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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) February 24, 2009

Navigant Consulting, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware 001-12173 36-4094854

(State of Other Jurisdiction Commission (IRS Employer
of Incorporation) File Number Identification No.)

30 S. Wacker, Suite 3550, Chicago, IL 60606

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone number, including area code (312) 573-5600

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240 13e-4(c))
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Item 2.02 Results of Operations and Financial Condition

Navigant Consulting, Inc. issued a press release dated February 24, 2009 announcing the results for the fourth quarter and full year ended
December 31, 2008. The press release is attached hereto as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure

On February 24, 2009, Navigant Consulting, Inc. posted the Metrics Summary of Navigant Consulting, Inc. The Metrics Summary is attached
hereto as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits

99.1 Press Release dated February 24, 2009.
99.2 Metrics Summary of Navigant Consulting, Inc.
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SIGNATURES
Pursuant to the requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Navigant Consulting, Inc.

Date: February 24, 2009

By: /s/ Thomas A. Nardi
Name: Thomas A. Nardi
Title: Executive Vice President and
Chief Financial Officer
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Exhibit Index

99.1 Press Release dated February 24, 2009.

99.2 Metrics Summary of Navigant Consulting, Inc.

Exhibit 99.1

(NAVIGANT CONSULTING LOGO)

For more information contact:

Jennifer Moreno
Executive Director, Investor Relations
312.573.5634
jmoreno@navigantconsulting.com

NAVIGANT CONSULTING, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2008 RESULTS
• 2008 revenues increased 6% year over year to a record $811 million; fourth quarter 2008 revenues decreased 5% year over year to
$194 million.
• 2008 earnings per share increased 26% year over year to $0.83 per share; fourth quarter 2008 earnings per share increased 77% year
over year to $0.23 per share.
• 2008 EBITDA increased 17% year over year to $125 million; fourth quarter 2008 EBITDA increased 27% year over year to $33 million.
• Debt outstanding decreased by $24 million in 2008 to $232 million (39% of capitalization).
• Earnings per share growth targeted for 2009.
CHICAGO, February 24, 2009 — Navigant Consulting, Inc. (NYSE:NCI), a global consulting firm providing dispute, investigative,
operational, risk management and financial and regulatory advisory solutions, today announced financial results for the fourth quarter and full
year ended December 31, 2008.
“We are pleased with our fourth quarter and full year 2008 performance,” stated William M. Goodyear, Chairman and Chief Executive Officer.
“2008 revenue and earnings were up nicely and cash flow was strong. The Company’s liquidity improved and our balance sheet strengthened
in what emerged as an increasingly challenging economic environment in the second half of 2008.”
Mr. Goodyear continued, “During 2008 we had a series of important accomplishments that will serve the Company well in 2009 and beyond.
We carved out ‘domain excellence’ in the exploding credit crisis litigation space. Both our Healthcare and Energy teams had record years and
are positioned to benefit from the recently passed Federal stimulus packages. We successfully integrated our 2007 U.K. investments and
acquired the strategically important Chicago Partners economic consulting business. Overall, these achievements helped offset softness in the
parts of our business impacted by the economic slowdown.”

Fourth Quarter and Full Year 2008 Results

The Company’s fourth quarter and full year 2008 financial results are summarized as follows:
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Total Company Fourth Quarter and Full Year 2008 Financial Results (1)

Q4 2008 Q4 2007 % Change 2008 2007 % Change

Total Revenues ($000) $194,001 $203,288 -4.6% $810,640 $767,058 5.7%
Adjusted EBITDA ($000) $ 32,571 $ 32,946 -1.1% $127,649 $118,776 7.5%
EBITDA ($000) $ 32,503 $ 25,683 26.6% $124,976 $106,939 16.9%
Earnings Per Share $ 0.23 $ 0.13 76.9% $ 0.83 $ 0.66 25.8%
Adjusted Earnings Per Share $ 0.24 $ 0.22 9.1% $ 0.89 $ 0.80 11.3%
Average Billable FTEs 1,940 1,985 -2.3% 1,926 1,962 -1.8%
End of Period Billable FTEs 1,931 1,944 -0.7% 1,931 1,944 -0.7%
Consultant Utilization (1,850
base) 77% 78% -1.3% 79% 77% 2.6%
Average Bill Rate (excluding
success fees) 257 240 7.1% 260 236 10.2%
DSO 73 77 -5.2% 73 77 -5.2%

(1) See the attached financial schedules for a reconciliation of Adjusted EBITDA and Adjusted Earnings per
Share to the closest GAAP measure.
Navigant’s 2008 revenues increased 6% due to overall utilization and bill rate increases as well as the May 2008 acquisition of Chicago
Partners. Although these positives were partially offset by currency exchange rate impacts, full year 2008 segment operating profits increased
in every segment while EBITDA, operating income and net income as a percentage of revenues all increased over 2007 levels.
While fourth quarter 2008 earnings per share increased year over year, revenues decreased modestly as a result of significant adverse
currency impacts, lower reimbursements, the weakening economy and the related impact on discretionary consulting spending. Fourth quarter
utilization was 77%. DSO improved by four days year over year to 73 days as of December 31, 2008. Lastly, attrition declined in the fourth
quarter of 2008 to 19%, down from 22% in the fourth quarter of 2007, marking the fourth consecutive quarter of improvement.

Business Segment Highlights

Fourth quarter and full year 2008 financial results for the Company’s four business segments are summarized as follows:

Business Segment Fourth Quarter and Full Year 2008 Financial Results

Q4 2008 Q4 2007 % Change 2008 2007 % Change

Business Segment Revenues
($000)
North American Dispute
and Investigative
Services $ 78,790 $ 85,620 -8.0% $338,230 $324,734 4.2%
North American Business
Consulting Services $ 84,703 $ 98,330 -13.9% $355,991 $379,152 -6.1%
International Consulting
Operations $ 15,804 $ 19,338 -18.3% $ 79,526 $ 63,172 25.9%
Economics Consulting
Services $ 14,704 n/a n/a $ 36,893 n/a n/a
Total Company $194,001 $203,288 -4.6% $810,640 $767,058 5.7%
Segment Operating Profit
($000) (2)
North American Dispute
and Investigative
Services $ 30,106 $ 32,666 -7.8% $131,440 $126,529 3.9%
North American Business
Consulting Services $ 31,695 $ 33,030 -4.0% $127,065 $123,764 2.7%
International Consulting
Operations $ 3,562 $ 5,878 -39.4% $ 23,251 $ 22,160 4.9%
Economics Consulting
Services $ 5,219 n/a n/a $ 14,121 n/a n/a
Total Company $ 70,582 $ 71,574 -1.4% $295,877 $272,453 8.6%
(2) For further detail see the Q4 2008 Metrics
Datasheet posted at
www.navigantconsulting.com/investor_relations.
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Demand in the Company’s North American Disputes and Investigative Services segment remained active throughout 2008, driven by
traditional commercial litigation, white collar defense matters, anti money laundering investigations and, increasingly, financial litigation.
Fourth quarter 2008 client engagement decisions were impacted by uncertainties in the legal, economic and regulatory environment. The
segment’s Construction team performed very well during the fourth quarter 2008, reflecting demand for the Company’s dispute resolution and
project risk management services. The environment for these services remains attractive as owners and contractors are under increasing
pressure to manage their risks in a challenging global economy. We expect that the infrastructure development and modernization plans in the
new stimulus package will create business opportunities in 2009 and beyond.
Within Navigant’s North American Business Consulting Services segment, operating profit improved 3% year over year but declined 4% in
the fourth quarter of 2008 from the prior year due primarily to weakening discretionary spending in the financial services industry. The firm’s
Healthcare team led the segment’s performance for the year and had a strong fourth quarter. While Navigant’s Healthcare provider clients are
generally facing the same capital market and economic challenges impacting other sectors, demand for skills in mergers, performance
improvement and physician integrations have been driving needs for Navigant’s expertise. The Corporate Finance team had an active year and
fourth quarter 2008 with its Financial Institutions Restructuring Solutions Team (FIRST) being engaged on a number of hedge fund
assignments which are expected to continue into 2009 as the credit market disruption continues. Lastly, the segment’s Energy group was also
a strong performer throughout the year as well as in the fourth quarter.
The Company’s International Consulting Operations segment results were impacted significantly by a steep decline in sterling exchange rates.
Additionally, as the financial and credit issues facing the U.S. economy continued to expand, Navigant’s European teams servicing the
financial services market faced the same pressures and opportunities as the North American teams. Looking forward to 2009, it is expected that
opportunities in the public sector and global disputes market will drive performance within the segment.
Navigant’s Economics Consulting Services segment (Chicago Partners) performed very well during its eight month tenure with the firm in 2008.
The group posted solid results in the fourth quarter of 2008 and continued to lead company utilization figures with a 98% average for the
period. The need for Navigant’s economic consulting services has been driven by increasing demand in the structured finance space and
ongoing needs for commercial antitrust work. Additionally, requests for Navigant’s services on litigation stemming from terminated mergers
and acquisitions have recently been growing.
A Company metrics summary including data by segment is available at www.navigantconsulting.com/investor_relations.

Board Renews Share Repurchase Authority

Navigant Consulting’s Board of Directors authorized the repurchase of up to $100 million of common stock over the next three years in open
market or private transactions. Authority to repurchase up to $300 million of common stock was granted by the Board in April of 2007 and
expired December 31, 2008. Under that authority, $219 million of common stock was repurchased in fiscal year 2007.
Mr. Goodyear commented, “We believe it is prudent to have the Board’s authority in place to repurchase shares given today’s economic
climate and amidst ever changing market conditions. Any decision to repurchase shares will be based on factors such as the then current
market conditions, investment opportunities, our liquidity position and cash flow outlook.”

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2009 Outlook
“We are well positioned as we head into the unchartered waters of 2009,” stated Mr. Goodyear. “However, our practices are not immune to the
severe challenges of the global marketplace and consequently management is taking a cautious approach to 2009 until there is stabilization in
the capital markets and the economy.”
The Company is also undertaking several cost control or reduction initiatives designed to protect profitability given the uncertain economy.
Actions will include selective staffing reductions, holding base salaries constant and tighter control over discretionary spending. “With our
cost reduction actions underway and with expected modest revenue growth, we believe we can grow earnings per share in 2009,” said Mr.
Goodyear.

Fourth Quarter and Full Year 2008 Earnings Conference Call

William Goodyear will host a conference call to discuss the Company’s financial results at 10:00 a.m. Eastern Time on Tuesday, February 24,
2009. The web cast may be accessed at www.navigantconsulting.com/investor_relations. A replay of the web cast will be available for
approximately 90 days.

About Navigant Consulting

Navigant Consulting, Inc. (NYSE: NCI) is a global consulting firm providing dispute, investigative, operational, risk management and financial
and regulatory advisory solutions to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk,
distress and significant change. The Company focuses on industries undergoing substantial regulatory or structural change and on the issues
driving these transformations. “Navigant” is a service mark of Navigant International, Inc. Navigant Consulting, Inc. (NCI) is not affiliated,
associated, or in any way connected with Navigant International, Inc. and NCI’s use of “Navigant” is made under license from Navigant
International, Inc. More information about Navigant Consulting can be found at www.navigantconsulting.com.
Except as set forth below, statements included in this press release which are not historical in nature are forward-looking statements as
defined within the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including
“anticipates,” “believes,” “intends,” “estimates,” “expects” and similar expressions. These statements are based upon management’s
current expectations 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 indicated in the forward-looking
statements including, without limitation: the success of the Company’s organizational changes; risks inherent in international operations
including foreign currency fluctuations; ability to make acquisitions; pace, timing and integration of acquisitions; impairment charges;
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; 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 general economic conditions. Further information on these
and other potential factors that could affect the Company’s financial results is included in the Company’s filings with the SEC under the
“Risk Factors” sections and elsewhere in those filings. 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 after the date of this press release.

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NAVIGANT CONSULTING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)

For th e qu arte r e n de d De ce m be r 31, For th e ye ar e n de d De ce m be r 31,

2008 2007 2008 2007

Revenues before reimbursements $ 174,475 $ 179,693 $ 727,062 $ 681,238

Reimbursements 19,526 23,595 83,578 85,820
Total revenues 194,001 203,288 810,640 767,058

Cost of services before reimbursable expenses 107,027 109,544 444,035 421,032

Reimbursable expenses 19,526 23,595 83,578 85,820
Cost of services 126,553 133,139 527,613 506,852
General and administrative expenses 34,877 37,203 155,378 141,430
Depreciation 4,426 4,274 17,302 16,179
Amortization 3,607 4,696 16,386 17,494
Other operating costs
Separation and Severance costs — 2,663 — 7,288
Office consolidation 561 4,600 5,207 6,750
Gain on sale of property — — — (2,201)
Operating income 23,977 16,713 88,754 73,266
Interest expense, net 4,451 5,741 18,964 14,771
Other income (92) 7 (62) (43)
Income before income tax expense 19,618 10,965 69,852 58,538
Income tax expense 8,289 4,989 29,795 25,142
Net income $ 11,329 $ 5,976 $ 40,057 $ 33,396

Net income per basic share $ 0.24 $ 0.13 $ 0.86 $ 0.67

Net income per diluted share $ 0.23 $ 0.13 $ 0.83 $ 0.66

Shares used in computing net income per basic share 47,084 45,810 46,601 49,511
Shares used in computing net income per diluted share 49,145 46,533 48,285 50,757
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NAVIGANT CONSULTING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)

For th e qu arte r e n de d De ce m be r 31, 2008 For th e qu arte r e n de d De ce m be r 31, 2007

Adjuste d Adjustm e n ts Re porte d Adjuste d Adjustm e n ts Re porte d

Revenues before
reimbursements $ 174,475 $ 174,475 $ 179,693 $ 179,693
Reimbursements 19,526 19,526 23,595 23,595
Total revenues 194,001 — 194,001 203,288 — 203,288

Cost of services before

reimbursable expenses 107,027 107,027 109,544 109,544
Reimbursable expenses 19,526 19,526 23,595 23,595
Cost of services 126,553 — 126,553 133,139 — 133,139
General and administrative
expenses 34,877 34,877 37,203 37,203
Depreciation 4,426 4,426 4,274 4,274
Amortization 3,607 3,607 4,696 4,696
Other operating costs
Separation and Severance
costs — 2,663 2,663
Office consolidation — 561 561 — 4,600 4,600
Operating income 24,538 (561) 23,977 23,976 (7,263) 16,713
Interest expense, net 4,451 4,451 5,741 5,741
Other income (92) (92) 7 7
Income before income tax
expense 20,179 (561) 19,618 18,228 (7,263) 10,965
Income tax expense 8,515 (226) 8,289 7,918 (2,929) 4,989
Net income $ 11,664 ($335) $ 11,329 $ 10,310 ($4,334) $ 5,976

Net income per diluted share

(EPS) $ 0.24 $ 0.23 $ 0.22 $ 0.13

Shares used in computing net

income per diluted share 49,145 49,145 46,533 46,533

Percentage of revenues before

reimbursements :
Cost of services before
reimbursable expenses 61% 61% 61% 61%
Reimbursable expenses 11% 11% 13% 13%
General and administrative
expenses 20% 20% 21% 21%

EBITDA (3) 19% 19% 18% 14%

Operating income 14% 14% 13% 9%
Net income 7% 6% 6% 3%

EBITDA (3) reconciliation:

EBITDA (3) $ 32,571 ($68) $ 32,503 $ 32,946 ($7,263)(2) $ 25,683
Depreciation 4,426 4,426 4,274 4,274
Accelerated Depreciation
— Office consolidation — (493) 493
Amortization 3,607 3,607 4,696 4,696
Operating income $ 24,538 ($561)(1) $ 23,977 $ 23,976 ($7,263) $ 16,713
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(1) During the fourth quarter of 2008, the Company recorded $0.6 million for office consolidation costs including
accelerated depreciation on certain leasehold improvements associated with real estate rationalization.
(2) During the fourth quarter of 2007, the Company recorded $2.7 million associated with workforce reduction
initiatives and $4.6 million associated with real estate rationalization, including lease termination costs and
write downs of leasehold improvements.
(3) EBITDA (earnings before interest, taxes, depreciation and amortization) is not a measure of financial
performance under generally accepted accounting principles (GAAP). The Company believes EBITDA is
useful supplemental information for investors to evaluate financial performance. This data is also used by
the Company for assessment of its operating and financial results, in addition to operating income, net
income and other GAAP measures. Management believes EBITDA is a useful indicator of the Company’s
financial and operating performance and its ability to generate cash flows from operations that are available
for taxes and capital expenditures. Investors should recognize that EBITDA might not be comparable to
similarly-titled measures of other companies. This measure should be considered in addition to, and not as a
substitute for or superior to, any measure of performance prepared in accordance with GAAP.
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NAVIGANT CONSULTING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)

For th e twe lve m on ths For th e twe lve m on ths

e n de d De ce m be r 31, 2008 e n de d De ce m be r 31, 2007
Adjuste d Adjustm e n ts Re porte d Adjuste d Adjustm e n ts Re porte d
Revenues before
reimbursements $ 727,062 $727,062 $ 681,238 $681,238
Reimbursements 83,578 83,578 85,820 85,820
Total revenues 810,640 810,640 767,058 767,058

Cost of services before

reimbursable expenses 444,035 444,035 421,032 421,032
Reimbursable expenses 83,578 83,578 85,820 85,820
Cost of services 527,613 527,613 506,852 506,852
General and administrative
expenses 155,378 155,378 141,430 141,430
Depreciation 17,302 17,302 16,179 16,179
Amortization 16,386 16,386 17,494 17,494
Other operating costs
Separation and
Severance costs — — — 7,288 7,288
Office consolidation — 5,207 5,207 — 6,750 6,750
Gain on sale of property — — — (2,201) (2,201)
Operating income 93,961 (5,207) 88,754 85,103 (11,837) 73,266
Interest expense, net 18,964 18,964 14,771 14,771
Other income (62) (62) (43) (43)
Income before income tax
expense 75,059 (5,207) 69,852 70,375 (11,837) 58,538
Income tax expense 31,895 (2,100) 29,795 29,916 (4,774) 25,142
Net income $ 43,164 ($3,107) $ 40,057 $ 40,459 ($7,063) $ 33,396

Net income per diluted

share (EPS) $ 0.89 $ 0.83 $ 0.80 $ 0.66

Shares used in computing

net income per diluted
share 48,285 48,285 50,757 50,757

Percentage of revenues
before reimbursements
:
Cost of services before
reimbursable expenses 61% 61% 62% 62%
Reimbursable expenses 11% 11% 13% 13%
General and administrative
expenses 21% 21% 21% 21%

EBITDA (3) 18% 17% 17% 16%

Operating income 13% 12% 12% 11%
Net income 6% 6% 6% 5%

EBITDA
(3) reconciliation:
EBITDA (3) $ 127,649 ($2,673)(1) $124,976 $ 118,776 ($11,837)(2) $106,939
Depreciation 17,302 17,302 16,179 16,179
Accelerated
Depreciation —
Office
consolidation — (2,534)(1) 2,534 — —
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Amortization 16,386 16,386 17,494 17,494
Operating income $ 93,961 ($5,207) $ 88,754 $ 85,103 ($11,837) $ 73,266

(1) During the year ended 2008, the Company recorded office consolidation costs of $5.2 million associated with
real estate rationalization, including lease termination costs and accelerated depreciation on certain
leasehold improvements.
(2) During the year ended 2007, the Company recorded $7.3 million of costs associated with workforce
reduction initiatives and $6.8 million associated with real estate rationalization, including lease termination
costs and write downs of leasehold improvements and recorded a gain of $2.2 million associated with the
sale of property.
(3) EBITDA (earnings before interest, taxes, depreciation and amortization) is not a measure of financial
performance under generally accepted accounting principles (GAAP). The Company believes EBITDA is
useful supplemental information for investors to evaluate financial performance. This data is also used by
the Company for assessment of its operating and financial results, in addition to operating income, net
income and other GAAP measures. Management believes EBITDA is a useful indicator of the Company’s
financial and operating performance and its ability to generate cash flows from operations that are available
for taxes and capital expenditures. Investors should recognize that EBITDA might not be comparable to
similarly-titled measures of other companies. This measure should be considered in addition to, and not as a
substitute for or superior to, any measure of performance prepared in accordance with GAAP.
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NAVIGANT CONSULTING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS AND SELECTED DATA
(In thousands, except DSO data)
(Unaudited)

De ce m be r 31, S e pte m be r 30, De ce m be r 31,

2008 2008 2007
Assets
Cash and cash equivalents $ 23,134 $ 10,530 $ 11,656
Trade accounts receivable, net 170,464 197,877 189,616
Prepaid and other assets 34,949 39,549 27,287
Total current assets 228,547 247,956 228,559

Property and equipment, net 45,151 45,391 54,687

Goodwill and intangible assets, net 501,166 521,261 488,523
Other non-current assets, net 17,529 19,444 6,928
Total Assets $ 792,393 $ 834,052 $ 778,697

Liabilities and Stockholders’ Equity

Bank debt $ 2,250 $ 2,250 $ 2,250
Other current liabilities 128,309 131,252 124,269
Long term debt 230,229 270,729 254,366
Other liabilities 65,847 59,681 55,059
Stockholders’ equity 365,758 370,140 342,753
Total Liabilities and stockholders’ equity $ 792,393 $ 834,052 $ 778,697

Selected Data

Days sales outstanding, net (DSO) 1 73 84 77

1) Net of deferred revenue.

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NAVIGANT CONSULTING, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in 000s (except per share amounts)

For th e thre e m on ths e n de d For th e twe lve m on ths e n de d

De ce m be r 31, De ce m be r 31,
2008 2007 2008 2007

Cash flows from operating activities:

Net income $ 11,329 $ 5,976 $ 40,057 $ 33,396
Adjustments to reconcile net income to net cash provided
by (used in) operating activities:
Depreciation expense 4,426 4,274 17,302 16,179
Depreciation expense — office consolidation 493 — 2,534 —
Amortization expense 3,607 4,696 16,386 17,494
Stock-based compensation expense 2,207 2,032 11,839 15,410
Deferred income taxes 1,369 (3,026) (4,461) (982)
Gain on sale of property — — — (2,201)
Allowance for doubtful accounts recevable 3,091 1,437 20,292 9,518
Other, net 565 426 996 1,728
Changes in assets and liabilities 26,063 34,009 (13,242) 1,301

Net cash provided by operating activities 53,150 49,824 91,703 91,843

Cash flows from investing activities:

Purchases of property and equipment (2,343) (5,432) (7,398) (24,080)
Proceeds from sale of property — 60 — 4,088
Acquisitions of businesses (4,222) — (54,222) (65,250)
Payments of acquisition liabilities — (53) (3,154) (4,518)
Other, net (2) (1,766) (865) (3,682)
Net cash used in investing activities (6,567) (7,191) (65,639) (93,442)

Cash flows from financing activities:

Issuances of common stock 1,352 717 6,650 7,512
Repurchase of common stock/treasury stock — — — (218,429)
Payments of notes payable (1,000) (1,011) (5,976) (6,978)
Proceeds from (Payments of) term loan (563) (562) (2,250) 223,875
Payment of borrowings from bank, net (32,451) (51,281) (11,456) (4,525)
Other, net (46) (223) (283) (179)
Net cash provided by (used in) provided by financing
activities (32,708) (52,360) (13,315) 1,276

Effect of exchange rate changes on cash (1,271) 234 (1,271) 234

Net increase (decrease) in cash and cash equivalents 12,604 (9,493) 11,478 (89)
Cash and cash equivalents at beginning of the period 10,530 21,149 11,656 11,745
Cash and cash equivalents at end of the period $ 23,134 $ 11,656 $ 23,134 $ 11,656

Exhib

NAVIGANT CONSULTING, INC. AND SUBSIDIARIES

(UNAUDITED)

DISCLAIMER:
The Company strongly encourages investors to read its annual and quarterly filings with the Securities and Exchange Commission (the “SEC Filing
including the financial statements and description of risk factors therein. Although certain information included in this chart is intended to be ident
information in the SEC Filings, in the event of a conflict between information included in the SEC Filings and in this chart, the SEC Filings should b
relied upon. Other information included in this chart represents financial metrics compiled by the Company for internal use in analyzing certain asp
its business (the “Internal Metrics”). The Internal Metrics represent management’s good faith estimates as of the date of this chart, and the Compa
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makes no representations as to either their accuracy or completeness. The Company disclaims any obligation to update this chart to reflect future e
or circumstances or to correct inaccuracies in historical information.

TO TAL C O MPANY
2008 Fu ll Ye ar 2007 Fu l
All n u m be rs in $000s e xce pt Pe r S h are , Pe ople
data and pe rce n tage s Q4 Q3 Q2 Q1 2008 Q4 Q3 Q2 Q1 2
Re ve n u e s Be fore Re im bu rse m e n ts $174,475 $178,908 $189,385 $184,294 $727,062 $179,693 $167,057 $169,650 $164,838 $68
Re im bu rse m e n ts 19,526 19,184 22,023 22,845 83,578 23,595 23,790 19,983 18,452 8
Total Re ve n u e s 194,001 198,092 211,408 207,139 810,640 203,288 190,847 189,633 183,290 76
Y/Y Growth rate -5% 4% 11% 13% 6% 13% 11% 15% 10%
Q /Q Growth rate -2% -6% 2% 2% N/A 7% 1% 3% 2%

Ge ograph ic Re ve n u e s as % of Total
U.S . O pe ration s 85% 82% 82% 85% 83% 84% 85% 86% 89%
Non U.S . O pe ration s 15% 18% 18% 15% 17% 16% 15% 14% 11%

C ost of Se rvice s Be fore Re im bu rse m e n ts 107,027 110,083 113,852 113,073 444,035 109,544 104,405 105,849 101,234 42
% of Re ve n u e s Be fore Re im bu rse m e n ts 61% 62% 60% 61% 61% 61% 62% 62% 61%

Ge n e ral & Adm inistrative Expe n se s 34,877 41,417 41,071 38,013 155,378 37,203 35,680 34,144 34,403 14
% of Re ve n u e s Be fore Re im bu rse m e n ts 20% 23% 22% 21% 21% 21% 21% 20% 21%

EBITDA (1) 32,503 27,408 32,507 32,558 124,976 25,683 23,675 29,657 27,924 10
% of Re ve n u e s Be fore Re im bu rse m e n ts 19% 15% 17% 18% 17% 14% 14% 17% 17%
Adjuste d EBITDA (1) 32,571 27,408 34,462 33,208 127,649 32,946 26,972 29,657 29,201 11
% of Re ve n u e s Be fore Re im bu rse m e n ts 19% 15% 18% 18% 18% 18% 16% 17% 18%

O pe ratin g In com e 23,977 18,570 22,909 23,298 88,754 16,713 14,108 21,878 20,567 7
% of Re ve n u e s Be fore Re im bu rse m e n ts 14% 10% 12% 13% 12% 9% 8% 13% 12%
Ne t In com e 11,329 7,836 9,986 10,906 40,057 5,976 4,733 11,350 11,337 3
% of Re ve n u e s Be fore Re im bu rse m e n ts 6% 4% 5% 6% 6% 3% 3% 7% 7%
Y/Y Growth rate 90% 66% -12% -4% 20% -64% -45% -19% -18%
Q /Q Growth rate 45% -22% -8% 82% N/A 26% -58% 0% -32%

Ne t In com e Pe r Dilu te d S h are (EPS) 0.23 0.16 0.21 0.23 0.83 0.13 0.10 0.21 0.20
Adjuste d Ne t In com e Pe r Dilu te d S h are (2) 0.24 0.17 0.24 0.25 0.89 0.22 0.14 0.21 0.22
S h are s u se d in com pu tin g in com e pe r dilu te d
sh are 49,145 48,895 48,257 46,838 48,285 46,533 46,462 54,126 55,907 5

Balan ce S h e e t
C ash an d cash e qu ivale n ts 23,134 10,530 10,320 7,632 23,134 11,656 21,149 19,691 21,173 1
Trade accou n ts re ce ivable , n e t 170,464 197,877 219,868 206,567 170,464 189,616 202,097 195,970 179,876 18
Days sale s ou tstan ding (3) 73 84 85 83 73 77 90 87 81
De bt 232,479 272,979 309,037 267,767 232,479 256,616 310,398 303,497 63,506 25

S h are -base d com pe n sation e xpe n se re late d to

con su lting pe rson n e l 1,698 2,476 2,398 2,515 9,087 1,425 3,669 4,397 2,756 1

Em ploye e Data (Pe riod En d) (4)

Billable 1,931 1,952 1,928 1,896 1,931 1,944 2,009 1,907 1,928
Non -billable 577 574 571 547 577 525 541 553 522
Total 2,508 2,526 2,499 2,443 2,508 2,469 2,550 2,460 2,450

(1) See accompanying reconciliation of EBITDA and Adjusted EBITDA

(2) Adjusted EPS excludes certain operating costs in calculating net income as provided in the accompanying
schedule
(3) Q2 2008 DSO is calculated on a proforma basis as if the Chicago Partners acquisition had occurred April 1, 20
(4) Employee Data represents FTE employees (adjusted for part-time status). Non-billable employee data prior to
2008 has been restated on an FTE basis.

Confidential & Proprietary

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S EGMENT INFO RMATIO N

2008 Fu ll Ye ar 2007 Fu ll Ye ar
Q4 Q3 Q2 Q1 2008 Q4 Q3 Q2 Q1 2007

Bu sin e ss S e gm e n t
Re ve n u e s
North Am e rican
Dispute an d
Inve stigative
S e rvice s 78,790 79,836 88,602 91,002 338,230 85,620 81,633 80,754 76,727 324,734
%of Total Re ve n u e s 41% 40% 42% 44% 42% 42% 43% 43% 42% 42%
North Am e rican
Bu sin e ss
C on su lting S e rvice s 84,703 82,902 92,045 96,341 355,991 98,330 91,244 94,399 95,179 379,152
%of Total Re ve n u e s 44% 42% 44% 47% 44% 48% 48% 50% 52% 49%
Inte rn ational
C on su lting
O pe ration s 15,804 20,828 23,098 19,796 79,526 19,338 17,970 14,480 11,384 63,172
%of Total Re ve n u e s 8% 11% 11% 10% 10% 10% 9% 8% 6% 8%
Econ om ic C on su lting
S e rvice s 14,704 14,526 7,663 n/a 36,893 n/a n/a n/a n/a n/a
%of Total Re ve n u e s 8% 7% 4% n/a 5% n/a n/a n/a n/a n/a

S e gm e n t O pe ratin g
Profit(6)
North Am e rican
Dispute an d
Inve stigative
S e rvice s 30,106 32,558 33,753 35,023 131,440 32,666 31,809 30,910 31,144 126,529
% of Re ve n u e s
Be fore
Re im bu rse m e n ts 42% 45% 43% 42% 43% 42% 43% 41% 44% 42%
North Am e rican
Bu sin e ss
C on su lting S e rvice s 31,695 28,047 33,993 33,330 127,065 33,030 29,629 30,072 31,033 123,764
% of Re ve n u e s
Be fore
Re im bu rse m e n ts 42% 38% 41% 40% 40% 39% 38% 37% 37% 38%
Inte rn ational
C on su lting
O pe ration s 3,562 6,127 8,179 5,383 23,251 5,878 4,883 7,216 4,183 22,160
% of Re ve n u e s
Be fore
Re im bu rse m e n ts 26% 33% 40% 32% 33% 34% 33% 53% 44% 40%
Econ om ic C on su lting
S e rvice s 5,219 5,954 2,948 n/a 14,121 n/a n/a n/a n/a n/a
% of Re ve n u e s
Be fore
Re im bu rse m e n ts 37% 42% 40% n/a 40% n/a n/a n/a n/a n/a

O the r O pe ratin g
Data

Ave rage Billable Fu ll

Tim e Equ ivale n t
He adcoun t
North Am e rican
Dispute an d
Inve stigative
S e rvice s 779 761 762 796 775 811 804 790 792 790
North Am e rican
Bu sin e ss
C on su lting S e rvice s 871 886 914 940 904 998 1,001 1,003 1,052 1,018
Inte rn ational
C on su lting
O pe ration s 192 189 185 177 185 176 157 97 89 154
Econ om ic C on su lting
S e rvice s 98 91 55 n/a 62 n/a n/a n/a n/a n/a
Total C om pany 1,940 1,927 1,916 1,913 1,926 1,985 1,962 1,890 1,933 1,962
Ave rage Bill Rate
(e xcluding su cce ss
fe e s)
North Am e rican
Dispute an d
Inve stigative
S e rvice s 275 291 299 292 290 285 282 276 265 277
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North Am e rican
Bu sin e ss
C on su lting S e rvice s 230 227 227 213 224 196 200 203 201 200
Inte rn ational
C on su lting
O pe ration s 250 292 294 293 280 284 267 251 257 267
Econ om ic C on su lting
S e rvice s 335 337 319 n/a 332 n/a n/a n/a n/a n/a
Total C om pany 257 265 266 254 260 240 238 236 230 236
Ave rage Utiliz ation
(base d off 1,850 h rs)
North Am e rican
Dispute an d
Inve stigative
S e rvice s 75% 73% 77% 84% 77% 78% 75% 76% 78% 77%
North Am e rican
Bu sin e ss
C on su lting S e rvice s 78% 78% 80% 84% 80% 80% 79% 76% 77% 78%
Inte rn ational
C on su lting
O pe ration s 67% 72% 76% 73% 72% 66% 71% 85% 86% 75%
Econ om ic C on su lting
S e rvice s 98% 99% 88% n/a 96% n/a n/a n/a n/a n/a
Total C om pany 77% 76% 79% 83% 79% 78% 77% 77% 78% 77%

REC O NC ILIATIO N O F EBITDA AND ADJUSTED EBITDA TO O PERATING INC O ME

2008 Fu ll Ye ar 2007 Fu ll Ye ar
All n u m be rs in $000s Q4 Q3 Q2 Q1 2008 Q4 Q3 Q2 Q1 2007
O pe ratin g In com e 23,977 18,570 22,909 23,298 88,754 16,713 14,108 21,878 20,567 73,266
De pre ciation 4,426 4,330 4,381 4,165 17,302 4,274 4,189 3,995 3,721 16,179
Acce le rate d
de pre ciation —
office closure s
inclu de d in oth e r
ope ratin g costs 493 553 620 868 2,534 — — — — —
Am ortiz ation 3,607 3,955 4,597 4,227 16,386 4,696 5,378 3,784 3,636 17,494
EBITDA (5) 32,503 27,408 32,507 32,558 124,976 25,683 23,675 29,657 27,924 106,939
O pe ratin g C osts
S e paration an d
S e ve ran ce costs — — 2,663 3,348 — 1,277 7,288
O ffice
con solidation
(e xcluding
de pre ciation
above ) 68 — 1,955 650 2,673 4,600 2,150 — — 6,750
Gain on sale of
prope rty — — — (2,201) — — (2,201)
Litigation C h arge — — — — — — —
Adjuste d EBITDA (5) 32,571 27,408 34,462 33,208 127,649 32,946 26,972 29,657 29,201 118,776
Ge n e ral an d
adm inistrative
e xpe n se s 34,877 41,417 41,071 38,013 155,378 37,203 35,680 34,144 34,403 141,430
Lon g te rm
com pe n sation
e xpe n se
re late d to
con su lting
pe rson n e l
(in clu ding
sh are base d
com pe n sation ) 3,134 3,861 3,340 2,515 12,850 1,425 3,669 4,397 2,756 12,247
Total Se gm e n t
O pe ratin g Profit
(6) 70,582 72,686 78,873 73,736 295,877 71,574 66,321 68,198 66,360 272,453

(5) EBITDA (earnings before interest, taxes, depreciation and amortization) is not a measure of financial
performance under generally accepted accounting principles (GAAP). The Company believes EBITDA is
useful supplemental information for investors to evaluate financial performance. This data is also used by
the Company for assessment of its operating and financial results, in addition to operating income, net
income and other GAAP measures. Management believes EBITDA is a useful indicator of the Company’s
financial and operating performance and its ability to generate cash flows from operations that are available
for taxes and capital expenditures. Investors should recognize that EBITDA might not be comparable to
similarly-titled measures of other companies. This measure should be considered in addition to, and not as a
substitute for or superior to, any measure of performance prepared in accordance with GAAP.
(6) Segment Operating Profit is a measure of profit used by management and excludes certain expense amounts
not allocated to the specific reporting segments.
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Confidential & Proprietary