CDI Corp. (NYSE:CDI) Q4 2015 Earnings Conference Call - Final Transcript

Mar 03, 2016 • 08:30 am ET


CDI Corp. (NYSE:CDI) Q4 2015 Earnings Conference Call - Final Transcript


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Welcome, and thank you all for standing by. At this time all participants will be in listen-only mode. [Operator Instructions] This call is being recorded. If you have any objections, please disconnect at this point. Now, I'll turn the meeting over to your host, Mr. Vince Webb, Vice President of Investor Relations. Sir, you may begin.

Vince Webb

Thank you. Good morning and welcome to CDI's Fourth Quarter and Fiscal Year 2015 Conference Call. At this point, you should have a copy of the earnings press release. If not, please call our office at 215-636-1162, and we will be happy to email you a copy, or you can find a copy on our website at Please also refer to our website for information concerning a replay of today's call.

On the line with us today is Scott Freidheim, Chief Executive Officer; and Michael Castleman, Chief Financial Officer. We will begin with some prepared remarks from Scott and Michael, and then we will open the lineup for your questions. I'd like to remind you that today's conference call is being recorded and includes forward-looking statements that are subject to risks and uncertainties. We would therefore like to point out the cautionary language regarding forward-looking statements contained in the news release and remind everyone that the same language applies to any comments made during this morning's conference call.

Also, comments today may reference non-GAAP financial measures such as constant currency, EBITDA, adjusted EBITDA, and adjusted earnings per share. Additional information concerning these measures, including reconciliations to the most directly comparable GAAP financial measure is contained in the press release tables related to this call. In addition, measures referred to on this call as being calculated on a constant currency basis are non-GAAP metrics intended to present the relevant information assuming that constant exchange rate between the two periods being compared. Such metrics are calculated by applying the currency exchange rates used in the preparation of the prior period financial results to the subsequent period results.

Remarks this morning may refer to certain metrics such as book-to-bill and production headcount. Consistent with CDI's commitment to transparency, these metrics provide shareholders and analysts with additional information to monitor the company's progress. These metrics may evolve overtime and should not be viewed as completely determinative of near or long-term performance.

The information being shared in this call is effective as of today's date, March 3, 2016, and will not be updated. Actual results might differ materially from those projected in these forward-looking statements.

At this time I would like to turn the call over to Scott Freidheim.

Scott Freidheim

Thank you, Vince, and good morning to all. CDI enters 2016 with a clear strategic direction, a strong leadership team, and the financial strength to execute our plan. Our 2015 results reflect our past and not our future. While our past encompasses over a half century of client service excellence to many of the most iconic and demanding clients in the world, it is a business that is structurally ill-positioned