Navigant Consulting 8-K Results of Operations and Financial Condition

Exhibit 99.1

NAVIGANT REPORTS FOURTH QUARTER AND

FULL YEAR 2014 FINANCIAL RESULTS

CHICAGO, February 12, 2015 –Navigant (NYSE: NCI) today announced financial results for the fourth quarter and full year ended December 31, 2014. The Company also introduced its business and financial outlook for 2015.

Financial Summary and Highlights:

• Fourth quarter 2014 revenues before reimbursements (RBR) increased 12% year-over-year to $199.5 million, and total revenues increased 9% year-over-year to $223.6 million; net income from continuing operations was $12.3 million or $0.25 per share; adjusted earnings per share (EPS) increased 12% year-over-year to $0.28, and adjusted EBITDA increased 1% year-over-year to $30.2 million.

• Fourth quarter 2014 RBR results included organic growth of 2% year-over-year, highlighted by an increase in organic growth in three out of four segments.

• Full year 2014 RBR increased 4% year-over-year to $766.6 million, and total revenues increased 3% year-over-year to $859.6 million; net loss from continuing operations was $36.9 million, or $0.76 per share, which included a goodwill impairment charge of $122.0 million recorded in second quarter 2014; adjusted EPS was $1.02, and adjusted EBITDA was $116.2 million.

• Bank debt lowered to $109.8 million during fourth quarter 2014, which decreased leverage (bank debt divided by trailing twelve month adjusted EBITDA) to 0.94 on a sequential basis from the 2014 third quarter.

• 449,191 shares of common stock repurchased in fourth quarter 2014 at an average cost of $14.44 per share for a total of approximately 1.7 million shares repurchased in 2014 at an average cost of $16.50 per share.

Navigant reported fourth quarter 2014 RBR of $199.5 million, a 12% increase compared to $177.8 million for fourth quarter 2013, with year-over-year RBR growth in three segments. Total revenues increased 9% to $223.6 million for fourth quarter 2014 compared to $204.8 million for fourth quarter 2013. Net income from continuing operations for fourth quarter 2014 was $12.3 million, or $0.25 per share, compared to $14.2 million, or $0.28 per share, in the prior year quarter. The effective income tax rate was 38% for fourth quarter 2014 compared to 45% in the prior year quarter. Adjusted EPS increased 12% to $0.28 for fourth quarter 2014 compared to $0.25 for fourth quarter 2013. Adjusted EBITDA increased 1% to $30.2 million for fourth quarter 2014 compared to $29.8 million for the same period in 2013.

RBR for full year 2014 improved 4% on a year-over-year basis to $766.6 million compared to $734.4 million for 2013. Total revenues also improved 3% on a year-over-year basis to $859.6 million for full year 2014 compared to $835.6 million for the prior year. Net loss from

continuing operations for full year 2014 was $36.9 million, or $0.76 per share, which included a goodwill impairment charge of $122.0 million recorded in second quarter 2014, compared to net income from continuing operations of $55.1 million, or $1.08 per share, in the prior year. Adjusted EPS for full year 2014 was $1.02 compared to $1.06 for 2013. Adjusted EBITDA was $116.2 million for full year 2014 compared to $124.1 million in 2013. Adjusted EBITDA margin (adjusted EBITDA as a percentage of RBR) was 15% for full year 2014.

Julie Howard, Chairman and Chief Executive Officer, commented, “Fourth quarter results were as expected with year-over-year growth in three of our four reporting segments. As we reflect on 2014, we are pleased with the trends in our organic growth performance over the course of the year. Additionally, we have high expectations as we enter 2015 about our prospects to build on the strong foundation and combination of specialized consulting, technology solutions and business process management services we now have in place.”

Howard continued, “We expect the anticipated market trends, industry reforms and regulatory environments facing our clients will lead to increasing demand for our complementary mix of expertise and solutions that address business risk, business performance and business transformation.”

Segment Financial Summary

	For the quarter ended December 31,									For the full year ended December 31,
	2014			2013			Change			2014			2013			Change
RBR ($000)
Disputes, Investigations & Economics	$	77,382		$	72,852			6.2	%	$	309,570		$	301,545			2.7	%
Financial, Risk & Compliance		34,643			37,691			-8.1	%		135,498			155,656			-13.0	%
Healthcare		61,672			44,298			39.2	%		223,817			182,783			22.4	%
Energy		25,761			22,948			12.3	%		97,667			94,449			3.4	%
Total Company	$	199,458		$	177,789			12.2	%	$	766,552		$	734,433			4.4	%
Total Revenues ($000)
Disputes, Investigations & Economics	$	83,227		$	78,700			5.8	%	$	333,273		$	326,130			2.2	%
Financial, Risk & Compliance		41,537			47,180			-12.0	%		162,637			190,116			-14.5	%
Healthcare		68,218			49,920			36.7	%		248,095			205,215			20.9	%
Energy		30,651			29,024			5.6	%		115,612			114,124			1.3	%
Total Company	$	223,633		$	204,824			9.2	%	$	859,617		$	835,585			2.9	%
Segment Operating Profit ($000)
Disputes, Investigations & Economics	$	26,271		$	22,880			14.8	%	$	104,466		$	99,828			4.6	%
Financial, Risk & Compliance		14,674			14,590			0.6	%		58,929			62,487			-5.7	%
Healthcare		16,874			15,815			6.7	%		65,104			67,696			-3.8	%
Energy		8,245			7,441			10.8	%		30,507			31,280			-2.5	%
Total Company	$	66,064		$	60,726			8.8	%	$	259,006		$	261,291			-0.9	%
Segment Operating Margin (% of RBR)
Disputes, Investigations & Economics		33.9	%		31.4	%					33.7	%		33.1	%
Financial, Risk & Compliance		42.4	%		38.7	%					43.5	%		40.1	%
Healthcare		27.4	%		35.7	%					29.1	%		37.0	%
Energy		32.0	%		32.4	%					31.2	%		33.1	%
Total Company		33.1	%		34.2	%					33.8	%		35.6	%

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RBR for the Healthcare segment increased 39% year-over-year for fourth quarter 2014 with 1% organic RBR growth for the period. RBR growth was driven primarily by business process management services, which includes the Cymetrix operations acquired in May 2014. Segment operating profit margin was 27% versus 36% in the same period last year, mainly due to the lower margin profile of the business process management services operations. For full year 2014, RBR increased 22% year-over-year, also primarily driven by the business process management services operations. Segment operating profit margin was 29% in 2014 compared to 37% in 2013, as a result of the lower margin profile of the business process management services operations in addition to costs of maintaining consulting capabilities despite lower than anticipated levels of RBR.

The Financial, Risk & Compliance segment RBR for fourth quarter 2014 decreased 8% compared to the prior year quarter. Growth driven by continued demand from large financial institutions was offset by a previously anticipated reduction in RBR from restructuring-related services. Growth of more profitable engagements led to a 1% increase in fourth quarter 2014 segment operating profit year-over-year. For full year 2014, an RBR decrease of 13% and a segment operating profit decrease of 6%, respectively, were substantially less than anticipated as compared to 2013. Segment performance for the year reflects the expected reduced contribution from mortgage servicing review engagements and restructuring-related services, partially offset by new compliance work from large financial institutions.

The Energy segment RBR for fourth quarter 2014 increased 12%, which was entirely organic, compared to fourth quarter 2013. The segment benefitted from investments made in senior hires earlier in the year in addition to the continued demand for energy efficiency and demand-side energy management services. Fourth quarter 2014 segment operating profit increased 11% year-over-year. Full year 2014 RBR increased 3%, which was entirely organic, versus the prior year. Segment operating profit for full year 2014 declined 2% compared to 2013, mainly due to investments in senior hires during the first half of 2014.

The Disputes, Investigations & Economics segment fourth quarter 2014 RBR increased 6% year-over-year, which was nearly all organic. The increase was driven primarily by higher demand for our legal technology solutions and general litigation, and increased activity in global construction, which included a success fee of $1.9 million, partially offset by a lower contribution from economics engagements. Segment operating profit increased 15% in fourth quarter 2014 compared to the same period of 2013. Full year 2014 RBR increased 3% compared to 2013. Segment operating profit for 2014 increased 5% compared to 2013.

Cash Flow

Free cash flow was $12.7 million for fourth quarter 2014 compared to $15.2 million for the same period in 2013. Full year 2014 free cash flow was $72.4 million compared to $78.8 million for 2013. Days Sales Outstanding (DSO) was 69 days as of December 31, 2014, up 4 days compared to December 31, 2013, reflecting the very strong cash collections in fourth quarter 2013.

3

Bank debt was $109.8 million at December 31, 2014 compared to $56.7 million at December 31, 2013. Leverage (bank debt divided by trailing twelve month adjusted EBITDA) was 0.94 at December 31, 2014 compared to 0.46 at December 31, 2013. However, 2014 fourth quarter debt levels declined sequentially from the 2014 second and third quarters following additional borrowings to fund the Cymetrix acquisition in second quarter 2014.

Navigant repurchased 449,191 shares of common stock during fourth quarter 2014 at an aggregate cost of $6.5 million and an average cost of $14.44 per share. For the full year, the Company repurchased approximately 1.7 million shares at an aggregate cost of $27.3 million and an average cost of $16.50 per share. As of December 31, 2014, $72.7 million was available under the Company’s share repurchase authorization.

“We made significant progress in advancing our growth strategy during 2014,” said Lucinda (Cindy) Baier, Executive Vice President and Chief Financial Officer. “In particular, we completed strategic acquisitions and made organic investments to both complement and enhance our core businesses. As always, we remained intensely focused on strong capital management while investing in our future. Looking ahead, we are focused on generating improved organic revenue growth in 2015 and further positioning the company for success over the long term.”

2015 Outlook

Navigant is introducing its 2015 financial outlook. Full year 2015 RBR is expected to range between $815 and $845 million while 2015 total revenues are estimated to be between $900 and $930 million. Adjusted EBITDA is expected to range between $115 and $125 million and adjusted EPS is estimated to be between $0.90 and $1.00.

Non-GAAP Financial Information

This press release 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 the financial schedules attached to this press release. This information 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.

Conference Call Details

Julie Howard and Cindy Baier will host a conference call to discuss the Company’s fourth quarter and full year 2014 results at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on Thursday, February 12, 2015. The conference call may be accessed via the Navigant website (www.navigant.com/investor_relations) or by dialing 888.989.6515 (630.395.0130 for international callers) and referencing pass code “NCI.” An archived version of the webcast will also be available via the Navigant website. A report of financial and related supplemental information is also available via the Navigant website.

4

About Navigant

Navigant (NYSE: NCI) is a specialized, global professional services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals deliver expert and advisory work through implementation and business process management services. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries, including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found atnavigant.com.

Statements included in this press release which are not historical in nature are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by words such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “plan,” “outlook” and similar expressions. These statements are based upon management’s current expectations and speak only as of the date of this press release. The Company cautions readers that there may be events in the future that the Company is not able to accurately predict or control and the information contained in the forward-looking statements is inherently uncertain and subject to a number of risks that could cause actual results to differ materially from those contained in or implied by the forward-looking statements including, without limitation: the success of the Company’s organizational changes and margin improvement initiatives; risks inherent in international operations, including foreign currency fluctuations; ability to make acquisitions and divestitures; pace, timing and integration of acquisitions and separation of divestitures; operational risks associated with new or expanded service areas, including business process management services; impairments; management of professional staff, including dependence on key personnel, recruiting, attrition and the ability to successfully integrate new consultants into the Company’s practices; utilization rates; conflicts of interest; potential loss of clients or large engagements; clients’ financial condition and their ability to make payments to the Company; risks inherent with litigation; higher risk client assignments; professional liability; potential legislative and regulatory changes; continued access to capital; and market and general economic conditions. Further information on these and other potential factors that could affect the Company’s financial results are included under the “Risk Factors” section and elsewhere in the Company’s filings with the Securities and Exchange Commission (SEC), which are available on the SEC’s website or atwww.navigant.com/investor_relations. The Company cannot guarantee any future results, levels of activity, performance or achievement and undertakes no obligation to update any of its forward-looking statements.

For additional information contact:

Aaron Miles

Investor Relations

312.583.5820

aaron.miles@navigant.com

5

NAVIGANT CONSULTING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(In thousands, except per share data (1))

(Unaudited)

	For the quarter ended December 31,						For the year ended December 31,
	2014			2013			2014			2013
Revenues:
Revenues before reimbursements	$	199,458		$	177,789		$	766,552		$	734,433
Reimbursements		24,175			27,035			93,065			101,152
Total revenues		223,633			204,824			859,617			835,585
Costs of services:
Cost of services before reimbursable expenses		136,378			120,390			519,157			487,967
Reimbursable expenses		24,175			27,035			93,065			101,152
Total costs of services		160,553			147,425			612,222			589,119
General and administrative expenses		34,651			28,043			136,057			127,079
Depreciation expense		5,202			4,228			19,580			16,180
Amortization expense		1,291			1,600			5,959			6,826
Other operating costs (benefit):
Contingent acquisition liability adjustments, net		(554	)		(3,399	)		(4,992	)		(5,399	)
Office consolidation, net		725			—			725			348
Gain on disposition of assets		(541	)		—			(541	)		(1,715	)
Goodwill impairment		—			—			122,045			—
Other impairment		1,139			—			1,343			—
Operating income (loss)		21,167			26,927			(32,781	)		103,147
Interest expense		1,741			942			5,918			4,433
Interest income		(58	)		(92	)		(274	)		(463	)
Other (income) expense, net		(378	)		218			(167	)		175
Income (loss) from continuing operations before income tax (benefit) expense		19,862			25,859			(38,258	)		99,002
Income tax (benefit) expense		7,541			11,640			(1,351	)		43,890
Net income (loss) from continuing operations		12,321			14,219			(36,907	)		55,112
Income (loss) from discontinued operations, net of tax		—			—			509			(2,919	)
Net income (loss)	$	12,321		$	14,219		$	(36,398	)	$	52,193
Basic per share data
Net income (loss) from continuing operations	$	0.25		$	0.29		$	(0.76	)	$	1.11
Income (loss) from discontinued operations, net of tax	$	—		$	—		$	0.01		$	(0.06	)
Net income (loss) (1)	$	0.25		$	0.29		$	(0.75	)	$	1.05
Shares used in computing basic per share data		48,393			49,174			48,741			49,771
Diluted per share data
Net income (loss) from continuing operations	$	0.25		$	0.28		$	(0.76	)	$	1.08
Income (loss) from discontinued operations, net of tax	$	—		$	—		$	0.01		$	(0.06	)
Net income (loss)	$	0.25		$	0.28		$	(0.75	)	$	1.02
Shares used in computing diluted per share data (2)		49,542			50,603			48,741			50,951

NAVIGANT CONSULTING, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS AND SELECTED DATA

(In thousands, except DSO data)

	December 31, 2014			December 31, 2013
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	2,648		$	1,968
Accounts receivable, net		187,652			167,066
Prepaid expenses and other current assets		27,142			24,554
Deferred income tax assets		13,455			17,314
Total current assets		230,897			210,902
Non-current assets:
Property and equipment, net		60,617			44,338
Intangible assets, net		26,502			10,778
Goodwill		568,091			615,343
Other assets		17,386			22,836
Total assets	$	903,493		$	904,197
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	11,735		$	13,415
Accrued liabilities		11,311			12,691
Accrued compensation-related costs		83,061			78,610
Income tax payable		1,763			1,137
Other current liabilities		52,526			32,009
Total current liabilities		160,396			137,862
Non-current liabilities:
Deferred income tax liabilities		76,329			86,571
Other non-current liabilities		14,387			26,016
Bank debt non-current		109,790			56,673
Total non-current liabilities		200,506			169,260
Total liabilities		360,902			307,122
Stockholders' equity:
Common stock		64			63
Additional paid-in capital		611,882			598,724
Treasury stock		(275,608	)		(247,106	)
Retained earnings		218,337			254,735
Accumulated other comprehensive loss		(12,084	)		(9,341	)
Total stockholders' equity		542,591			597,075
Total liabilities and stockholders' equity	$	903,493		$	904,197
Selected Data
Days sales outstanding, net (DSO)		69			65

NAVIGANT CONSULTING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	For the quarter ended December 31,						For the year ended December 31,
	2014			2013			2014			2013
Cash flows from operating activities:
Net income (loss)	$	12,321		$	14,219		$	(36,398	)	$	52,193
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation expense		5,202			4,228			19,580			16,180
Accelerated depreciation – office consolidation		—			—			—			498
Amortization expense		1,291			1,600			5,959			6,826
Amortization expense – client-facing software		393			222			1,218			459
Share-based compensation expense		2,150			2,885			9,316			11,079
Accretion of interest expense		786			266			2,351			942
Deferred income taxes		3,150			5,671			(18,052	)		18,421
Allowance for doubtful accounts receivable		700			(2,024	)		5,009			(107	)
Contingent acquisition liability adjustments, net		(554	)		(3,399	)		(4,992	)		(5,399	)
Gain on disposition of assets		(541	)		—			(541	)		(1,715	)
(Gain) loss on disposition of discontinued operations		—			—			(509	)		3,675
Goodwill impairment		—			—			122,045			—
Other impairment		1,139			—			1,343			—
Changes in assets and liabilities (net of acquisitions and dispositions):
Accounts receivable		23,678			42,158			(14,844	)		19,604
Prepaid expenses and other assets		475			2,160			(303	)		12,260
Accounts payable		898			(1,249	)		(2,123	)		(4,623	)
Accrued liabilities		(191	)		(3,767	)		(1,316	)		(382	)
Accrued compensation-related costs		13,621			11,038			2,712			(3,470	)
Income taxes payable		(3,928	)		(6,690	)		2,185			(6,386	)
Other liabilities		2,614			1,813			(2,543	)		(286	)
Net cash provided by operating activities		63,204			69,131			90,097			119,769
Cash flows from investing activities:
Purchases of property and equipment		(8,441	)		(5,510	)		(23,506	)		(14,217	)
Acquisitions of businesses, net of cash acquired		—			—			(89,180	)		(2,989	)
Proceeds from dispositions, net of selling costs		1,500			—			2,324			16,973
Payments of acquisition liabilities		(3,850	)		(5,028	)		(4,960	)		(6,866	)
Capitalized client-facing software		(17	)		(793	)		(881	)		(3,285	)
Net cash used in investing activities		(10,808	)		(11,331	)		(116,203	)		(10,384	)
Cash flows from financing activities:
Issuances of common stock		402			524			2,833			3,144
Repurchase of common stock		(6,487	)		(6,004	)		(27,284	)		(28,325	)
Payments of contingent acquisition liabilities		(357	)		—			(464	)		(3,287	)
Repayments to banks		(92,173	)		(115,718	)		(323,374	)		(382,045	)
Borrowings from banks		44,892			62,033			377,839			304,499
Payments of debt issuance costs		—			(62	)		—			(731	)
Other, net		(194	)		(141	)		(2,668	)		(1,692	)
Net cash (used in) provided by financing activities		(53,917	)		(59,368	)		26,882			(108,437	)
Effect of exchange rate changes on cash and cash equivalents		(83	)		17			(96	)		(32	)
Net increase (decrease) in cash and cash equivalents		(1,604	)		(1,551	)		680			916
Cash and cash equivalents at beginning of the period		4,252			3,519			1,968			1,052
Cash and cash equivalents at end of the period	$	2,648		$	1,968		$	2,648		$	1,968

NAVIGANT CONSULTING, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (3)

(In thousands, except per share data)

(Unaudited)

This press release includes certain non-GAAP financial measures as defined by the Securities and Exchange Commission. Below are the 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). This information 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. Management uses these non-GAAP financial measures in addition to GAAP financial measures to assess the Company's operations and financial results and believes they are useful indicators of operating performance and the Company's ability to generate cash flows from operations that are available for interest, debt service, taxes and capital expenditures. Investors should recognize that these non-GAAP financial measures may not be comparable to similarly-titled measures of other companies.

EBITDA, adjusted EBITDA, adjusted Net Income and adjusted Earnings Per Share (4)	For the quarter ended December 31,						For the year ended December 31,
	2014			2013			2014			2013
Severance expense	$	1,733		$	421		$	4,885		$	4,686
Income tax benefit (5)		(617	)		(170	)		(1,821	)		(1,558	)
Impact of severance expense, net of tax	$	1,116		$	251		$	3,064		$	3,128
Other operating benefit – contingent acquisition liability adjustment, net	$	(554	)	$	(3,399	)	$	(4,992	)	$	(5,399	)
Income tax expense (5)		224			1,371			2,014			2,178
Impact of other operating benefit – contingent acquisition liability adjustment, net, net of tax	$	(330	)	$	(2,028	)	$	(2,978	)	$	(3,221	)
Other operating costs – office consolidation	$	725		$	—		$	725		$	348
Income tax expense (5)		(292	)		—			(292	)		(141	)
Impact of other operating costs – office consolidation, net of tax	$	433		$	—		$	433		$	207
Other operating benefit – gain on disposition of assets	$	(541	)	$	—		$	(541	)	$	(1,715	)
Income tax expense (5)		218			—			218			692
Impact of other operating benefit – gain on disposition of assets, net of tax	$	(323	)	$	—		$	(323	)	$	(1,023	)
Other operating costs – goodwill impairment	$	—		$	—		$	122,045		$	—
Income tax benefit (5)		—			—			(35,111	)		—
Impact of other operating costs – goodwill impairment, net of tax	$	—		$	—		$	86,934		$	—
Other operating costs – other impairment	$	1,139		$	—		$	1,343		$	—
Income tax benefit (5)		(459	)		—			(541	)		—
Impact of other operating costs – other impairment, net of tax	$	680		$	—		$	802		$	—
EBITDA reconciliation:
Operating income (loss)	$	21,167		$	26,927		$	(32,781	)	$	103,147
Depreciation expense		5,202			4,228			19,580			16,180
Accelerated depreciation – office consolidation		—			—			—			498
Amortization expense		1,291			1,600			5,959			6,826
EBITDA	$	27,660		$	32,755		$	(7,242	)	$	126,651
Severance expense		1,733			421			4,885			4,686
Other operating benefit – contingent acquisition liability adjustment, net		(554	)		(3,399	)		(4,992	)		(5,399	)
Other operating costs (benefit) – office consolidation		725			—			725			(150	)
Other operating benefit – gain on disposition of assets		(541	)		—			(541	)		(1,715	)
Other operating costs – goodwill impairment		—			—			122,045			—
Other operating costs – other impairment		1,139			—			1,343			—
Adjusted EBITDA	$	30,162		$	29,777		$	116,223		$	124,073
Net income (loss) from continuing operations	$	12,321		$	14,219		$	(36,907	)	$	55,112
Impact of severance expense, net of tax		1,116			251			3,064			3,128
Impact of other operating benefit – contingent acquisition liability adjustment, net, net of tax		(330	)		(2,028	)		(2,978	)		(3,221	)
Impact of other operating costs – office consolidation, net of tax		433			—			433			207
Impact of other operating benefit – gain on disposition of assets, net of tax		(323	)		—			(323	)		(1,023	)
Impact of other operating costs – goodwill impairment, net of tax		—			—			86,934			—
Impact of other operating costs – other impairment, net of tax		680			—			802			—
Adjusted net income	$	13,897		$	12,442		$	51,025		$	54,203
Shares used in computing adjusted per diluted share data (6)		49,542			50,603			49,976			50,951
Adjusted earnings per share	$	0.28		$	0.25		$	1.02		$	1.06
Free Cash Flow (7)	For the quarter ended December 31,						For the year ended December 31,
	2014			2013			2014			2013
Net cash provided by operating activities	$	63,204		$	69,131		$	90,097		$	119,769
Changes in assets and liabilities		(37,167	)		(45,463	)		16,232			(16,717	)
Allowance for doubtful accounts receivable		(700	)		2,024			(5,009	)		107
Purchases of property and equipment		(8,441	)		(5,510	)		(23,506	)		(14,217	)
Payments of acquisition liabilities		(3,850	)		(5,028	)		(4,960	)		(6,866	)
Payments of contingent acquisition liabilities		(357	)		—			(464	)		(3,287	)
Free Cash Flow	$	12,689		$	15,154		$	72,390		$	78,789
Leverage Ratio (8)	At December 31,
	2014			2013
Adjusted EBITDA for prior twelve-month period	$	116,223		$	124,073
Bank debt	$	109,790		$	56,673
Leverage ratio		0.94			0.46

    Footnotes

(1) Per share data may not sum due to rounding.

(2) For the year ended December 31, 2014, the Company reported a net loss. For that period, the basic weighted average common shares outstanding equals the diluted weighted average common shares outstanding for purposes of calculating U.S. GAAP earnings per share because potentially dilutive securities would be antidilutive.

(3) During the year ended December 31, 2013, the United Kingdom financial services advisory business was sold. The results of operations from this business are presented as discontinued operations. All non-GAAP financial measures are presented on a continuing operations basis unless otherwise noted.

(4) EBITDA is earnings from continuing operations before interest, taxes, depreciation and amortization. Adjusted EBITDA excludes the impact of severance expense and other operating costs (benefit). Adjusted net income and adjusted earnings per share exclude the net income (loss) and per share net income (loss) impact of discontinued operations, severance expense and other operating costs (benefit). Severance expense and other operating costs (benefit) are not considered to be non-recurring, infrequent or unusual to our business. Management believes that these measures provide investors with enhanced comparability of the Company's results of operations across periods.

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

(6) For the year ended December 31, 2014, the Company reported a net loss. For non-GAAP purposes, the per share and share amounts presented here reflect the inclusion of potentially dilutive shares based on the impact of the add backs included in Adjusted Net Income.

(7) Free cash flow is calculated as net cash provided from operations excluding changes in assets and liabilities and allowance for doubtful accounts receivable less cash payments for property and equipment and deferred acquisition related payments. Free cash flow does not represent discretionary cash available for spending as it excludes certain contractual obligations such as debt repayment. However, management believes that it provides investors with an indicator of cash flows available for on-going business operations and long term value creation.

(8) Leverage ratio is calculated as bank debt at the end of the period divided by adjusted EBITDA for the prior twelve-month period. Management believes that leverage ratio provides investors with an indicator of the cash flows available to repay the Company's debt obligations.