ARLINGTON, Va.--(BUSINESS WIRE)--CEB Inc. (NYSE: CEB), a best practice insight and technology company, today announced financial results for the second quarter ended June 30, 2016.

HIGHLIGHTS – SECOND QUARTER 2016

• Revenue of $242.6 million (an increase of 4.6%); Adjusted revenue of $251.1 million (an increase of 7.9%)
• Net income of $7.7 million (a decrease of 66.6%); Adjusted net income of $31.5 million (a decrease of 4.0%)
• Adjusted EBITDA of $64.5 million (an increase of 6.9%); Adjusted EBITDA margin of 25.7%
• Diluted earnings per share of $0.24 (a decrease of 65.2%); Non-GAAP diluted earnings per share of $0.97 (no change)
• Completed acquisition of Evanta on April 29, 2016

“Our focus in the second quarter remained squarely on delivering great customer impact and setting up for stronger outcomes in the second half and beyond. Current events in the economy and society create an unusual opportunity for us to help our clients and members, and we are working hard to deliver impact,” said Tom Monahan, CEB Chairman and CEO. “You can see the result in this quarter: organic bookings growth improved modestly to the low single-digits, our CEB Events group came out of the gates quickly following the Evanta acquisition, and we delivered solid results in quarterly revenue and Adjusted EBITDA. We enter the third quarter with a great team on the field and our eyes on sharp execution amid the continued volatility of the current environment.”

OUTLOOK FOR 2016

The Company updates its 2016 annual guidance as follows: Revenue of $957 to $982 million, Adjusted revenue of $970 to $995 million, capital expenditures of $32 to $34 million, Non-GAAP diluted earnings per share of $3.95 to $4.15, Adjusted EBITDA margin of at least 26.25%, and depreciation and amortization expense of $104 to $106 million. Adjusted revenue refers to revenue before the impact of the reduction of acquisition-related deferred revenue to fair value recognized in the post-acquisition period (“deferred revenue fair value adjustment”). The estimated reduction in 2016 revenue to reflect the impact of the deferred revenue fair value adjustment is expected to be approximately $13 million. This guidance is based on the following foreign currency exchange rates: 1.33 US dollar (“USD”) to the British Pound, 1.11 USD to the Euro, and 0.75 USD to the Australian Dollar.

For the third quarter of 2016, the Company expects Revenue of at least $230 million, Adjusted EBITDA margin of at least 24.5%, and Non-GAAP diluted earnings per share of at least $0.85.

SHARE REPURCHASE

In the second quarter of 2016, the Company repurchased approximately 81,000 shares of its common stock at a total cost of $5.2 million. These purchases were made pursuant to the Company’s $150 million stock repurchase program, which is authorized through December 31, 2017.

QUARTERLY DIVIDEND

The Company announced that its Board of Directors has approved a cash dividend on its common stock for the third quarter of 2016 of $0.4125 per share. The dividend is payable on September 30, 2016 to stockholders of record on September 15, 2016. The Company will fund its dividend payments with cash on hand and cash generated from operations.

ABOUT CEB

CEB is a best practice insight and technology company. In partnership with leading organizations around the globe, we develop innovative solutions to drive corporate performance. CEB equips leaders at more than 10,000 companies with the intelligence to effectively manage talent, customers, and operations. CEB is a trusted partner to nearly 90% of the Fortune 500 and FTSE 100, and more than 70% of the Dow Jones Asian Titans. More at cebglobal.com.