			201			200
International Consulting Operations		294			293			284			267			251			257			267
Economics Consulting		319			n/a			n/a			n/a			n/a			n/a			n/a
Total Company		266			254			240			238			236			230			236
Average Utilization (based off 1,850 hrs)
North American Dispute and Investigative Services		77	%		84	%		78	%		75	%		76	%		78	%		77	%
North American Business Consulting Services		80	%		84	%		80	%		79	%		76	%		77	%		78	%
International Consulting Operations		76	%		73	%		66	%		71	%		85	%		86	%		75	%
Economics Consulting		88	%		n/a			n/a			n/a			n/a			n/a			n/a
Total Company		79	%		83	%		78	%		77	%		77	%		78	%		77	%

RECONCILIATION OF EBITDA AND ADJUSTED EBITDA TO OPERATING INCOME

	2008				2007									Full Year
All numbers in $000s	Q2		Q1		Q4		Q3			Q2		Q1		2007
Operating Income		22,909		23,298		16,713		14,108			21,878		20,567		73,266
Depreciation		4,381		4,165		4,274		4,189			3,995		3,721		16,179
Accelerated depreciation — office closures included in other operating costs		620		868		—		—			—		—		—
Amortization		4,597		4,227		4,696		5,378			3,784		3,636		17,494
EBITDA (4)		32,507		32,558		25,683		23,675			29,657		27,924		106,939
Operating Costs
Separation and Severance costs		—		—		2,663		3,348			—		1,277		7,288
Office consolidation (exluding depreciation above)		1,955		650		4,600		2,150			—		—		6,750
Gain on sale of property		—		—		—		(2,201	)		—		—		(2,201	)
Adjusted EBITDA (4)		34,462		33,208		32,946		26,972			29,657		29,201		118,776

(4) 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.

Confidential & Proprietary