CEB Inc. (NYSE:CEB) Q3 2016 Earnings Conference Call - Final Transcript
Oct 26, 2016 • 09:00 am ET
Good morning, and welcome to CEB's third quarter 2016 conference call. Today's call is being recorded and will be available for replay beginning today and through November 7 by dialing 719-457-0820. The replay passcode is 313-6895. The replay will also be available beginning later today and through November 7 at the Company's website.
To the extent any non-GAAP financial measures discussed in today's call, you will 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 at cebglobal.com and reviewing yesterday's news release. You will 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 and following the Investors link to the Q3 2016 Earnings Conference Call.
(Forward-looking Cautionary Statements)
At this time, for opening remarks, I'd like to turn the conference over to the company's Chairman and CEO, Mr. Tom Monahan. Please go ahead, sir.
Thanks, everyone, 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, as well as a reference to reaccelerate growth. I'll kick off with comments about our performance in the third 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 our strategic priorities before we take your questions.
I'll begin my remarks on slide three. Let me start with a quick look across our customer base and markets globally to give you some sense of the opportunities and challenges we see. The basic headline is that while corporate budgets certainly aren't providing a tailwind, there are dozens of areas where C-level executives and their teams are facing complex challenges that we are uniquely suited to help them out with.
A couple of themes in particular stand out. First, continued global uncertainty. Q3 began with companies digesting the news of the UK electorate voting to exit the European Union, a decision which introduced both some new caution into corporate thinking and new categories of concern in C-suites and boardrooms globally. It's not just Brexit, however; we see continuing suspicion of globalization's benefits among voters in the US and beyond. And that is forcing companies to reevaluate how they grow, how they source and deliver their products, and most importantly, who they hire, and where they hire them.
More broadly, the global economy continues to grow at pretty anemic rates that are continuing to pressure corporate profits and budgets. These overall growth rates also reflect a mix of very different outcomes by sector and region. As a result, companies are looking hard at ways to quickly redirect resources to the most promising opportunities in markets while driving efficiencies elsewhere. We've taken to calling this efficient growth and have built an impressive array of resources to help companies choose the right projects, implement them efficiently