FINAL TRANSCRIPT

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CCBN StreetEvents Conference Call Transcript

HEWHewitt Associates to Acquire Exult Conference Call

Event Date/Time: Jun. 16. 2004 / 8:15AM ET
Event Duration: N/A

C O R P OR A T E    P A R T I C I P A N T S

Jennifer Rice
Hewit AssociatesIR

Dale Gifford
Hewit AssociatesChairman & CEO

Jim Madden
ExultCEO

Bryan Doyle
Hewitt AssociatesDirector

Dan DeCanniere

Hewitt AssociatesCFO

C O N F E R E N C E    C A L L    P A R TI C I P A N T S

Randall Mehl
Robert W. BairdAnalyst

Greg Gould
Goldman SachsAnalyst

Ashwin Shirvaikar
Smith BarneyAnalyst

Kelly Flynn
UBSAnalyst

Marta Nichols
Banc of AmericaSecurities

April Henry
Morgan StanleyAnalyst

George Sutton
Craig HallumAnalyst

Mark Marcon
Wachovia SecuritiesAnalyst

Todd Van Fleet
First AnalysisAnalyst

Greg Capelli
CSFBAnalyst

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P R E S E N T A T I O N

Operator

        Ladies and gentlemen, thank you for standing by and welcome to the Hewitt Associates conference call. As a reminder this call will be recorded. At this point we will now turn the conference over to your host, Ms. Jennifer Rice. Please go ahead.

Jennifer RiceHewit AssociatesIR

        Good morning, and thank you for joining us particularly on such short notice. Dale Gifford, Hewitt's Chairman and CEO, Jim Madden Exult's founder and CEO, Dan DeCanniere, Hewitt's CFO, and Bryan Doyle, leader of Hewitt's HR outsourcing business. This morning we announced some very exciting news. We have reached a definitive agreement under which Hewitt and Exult will combine creating the leading global provider of HR business process outsourcing and HR consulting services. In a moment I will turn the call over to Dale Gifford, but before I do let me point out that during the call when we discuss revenues, we are referring to net revenues. And during the call we will discuss core earnings. Core earnings is a non-GAAP financial measure and is defined by excluding amortized compensation expense related to our onetime IPO related grant of restricted stock to employees.

        Please refer to our website to obtain a copy of this release and our May 4th earnings release which contain a full reconciliation of core earnings to GAAP. During the call we will also be discussing forward-looking information. When we talk about future results or events, there are a number of factors that could cause actual results or events to be materially different from what we expect. These factors are listed at the end of our press release this morning and in our SEC filings. Except as provided by federal securities laws we are not required to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. We do intend to file a registration statement including a joint proxy statement and prospectus, in connection with our proposed combination with Exult. You are urged to read these documents when they become available because they will contain information about this transaction.

        Our press release of today has instructions for obtaining copies of them, as well as our prior SEC filings and other information. And finally, during the Q&A session we ask that you please limit yourself to one question out of courtesy to others. Now with these formalities out of the way, I'll turn the call over to Dale.

Dale GiffordHewit AssociatesChairman & CEO

        Thank you, Jennifer, and good morning everyone. We are happy to have you join us to discuss the combination of Hewitt and Exult, and what marks a significant development in the broader HR outsourcing industry. And I want to welcome Exult clients, employees and partners in anticipation of the move to Hewitt.

        The combination of these two great companies creates a global leader in HR outsourcing of enhanced growth prospects and it helps us to fulfill our vision of being the leading provider of HR services. I also believe this will mark a catalyst for growth in HR BPO as there is now an even more comprehensive and more flexible solution for companies and course of we will be the only organization that can deliver it.

        We are really looking forward to the benefits this combination should bring to our clients, to our associates and to our stockholders. I want to emphasize that the two companies have been in discussion for quite a long period of time and given that we work jointly on a few clients, we do know each other very well. We are of one mind with regard to the management integration and the strategic benefit, and we've been working together in order to identify the appropriate synergies.

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        So what we'll do this morning is walk you through the details and the benefits of this combination and share why we are so excited about it. Jim Madden, Brian and I will walk you through the strategic rationale, the benefits that we expect to realize and the leadership team that will be in place. And Dan DeCanniere will walk through the transaction terms of the deal mechanics, and will conclude with a session dedicated to answering your questions.

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