CEB Inc. (NYSE:CEB) Q2 2016 Earnings Conference Call - Final Transcript

Jul 27, 2016 • 09:00 am ET

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CEB Inc. (NYSE:CEB) Q2 2016 Earnings Conference Call - Final Transcript

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Presentation
Operator
operator

Good morning, and welcome to CEB's Second Quarter 2016 Conference Call. Today's call is being recorded, and will be available for replay beginning today and through August 5th by dialing (719) 457-0820. The replay passcode is 2183447. The replay will also be available beginning later today and through August 5th at the Company's website.

To the extent any non-GAAP financial measures discussed in today's call, you'll also find a reconciliation of that measure to the most directly comparable financial measure calculated according to GAAP, by going to the Company's website and reviewing yesterday's news release.

You'll also find a PDF of the supporting materials that the Company will use in its prepared remarks this morning, by going to the Company's website at CNBCglobal.com, and following the Investors link to the Q2 2016 CEB earnings conference call. Please review the second page of these materials, which includes important information about any forward-looking information included in the presentation.

(Forward-Looking Cautionary Statements)

At this time for opening remarks, I would like to turn the conference over to the Company's Chairman and Chief Executive Officer, Mr. Tom Monahan, please go ahead, sir.

Executive
Thomas Monahan

Good morning. Thanks everybody for calling and/or logging in. We appreciate the opportunity to bring you up to speed on the continued impact, growth and profitability of the business. I will kick the call off with some comments about our performance in the second quarter, and some thoughts on the year ahead. Rich will then provide a more detailed discussion of our financial results and outlook for the remainder of the year. I will then close with a look at our strategic priorities before we take your questions.

I will begin my remarks on slide three. Both in the economy and in society, 2016 is turning out to be a tumultuous year. From the perspective of CEB and the 10,000 companies that we support the event with the most obvious direct impact was the leave verdict in the Brexit Referendum. But our member companies are also on edge, as they and their employees witnessed near daily scenes of terrorist activity, civil violence and general unrest.

Add to this government transitions in election cycles in three of our major markets and it creates a lot for executive teams to think about and for our teams to navigate. Amidst this churn, I am proud not only of our teams ability to stay focused, but to innovate and find new ways to create immediate value. I'll talk more about how we create value in environments like this later in the call, but the focus was evident in performance throughout much of our business in the quarter.

Against this volatile backdrop, our teams delivered solid revenue performance and strong profit outcomes, lifted the rate of bookings growth, got off to a fast start on Evanta integration, and set us up for continued progress through the year and into 2017. At the same time, some remaining pockets of weakness in North America large corporate, and an adverse move