CIBER, Inc. Q3 2008 Earnings Call Transcript

CIBER, Inc. (CBR)

Q3 2008 Earnings Call Transcript

October 23, 2008, 11:00 am ET

Executives

Jennifer Matuschek – VP, IR

Mac Slingerlend – President and CEO

Peter Cheesbrough – EVP and CFO

Analysts

Anurag Rana – KeyBanc Capital Markets

Rick Aspelton [ph] – Stifel Nicolaus

Chris Buckland [ph] – Wachovia

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the CIBER third quarter 2008 earnings conference call. At this time, all parties are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. (Operator instructions) As a reminder, this conference is being recorded today, October 23, 2008. I would like to turn the conference over to our host Ms. Jennifer Matuschek, VP, Investors Relations. Please go ahead.

Jennifer Matuschek

Thank you, David, and good morning, everyone. Thank you for joining CIBER's third quarter call. With me today are Mac Slingerlend, CIBER’s President and Chief Executive Officer, and Peter Cheesbrough, our Chief Financial Officer.

We distributed CIBER's third quarter 2008 earnings release before the market opened this morning. A copy is available on the Company's website at CIBER.com. This morning we also published our quarterly financial scorecard on the website, which provides selected metric information as well as revenue and income for our operating segments for those of you that are interested.

During today's call the discussion may include certain non-GAAP financial measures in an effort to provide meaningful comparisons to investors. A reconciliation of non-GAAP measures to the related GAAP measures is provided in the Investor Relations section of our website.

Lastly, I would like to remind you that certain comments today may constitute forward-looking statements for the purposes of the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995. Please refer to the Safe Harbor language in today's press release and in CIBER's other public filings.

Now, I will turn the call over to Mac Slingerlend.

Mac Slingerlend

Thank you, Jennifer, and thanks for everyone that called. My notes this morning says some quarters are more amazing and challenging than other and the 2008 third quarter fits that profile. A revenue of $300 million was just $34,000 below the outlook we provided last July, and this is entirely due to the surprising strength of the U.S. dollar in the last two-thirds of the quarter. There are always pluses and minuses from expectations, but this was the biggest top line variance for the quarter.

As to EPS, we came within, but at the lower end of our outlook for the quarter, partially driven by foreign exchange effects, but also by an underperforming U.S. SAP Practice, which we tore apart and rebuilt during the quarter.

As is customary, at this point we are going to turn the call over to Peter Cheesbrough, our CFO, to comment on the metrics of the quarter, after which I will comment on the – on our operating divisions and our outlook for the fourth quarter. Peter?

Peter Cheesbrough

Thank you, Mac, and good morning, everyone. I would first like to outline some of the financial highlight for the quarter and for the year-to-date. We had strong organic growth in our European and U.S. Commercial Divisions, 27% and 9%, respectively in the quarter.

Gross margin for the Company at 27.4% for the quarter was consistent with the prior year’s quarter and sequentially despite a full quarter within our U.S. CES Division. A low tax rate for the quarter of 30.3% helped to partially offset the impact of an increase in bad debt expense.

EPS for the quarter was $0.13.

For the nine months, revenue was $912 million, a 15% increase over the same period last year, and EPS was $0.40 versus $0.35 in the same period last year, a 14% increase.

Another strong quarter of cash flow from operations allowed us to reduce total debt by $20 million – $29 million, or almost 14% since year-end 2007.

Now, I will discuss some of the details. Revenue for the third quarter of 2008 was $300 million, up 12.9% quarter-over-quarter. Of this increase, 8.7% was organic, 2.5% was due to foreign exchange, and 1.7% was due to acquisition.

Organic revenue growth by division is as follows – U.S. Commercial up 9%; Europe up 27%; State & Local up 3%; and Federal down 8%; and CES down 11%. Our Federal Division has been awaiting the award decision of a number of submitted bids as prime contractor, but the upcoming election has slowed that decision-making process.

The decrease in the CES Division resulted from completion of two large public sector projects in Q2, which we have not yet successfully back-filled.

For the nine months period, revenue grew by 15.2%, with organic growth contributing 9%, and foreign exchange 4.2%, and acquisitions 2%.

Gross profit for the quarter was $82.3 million, an increase of $9.5 million, or 13.1% quarter-over-quarter. Strong contributions from the European and U.S. Commercial Divisions offset lower margins in the U.S. CES Division. Gross margin in the U.S. CES Division was $6.5 million, down $2.5 million from last year’s quarter. This decline was attributable to lower gross profit from service revenue. Overall, the gross profit margin of 27.4% for the quarter was the same as last year’s third quarter.

For the nine months period, the gross profit margin was 27.5%, a 10 basis point improvement over the comparable period in 2007. SG&A expense for the quarter, at $67.5 million, was 22.5% of revenue, which is an increase of 90 basis points quarter-over-quarter. This increase was due to investments in infrastructure for the U.S. CES Division, acquired as part of Metamor in September last year as well as increased stock compensation expense, benefit cost, and bad debt.

Operating income for the quarter was $13.2 million, $600,000 lower than the $13.8 million in the prior year’s quarter. We saw increased contributions from the U.S. Commercial, European, and State & Local Divisions, but unfortunately these improvements were more than offset by a significant decrease in the CES Division.

For the nine months, operating income was $45.5 million, a 10% over the prior year. The operating margin was 5% or 20 basis points lower. Other expense of $1.9 million for the quarter was $200,000 lower than the prior year’s quarter. This reduction was driven by reduced foreign exchange cost, somewhat offset by higher interest cost. And for the nine months, other expense was $7.9 million, a $1.7 million increase over the prior year.

Our income tax rate for Q3 was 30.3%, which was driven by a research and experimentation tax benefit and the geographical mix of earnings. Firstly the R&E credit, here we booked a $420,000 increase to the R&E credit previously taken for 2007 in the 2007 year. We initially book an R&E credit based upon estimates then following the end of the year we carry out a comprehensive study to review all the details to ensure our position is properly supportable. This study for the 2007 year was completed in the third quarter and indicated a larger credit should be available than previously being taken.

Regarding the geographic mix of earnings, Europe generates a larger percentage of pre-tax income and with a lower tax rate in much of Europe, this further lowered our overall tax rate.

Net income for the quarter was $7.9 million, a 6% increase over the $7.5 million in Q3 of 2007. EPS of $0.13 represents an 8% increase over the $0.12 last year. For the nine months, net income was $24 million, and EPS $0.40, representing a 10% increase over the $21.9 million and $0.35, respectively in the prior year’s – same period last year.

Net cash flow provided by operating activities for the quarter was a solid $21.8 million, which brings us to $62.8 million for the nine months as compared to $23.1 million in the first nine months of 2007.

Our CapEx for the three and nine months period was $2.7 million, and $10.8 million, respectively, compared to $3.1 million and $8.6 million last year. As a result, our free cash flow, representing net cash flow from operating activities less CapEx, was $19.1 million for the quarter and $51.9 million for the nine months compared to $15.6 million and $14.5 million in the same period last year.

Moving on to our balance sheet, our remaining outstanding convertible debentures stand at $81 million, and we expect these debentures to put to us in mid-December. We have the capacity under our revolving credit facility to meet this obligation.

We’ve reduced our total debt position from $210.9 million at the end of 2007 to $182 million at the end of Q3, a reduction of $28.9 million, or 14%. As a result, out total debt to total capital ratio improved to 28.0% at the end of the quarter from 31.6% at the end of 2007. And our total debt to EBITDA was 2.21 versus 2.8 at the end of 2007.

During the quarter we repurchased and additional 250,000 shares of our common stock into Treasury at an average price of $6.84, bringing out total for the nine months to 1,350,000 shares. We also increased our cash position to $39.3 million at the end of the quarter.

Accounts receivable. Services DSOs were 68 days, a seasonal increase of two days compared to the 66 days at the end of June. Overall DSOs were 74 days, two days more than the 76 days at the end of second quarter.

We continue discussion with the City of New Orleans and FEMA concerning the outstanding receivable balance, which at the end of the quarter stood at little under $10 million. We continue to work with the City in seeking reimbursement from FEMA for work done in earlier periods and FEMA is progressing through its review process, although painfully slowly. We received $2.1 million from the City of New Orleans during the quarter relating to current billing.

In conclusion, our U.S. Commercial Division segment and European turned in outstanding performance with both revenue and margin growth. Europe turned in another solid quarter, but was negatively impacted by having to make provision for some receivables from customers in financial difficulty. However, the U.S. CES Division performed poorly in the quarter.

Free cash flow continued the solid performance we’ve seen in earlier quarters this year. We expect the remaining $81 million of debentures to be put to us in December. However, given the current disruptions in the debt markets there may be opportunities for us to buy some of these converts earlier at favorable prices. We were in full compliance with out debt covenants at the end of the third quarter. The balance of the year, we expect to continue to use cash generated from the business as well as our line of credit to fund our buyback of converts, working capital CapEx.

That concludes my comments. And back to you Mac.

Mac Slingerlend

Thank you, Peter. Going division by division and starting with U.S. Commercial Division, this group had a very good quarter. It’s top line, margins and headcounts all held up better than either the previous two years, furthering the success Tony Hadzi and Joe Mancuso have had running these operations. We are working closely in closing – on closing the Iteamic Private Limited of Bangalore acquisition that we announced earlier to help deliver offshore supported projects with the rates and skills needed. Global capital markets are inhibiting this closure, but we hope more sanity will allow us to get this done soon.

Europe had another solid quarter albeit well below the second quarter. In fact, the strong U.S. dollar hurt their numbers as better local country results were converted into U.S. dollars. They also experienced two customers who struggled financially in the quarter, one specifically tied to a U.S. investment bank experiencing liquidity problems and pulling back on its financial commitments. Headcounts in Europe were again strong and grew in the quarter. We are also doing well across all geographies.

Back to the U.S., our State & Local Government Division remains solid for the quarter. Whereas we all have concerns about public sector budgets, we are still winning sustaining levels of business. State & Local Government pipeline is huge, about four times its revenue run rate, which is a good sign.

Our Federal Government Division continues to be hampered by slow and non-decisions. As an example, we have approximately 25 bids submitted either as a primary or sub that are due or past due up to six months in some cases from state to work days. We have won virtually all of our renewals this year and received some extensions, but serious new business appears to be on hold until 2009. We remain confident in our go-to-market model here and our progress, but the headwinds have been different in this division than elsewhere.

Now, the U.S. ERP business. This is the tale of two cities. While I cannot say that Oracle and Lawson business have the best of times, it’s been pretty good, and each is nicely profitable. However, the U.S. SAP business is another story and somewhat self-inflicted. We did not do a good job on an at-risk project that we inherited from Metamor, but I am happy to say that it is now under control and progressing well, and I spoke to the client on it just yesterday.

We also experienced a ramp down of the successful Pennsylvania Turnpike project, but we were not as successful in replacing as quick as it finished. By the way, it was over $60 million project, in total, finished on time and on budget. And while you may have noticed the nearly $20 million extension where we see it from this pleased customer for maintenance, which will be split between our State & Local Division and our SAP Practice as it proceeds.

Adding a little more color on U.SAP Practice, first we had a changing of the guard and a reorganization of the practice during the quarter. There are now new leaders and a more accountable structure effective as of Labor Day. And second, we also announced the global structure for all of our SAP businesses. We have well over a 1000 SAP consultants in 18 countries, more and more cross-border business opportunities all the time, and one was mentioned in today’s press release. This portion of our model is strategic, primary, and a well-run Cyber activity in the U.S. portion is on track to become a healthy part of it.

Okay, as to the outlook, for fourth quarter we are experiencing a continuing very strong U.S. dollar, which, as you know, is approximately 35% of our revenue, is affected by foreign exchange rates. We still anticipate organic growth to be positive, but we are not looking at positive foreign exchange momentum in the fourth quarter. We have provided our outlook for the fourth quarter to be a better quarter, led by higher productivity in Europe vis-à-vis the summer period and better U.S. SAP results.

For the year, we have brought EPS to $0.54-$0.55 from $0.55-$0.57, again mainly based on the dollar strength but also on the third quarter being at the lower end of the range as we expected. The revenue outlook is also set reflecting the stronger dollar. Overall, we are profitable. As Peter says, we have a very good tax flow and no liquidity issues.

As to 2009, we plan to issue our outlook as usual in February when we have a better handle on year-end and year beginning activities. Let’s hope that, as I said here, credit flows begin, LIBOR keeps coming down, and the shareholders begin to see P/E ratios commensurate with our earnings growth rates.

With that, David, do you have any questions for us?

Question-and-Answer Session

Operator

(Operator instructions) Our first question is from the line of Anurag Rana with KeyBanc. Please go ahead.

Anurag Rana – KeyBanc Capital Markets

Hi, good morning, everyone. Just wanted to understand the operating margin a little bit better. It came in a little bit lighter than what it has been in the past four, five quarters. Should we expect similar structure going forward given the G&A is a little bit higher than what we saw in the previous quarters?

Mac Slingerlend

I think the one thing that’s in there, Anurag – there is two things, one is FASB continuing to have us charge expenses currently and prospectively for – that are nom-cash, and sometimes I call never-cash expenses; they run through the P&L. But secondly, we did incur some bad debt expense we referred to in two cases, two European clients and one U.S. client that all basically had severe financial problems in the quarter and we had to reserve – we had – we not only added to our accounts receivable reserve, we had to remove some receivable that have been previously booked. So, I do think that there is a – in round numbers, roughly 1% of SG&A in the third quarter that was simply tied to that receivable issue. Don’t fault the operations so much and I’d have to even tell you these were surprise situations as opposed to you could see it coming. But I do think most of the increase was tied to those surprise receivables that become bad debt issues.

Anurag Rana – KeyBanc Capital Markets

Fair enough. And just in terms of the new work that you are getting at this point what kind of work is it? Is it different from what you’ve previously seen? Is it – people are looking for a quick – any quick fixes to save any money at this point or what kind of projects are you witnessing at this point?

Mac Slingerlend

I really won't tell you that I see so much of a change in the type of projects, Anurag. What I am really seeing is people just being more conservative and just being on hold a little bit longer from starting – mainly what I would call development projects. So you’re – you get a – at times like this, you get a continuation of maintenance, you get the have-to projects for whatever reasons they have to. For example, M&A transactions where you are merging operations together, but you do see, I think, slowdowns and delays in starting new work. And so, if I have any concerns in that area, that would be it. What I said to Europe or what I’ve said about Europe, recently, this may not be the best simile to use but I referred to that there was foam on top of the beer in terms of how frothy European business has been. The foam seems to be going, but the glass is still full. So, there is still plenty of business, still headcount growth. We are still optimistic with respect to European operations and – but we – but here in the States in particular in particularly the public sector, I would like to see some movement through the pipeline and that may happen as these governmental agents (inaudible) spending post the election period.

Anurag Rana – KeyBanc Capital Markets

Thanks. Just one more, do you think Europe could actually grow in double digits next year given what we are seeing in the U.S. and its impact and then possibly things moving on to Europe now?

Mac Slingerlend

Yes, I will tell you I spoke specifically to Terje Laugerud on that question, if we avoid a discussion about the U.S. dollar to their operations, just speak in terms of local currency, I think he is shooting for right at 10%. Okay? So, I think he is certainly not throwing in the towel a negative growth or single-digit growth, but he is aiming at 10% growth in European operations 2009.

Anurag Rana – KeyBanc Capital Markets

That’s very good. Thank you.

Mac Slingerlend

Take care, sir.

Operator

Thanks, sir. And our next question is from the line of George Price with Stifel Nicolaus. Please go ahead.

Rick Aspelton – Stifel Nicolaus

Hey guys, it’s actually Rick Aspelton [ph] in for George. Just one clarification, for Peter, on the New Orleans receivable, you said $2.1 million, but it sounded like that was for current work done. Was there any receivable collected from the past due receivable?

Peter Cheesbrough

You are correct. The $2.1 million relates to the current billing work being done in 2008 so they are maintaining payments on that to keep them relatively current. There was no change in the older amount. The City is waiting for reimbursements from FEMA.

Mac Slingerlend

Yes, Rick, let me add a little bit to that. There is about $1 million in the queue that we have not received that’s in process at the City, an old stuff. But that’s not the majority old stuff. That’s just about $1 million of it. So I do think there is $1 million that we can anticipate in the near future in the fourth quarter, but we are really working at a more sustainable total solution during this quarter and we are going to be talking to the City about –

Rick Aspelton – Stifel Nicolaus

Okay.

Mac Slingerlend

About collecting not only the FEMA portion but the portion that we think FEMA won't be paying themselves.

Rick Aspelton – Stifel Nicolaus

Got it. The next question is just in terms of demand, can you guys sort of just go through their progression on what you saw month-by-month and then specifically what you are seeing in State & Local since we’ve heard a lot in the news about State & Local being pretty weak.

Mac Slingerlend

I don’t – sure, I will mention, I will try to answer your question month-by-month from the hand, but I don’t know that other than intuitions saying that around the middle of September when the credit markets kind of went down that I felt any change in demand until mid-September. So, I’d say, fine, fine, half fine. At this point, I think there is concern about spending. I’ve been staying around here. The worse thing that happen any place is that everybody stops spending. Everybody needs to keep spending. But the – I just – I think that demand is holding up for us in total with respect to State & Local. We are winning small things enough to be sustaining. But their pipelines, I think I said four in my comments, it’s really between four and five times our annualized run rate of revenue. And so there is a lot of things we are tracking out there. I think the public sector, by the way, it’s going to have to start pick up to some level of spending, including the federal sectors, not just in America but the federal sectors in Germany and other places. Some part of that needs to trickle through from these federal agencies, the state agencies and have some local spending happen.

Rick Aspelton – Stifel Nicolaus

Okay. Thanks a lot for taking my question.

Mac Slingerlend

Okay, Rick.

Operator

Thank you, sir. (Operator instructions) The next question is from the line of Ed Caso with Wachovia. Please go ahead.

Chris Buckland – Wachovia

Hi, good morning. This is Chris Buckland [ph] for Ed. I just had a question regarding the (inaudible) for – you mentioned possible acquisitions in Europe and also I guess the current status on the Iteamic.

Mac Slingerlend

Sure. Both operations are really on hold from a standpoint of closing. I would use the expression perhaps that they are closable, but with respect to our bank credit facility, we are limited to what acquisitions we can use – we can do in cash in any given year, and in general we used that limit earlier in a year in the Norwegian acquisition done either (inaudible) I think it was April. So, we are really in a position where we need to do – to play some chairs to do the deals to keep the banks happy. And hence in these credit markets I think you know you need to keep the banks happy. So, trading at less than a 10 P/E doesn’t really encourage us. I want to grow at least 15% to go ahead and do the placement. I would probably tell you, if we get any kind of normalization for a short period of time, these are both accretive, they are both attractive, they are both strategic, they are both helpful. These are things we want to get done. But we’d certainly love a little bit of sanity trying to get the placement done to satisfy the banks to get the offerings done.

Chris Buckland – Wachovia

Okay, that’s helpful. Thank you. And then also how should we think about your proposal activity across the business lines in Q4 versus Q4 of 2007?

Mac Slingerlend

You are referring to effectively the pipeline or the things we are working on prospectively?

Chris Buckland – Wachovia

Right.

Mac Slingerlend

I would probably – totals wise, it’s up slightly. I think we reported you a pipeline of little over $3 billion, which is similar or a hair more than last year. But I will also tell you that the more and more solutions work we do I feel better about the quality of the pipeline as we develop it. And I’ll also tell you that we’ve culled some longer term maturities out of the Federal part of the pipeline, which brings their proportion of the overall pipeline down, which means that the rest of the pipeline, if it’s bigger, also has a sure return to it. So, I guess you might want to say I feel good about the teams, the people working on things. I feel good about the shorter length of time tied to the overall pipeline, and so but that still means it you got to get things converted out there and turn them into revenue and it’s obviously what we have to be working at.

Chris Buckland – Wachovia

And following up to what you just said, how is the pace of work now as compared to last year? I know you mentioned a bit of a recent September, maybe expand on that?

Mac Slingerlend

Can I get the first phrase of your question? I didn’t hear it exactly.

Chris Buckland – Wachovia

Excuse me. The pace of the work going through pipeline?

Mac Slingerlend

You know it’s a sense more than a reality. First of all, we did – we are reporting 13% organic growth. That’s not all bad. Yes, I think our growth has been pretty solid and we are 9% to 10% I think this quarter. So overall we are having a decent conversion. But what I need to have and specifically if you took a look at the components, which were in the press release, in particular, it’s the U.S. ERP business which is tied significantly through the SAP business, and I think there is reasons why that’s been slower and the conversion ratio wasn’t in there in the Federal business. And that’s squarely tied to the fact that anybody who has got a job is looking for a new job or they have already left. They don’t have a new president. They haven’t heard the people are going to take place to make the decision. So, I think we are doing well to maintain what we are doing Federal with respect to extensions and renewals, but the pace of the conversion has been like molasses and it just seems to me that you’ve got to get into like at least midway through the fourth quarter unless the government comes along with some just – what I have to say stimulus package. They are emailing $300 to their constituents in America. They are starting spending some money in the projects that they’ve got on hold (inaudible) economy environ.

Chris Buckland – Wachovia

And then lastly, you talk about I think the IBM sales this quarter were pretty healthy, any change of thought for I guess the rest of the year here?

Mac Slingerlend

I think we are expecting to be on plan in the fourth quarter. That had a diminished set of business for three or four, five quarters in a row. And the third quarter results were helpful and promising. I am not hearing anything at this point that the guys are doomed in gloom. And the forecast that I’ve got for them for the fourth quarter are for them to have a solid quarter. So, I surmise that there is going to be some stimulus put out there by IBM and others to try to get some hardware moving and that’s good for us getting a decent quarter from our group of guys. As I always say, they are goods guys. Sometimes they are just facing some headwinds they can't [ph] overcome.

Chris Buckland – Wachovia

Great. Thank you.

Mac Slingerlend

Okay, sir.

Operator

Thanks, sir. (Operator instructions) And I have no further questions in the quarter at this time. I would like to turn the call back over to management.

Mac Slingerlend

David, thanks very much. You’ve done a nice job for us today. Again, for those that called in, we appreciate the support. I think if you put the overall quarter together, given FX rates, it was a solid quarter although there were some pluses and minuses that balanced out to have it end up be a solid quarter. Our guidance for the fourth quarter is a better quarter particularly on the bottom line, dealing, again as I said earlier primarily productivity in Europe and a better improvement coming out of the U.S. SAP business. Overall, we are certainly not discouraged and I think we are weathering the credit markets pretty well and have liquidity to meet our needs and as Peter said we’ve got not only a very good cash flow position, I am not sure that we don’t a dollar of cash flow if you compare this year from operations, which is a pretty strong number. So, thanks for your support. Feel free to call in with any questions you’ve got and we look forward to talking to you in the course of the year, probably in mid to third week of February with both year-end results and our outlook for 2009. Thanks again. Talk to you soon.

Operator

And ladies and gentlemen, this concluded the CIBER third quarter 2008 earnings conference call. If you’d like to listen to a replay of today’s conference please dial 303-590-3000 or 800-405-2236 and enter access code number 11119917. ACC would like to thank you for participation. You may now disconnect

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