CEB Inc. (NYSE:CEB) Q1 2015 Earnings Conference Call - Final Transcript
Apr 29, 2015 • 09:00 am ET
Good morning and welcome to CEB's First Quarter 2015 Conference Call. Today's call is being recorded and will be available for replay beginning today and through May 7 by dialing 719-457-0820. The replay pass code is 2022712. The replay will also be available beginning later today and through May 7 at the company's website.
(Forward-Looking Cautionary Statements)
At this time, for opening remarks, I'd like to turn the conference over to the company's Chairman and Chief Executive Officer, Mr. Tom Monahan. Please go ahead, sir.
Thomas L. Monahan
Good morning. Thanks, everyone, for calling and/or logging in this morning. We appreciate the opportunity to bring you up to speed on the continued impact, growth, and profitability of the business. I'll kick off the call with some summary comments about our performance in the first quarter. Rich will then provide a more detailed discussion of our financial results and outlook for the remainder of the year.
I'll then close with a look at go-forward strategic priorities before we take your questions.I'll begin my remarks on slide three. In summary, we're off to a solid start in 2015. As most of you know, Q1 performance usually reflects some seasonal patterns that are consistent year-to-year throughout the business. In general, Q1 is our heaviest quarter for renewals and a bit lighter in terms of new sales and cross-sells.
Given bookings and expense patterns, it is also a strong quarter for cash flow, and our end of quarter balance sheet usually reflects a seasonally strong cash collection profile.Within that backdrop, our first quarter outcomes put us in a position to achieve our revenue and profit goals for 2015 on a constant currency basis.
The first quarter's results also allow us to execute on our planned strategy for higher levels of capital return even as we maintain flexibility to act strategically. And, most importantly, we continue to lay the groundwork for sustained performance in 2015 and beyond. However, we are focused on sharp execution to achieve all we set out to accomplish in the year.
We had a solid start to the year but at this point I'd probably give our performance a B rather than an A, as I am not fully satisfied that we are performing to our potential everywhere. Given our unmatched installed base of customers, unparalleled sets of insights and solutions, and strong seasoned teams, I see an opportunity for us to achieve at higher level as the year unfolds, and our guidance reflects that expectation.
Before I hand the call to Rich, let me offer some additional color about the quarter. To reflect the actual performance of our business and teams, I'll use constant currency outcomes as a baseline. All of our major markets turned in solid results for the quarter.
We continue to enjoy benefits from the breadth of our business across diverse sectors and geography, and the energy and commitment of top-notch teams. With respect to geographic end markets, we continue to see modest variations in CEB segment Contract Value growth.