UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2008
BearingPoint, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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001-31451
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22-3680505 |
(State or other jurisdiction
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(Commission File Number)
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(IRS Employer |
of incorporation)
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Identification No.) |
1676 International Drive
McLean, VA 22102
(Address of principal executive offices)
Registrants telephone number, including area code (703) 747-3000
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On August 11, 2008, BearingPoint, Inc. (the Company) issued a press release announcing its
financial results for the quarter ended June 30, 2008 and providing guidance for the remainder of
2008. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.
Net
revenue, free cash flow and cash balance, which are non-GAAP financial measures, are presented in the
press release. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure
of a companys performance, financial position or cash flows that excludes or includes amounts that
are not normally excluded or included in the most directly comparable measure calculated and
presented in accordance with GAAP. In this regard, GAAP refers to generally accepted accounting
principles in the United States.
The Company believes that it is useful to monitor net revenue because it represents the actual
amount paid by its clients for the services it provides, as opposed to services provided by others
and ancillary costs and expenses. Net revenue is a non-GAAP financial measure. The most directly
comparable financial measure in accordance with GAAP is revenue. Net revenue is derived by reducing
the components of revenue that consist of other direct contract expenses, which are costs that are
directly attributable to client engagements. These costs include items such as computer hardware
and software, travel expenses for professional personnel and costs associated with subcontractors.
The Company believes that free cash flow is a useful measure because it allows better understanding
and assessment of the Companys ability to meet debt service requirements and the amount of
recurring cash generated from operations after expenditures for fixed assets. Free cash flow does
not represent the Companys residual cash flow available for discretionary expenditures as it
excludes certain mandatory expenditures such as repayment of maturing debt. The Company uses free
cash flow as a measure of recurring operating cash flow. Free cash flow is a non-GAAP financial
measure. The most directly comparable financial measure calculated in accordance with GAAP is net
cash provided by operating activities. Free cash flow is calculated by subtracting purchases of
property and equipment from cash provided by operating activities.
The
Company believes that cash balance is a useful measure because it allows us to track the Companys
total cash, i.e., cash and cash equivalents and restricted cash. Cash balance is a non-GAAP financial measure as it represents the net presentation of cash and cash
equivalents and restricted cash. The most directly comparable financial measure is cash and cash
equivalents.
Item 9.01 Exhibits
(d) Exhibits
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99.1 |
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Press Release of BearingPoint, Inc. dated August 11, 2008. |