exv99w1

Exhibit 99.1


Contact:	Richard S. Lindahl
	Chief Financial Officer	1919 North Lynn Street
	(571) 303-6956	Arlington, Virginia 22209
	jconnor@executiveboard.com	www.exbd.com

THE CORPORATE EXECUTIVE BOARD REPORTS SECOND QUARTER RESULTS AND
REAFFIRMS 2011 GUIDANCE

Arlington, Virginia — (August 1, 2011) — The Corporate Executive Board Company (“CEB” or the “Company”) (NYSE: EXBD) today announces financial results for the second quarter and six months ended June 30, 2011. Revenues increased 8.8% to $119.2 million for the second quarter of 2011 from $109.6 million for the second quarter of 2010. Net income for the second quarter of 2011 was $10.3 million, or $0.30 per diluted share, compared to $11.0 million, or $0.32 per diluted share, for the same period of 2010.

For the first six months of 2011, revenues were $234.1 million, an 11.6% increase from $209.8 million for the first six months of 2010. Net income for the first six months of 2011 was $21.7 million compared to $22.6 million for the same period in 2010. Diluted earnings per share for the first six months of 2011 was $0.62, a decrease from $0.66 for the same period in 2010.

Contract Value at June 30, 2011 increased 11.4% to $456.8 million, compared to $410.1 million at June 30, 2010, as a result of increased sales to new and existing members. Wallet retention rate at June 30, 2011 increased to 103% from 91% at June 30, 2010 as a result of improved pricing, renewals, and sales of additional products and services. Contract Value per member institution increased 4.0% at June 30, 2011 to $84,942 from $81,637 at June 30, 2010.

“Our contract value and bookings growth continued at a solid pace and keep us on track to deliver on our annual commitments,” said Thomas Monahan, Chairman and Chief Executive Officer. “With our teams performing at high levels and our 2011 investment plan now largely complete, we anticipate improved revenues and earnings through the second half of the year.”

OUTLOOK FOR 2011

The Company reaffirms its 2011 annual guidance of Revenues of $480 to $500 million; Non-GAAP diluted earnings per share of $1.50 to $1.65; Depreciation and amortization expense of approximately $17 to $18 million; capital expenditures of approximately $8 to $10 million; and an Adjusted EBITDA margin of between 22.0% and 23.0%.

NON-GAAP FINANCIAL MEASURES

This press release and the accompanying tables, as well as earnings discussions, may include a discussion of EBITDA, Adjusted EBITDA, Adjusted net income, and Non-GAAP diluted earnings per share, which are non-GAAP financial measures provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The term “EBITDA” refers to a financial measure that we define as earnings before interest income, net, depreciation and amortization, and provision for income taxes. The term “Adjusted EBITDA” refers to a financial measure that we define as earnings before interest income, net, depreciation and amortization, provision for income taxes, impairment loss, costs associated with exit activities, restructuring costs, and gain on acquisition. The term “Adjusted net income” refers to net income excluding the after tax effects of impairment loss, costs associated with exit activities, restructuring costs, and gain on acquisition. “Non-GAAP diluted earnings per share” refers to diluted earnings per share excluding the after tax per share effects of impairment loss, costs associated with exit activities, restructuring costs, and gain on acquisition.

These non-GAAP measures may be considered in addition to results prepared in accordance with GAAP, but they should not be considered a substitute for, or superior to, GAAP results. We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting.

A reconciliation of Net income to EBITDA is provided below.


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net income	$	10,344		$	10,980		$	21,698		$	22,613
Interest income, net		(149	)		(363	)		(498	)		(799	)
Depreciation and amortization		4,588			5,639			8,846			10,774
Provision for income taxes		7,757			7,923			15,712			16,108

EBITDA	$	22,540		$	24,179		$	45,758		$	48,696

There were no adjustments that require a reconciliation of EBITDA to Adjusted EBITDA, Net income to Adjusted net income, or Diluted earnings per share to non-GAAP diluted earnings per share in the three and six months ended June 30, 2011 or 2010, respectively.

With respect to the Company’s 2011 annual guidance, reconciliations of Non-GAAP diluted earnings per share to GAAP diluted earnings per share, Adjusted net income to net income, and Adjusted EBITDA to Net income as projected for 2011 are not provided because the Company cannot, without unreasonable effort, determine the components of GAAP diluted earnings per share and net income to provide reconciliations to Non-GAAP diluted earnings per share and Adjusted EBITDA for its 2011 fiscal year with certainty at this time.

We believe that EBITDA, Adjusted EBITDA, Adjusted net income, and Non-GAAP diluted earnings per share are relevant and useful supplemental information for our investors. We use these non-GAAP financial measures for internal budgeting and other managerial purposes, when publicly providing the Company’s business outlook and as a measurement for potential acquisitions. A limitation associated with EBITDA and Adjusted EBITDA is that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in our business. Management evaluates the costs of such tangible and intangible assets through other financial measures such as capital expenditures. Management compensates for these limitations by also relying on the comparable GAAP financial measure of Income from operations, which includes depreciation and amortization.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements using words such as estimates, expects, anticipates, projects, plans, intends, believes, forecasts and variations of such words or similar expressions are intended to identify forward-looking statements. In addition, statements about anticipated future financial results, such as our 2011 annual guidance, are forward-looking statements. You are hereby cautioned that these statements are based upon our expectations at the time we make them and may be affected by important factors including, among others, the factors set forth below and in our filings with the U.S. Securities and Exchange Commission, and consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. Factors that could cause actual results to differ materially from those indicated by forward-looking statements include, among others, our dependence on renewals of our membership-based services, the sale of additional programs to existing members and our ability to attract new members, our potential failure to adapt to changing member needs and demands, our potential inability to attract and retain a significant number of highly skilled employees, risks associated with the results of restructuring plans, fluctuations in operating results, our potential inability to protect our intellectual property rights, our potential exposure to loss of revenue resulting from our unconditional service guarantee, exposure to litigation related to our content, various factors that could affect our estimated income tax rate or our ability to use our existing deferred tax assets, changes in estimates or assumptions used to prepare our financial statements, our potential inability to make, integrate and maintain acquisitions and investments, the amount and timing of the benefits expected from acquisitions and investments, and our potential inability to effectively anticipate, plan for and respond to changing economic and financial markets conditions, especially in light of ongoing uncertainty in the worldwide economy and possible volatility of our stock price. These and other factors are discussed more fully in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our filings with the U.S. Securities and Exchange Commission, including, but not limited to, our 2010 Annual Report on Form 10-K. The forward-looking statements in this press release are made as of August 1, 2011, and we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

ABOUT THE CORPORATE EXECUTIVE BOARD COMPANY

By identifying and building on the proven best practices of the world’s best companies, CEB helps senior executives and their teams drive corporate performance. CEB offers comprehensive data analysis, research and advisory services that align to executive leadership roles and key recurring decisions. CEB tools, insights, and analysis empower member companies to focus efforts, move quickly, and address emerging and enduring business challenges with confidence. CEB’s client and member network includes 85 percent of the Fortune 500, 50 percent of the Dow Jones Asian Titans, and 70 percent of the FTSE 100. It spans more than 50 countries, 5,300 individual organizations, and 225,000 business professionals. For more information, visit www.exbd.com.

THE CORPORATE EXECUTIVE BOARD COMPANY
Financial Highlights and Other Operating Statistics
(Unaudited)


	Selected			Three Months Ended				Selected			Six Months Ended
	Percentage			June 30,				Percentage			June 30,
	Changes			2011		2010		Changes			2011			2010
Financial Highlights
(GAAP, as reported, in thousands, except per share data):

Revenues		8.8	%	$	119,215	$	109,577		11.6	%	$	234,073		$	209,752
Net income		(5.8	%)	$	10,344	$	10,980		(4.0	%)	$	21,698		$	22,613
Basic earnings per share		(6.3	%)	$	0.30	$	0.32		(4.5	%)	$	0.63		$	0.66
Diluted earnings per share		(6.3	%)	$	0.30	$	0.32		(6.1	%)	$	0.62		$	0.66

Weighted average shares outstanding:
Basic					34,516		34,214					34,435			34,189
Diluted					34,851		34,469					34,805			34,458

Other Operating Statistics:
Contract Value (in thousands)*									11.4	%	$	456,814		$	410,117
Member institutions									7.0	%		5,378			5,024
Contract Value per member institution									4.0	%	$	84,942		$	81,637
Wallet retention rate**									13.2	%		103	%		91	%

*		We define “Contract Value,” at the end of the quarter, as the aggregate annualized revenue attributed to all agreements in effect on such date, without regard to the remaining duration of any such agreement.

**		We define “Wallet retention rate,” at the end of the quarter, as the total current year Contract Value from prior year members as a percentage of the total prior year Contract Value.

THE CORPORATE EXECUTIVE BOARD COMPANY
Statements of Operations
(In thousands, except per share data)
(Unaudited)


	Selected			Three Months Ended						Selected			Six Months Ended
	Percentage			June 30,						Percentage			June 30,
	Changes			2011			2010			Changes			2011			2010

Revenues		8.8	%	$	119,215		$	109,577			11.6	%	$	234,073		$	209,752

Cost and expenses:
Cost of services					43,897			39,283						84,307			72,795
Member relations and marketing					36,042			30,155						71,588			55,935
General and administrative					16,910			14,808						33,750			30,280
Depreciation and amortization					4,588			5,639						8,846			10,774

Total costs and expenses					101,437			89,885						198,491			169,784

Income from operations					17,778			19,692						35,582			39,968

Other income (expense), net ⁽¹⁾					323			(789	)					1,828			(1,247	)


Income before provision for income taxes					18,101			18,903						37,410			38,721
Provision for income taxes					7,757			7,923						15,712			16,108

Net income				$	10,344		$	10,980					$	21,698		$	22,613


Basic earnings per share				$	0.30		$	0.32					$	0.63		$	0.66
Diluted earnings per share				$	0.30		$	0.32					$	0.62		$	0.66

Weighted average shares outstanding
Basic					34,516			34,214						34,435			34,189
Diluted					34,851			34,469						34,805			34,458

Percentages of Revenues
Cost of services					36.8	%		35.8	%					36.0	%		34.7	%
Member relations and marketing					30.2	%		27.5	%					30.6	%		26.7	%
General and administrative					14.2	%		13.5	%					14.4	%		14.4	%
Depreciation and amortization					3.8	%		5.1	%					3.8	%		5.1	%
Income from operations					14.9	%		18.0	%					15.2	%		19.1	%
EBITDA ⁽²⁾					18.9	%		22.1	%					19.5	%		23.2	%


⁽¹⁾		Other income (expense), net for the three months ended June 30, 2011 includes $0.2 million of interest income, net and a $0.1 million foreign currency gain. Other income (expense), net for the three months ended June 30, 2010 includes $0.4 million of interest income and a $0.1 million foreign currency gain offset by a $0.9 million decrease in the fair value of deferred compensation plan assets and $0.4 million of other expense.Other income (expense), net for the six months ended June 30, 2011 includes a $0.7 million foreign currency gain, a $0.6 million increase in the fair value of deferred compensation plan assets, and $0.5 million of interest income, net. Other income (expense), net for the six months ended June 30, 2010 includes $0.8 million of interest income, offset by a $0.3 million decrease in the fair value of deferred compensation plan assets, a $0.8 million foreign currency loss, and $0.9 million of other expense.

⁽²⁾		See “NON-GAAP FINANCIAL MEASURES” for further explanation.

THE CORPORATE EXECUTIVE BOARD COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)


	June 30, 2011		December 31, 2010
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	144,777	$	102,498
Marketable securities		5,351		10,114
Membership fees receivable, net		87,808		141,322
Deferred income taxes, net		17,175		18,727
Deferred incentive compensation		16,159		15,710
Prepaid expenses and other current assets		18,490		10,388

Total current assets		289,760		298,759

Deferred income taxes, net		40,880		43,524
Marketable securities		9,456		10,850
Property and equipment, net		81,798		83,140
Goodwill		29,406		29,266
Intangible assets, net		11,995		13,828
Other non-current assets		33,369		30,782

Total assets	$	496,664	$	510,149


Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued liabilities	$	32,587	$	52,439
Accrued incentive compensation		21,955		40,719
Deferred revenues		260,180		251,200

Total current liabilities		314,722		344,358

Deferred income taxes		912		679
Other liabilities		85,254		82,296

Total liabilities		400,888		427,333

Total stockholders’ equity		95,776		82,816

Total liabilities and stockholders’ equity	$	496,664	$	510,149

THE CORPORATE EXECUTIVE BOARD COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)


	Six Months Ended
	June 30,
	2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	21,698		$	22,613
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization		8,846			10,774
Deferred income taxes		3,176			(1,948	)
Share-based compensation		4,159			3,174
Excess tax benefits from share-based compensation arrangements		(1,821	)		—
Foreign currency translation gain		(746	)		—
Amortization of marketable securities premiums, net		130			221
Changes in operating assets and liabilities:
Membership fees receivable, net		53,545			47,169
Deferred incentive compensation		(446	)		(2,602	)
Prepaid expenses and other current assets		(8,020	)		846
Other non-current assets		(1,880	)		(2,651	)
Accounts payable and accrued liabilities		(17,219	)		(18,111	)
Accrued incentive compensation		(18,955	)		(4,166	)
Deferred revenues		8,934			(1,568	)
Other liabilities		2,902			2,366

Net cash flows provided by operating activities		54,303			56,117


CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(4,583	)		(1,217	)
Acquisition of businesses, net of cash acquired		—			(8,957	)
Cost method investment		(150	)		—
Maturities of marketable securities		5,780			20,284

Net cash flows provided by investing activities		1,047			10,110


CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercise of common stock options		1,587			—
Proceeds from the issuance of common stock under the employee stock purchase plan		232			153
Acquisition of businesses, contingent consideration		(3,655	)		—
Credit facility issuance costs		(542	)		—
Excess tax benefits from share-based compensation arrangements		1,821			—
Purchases of treasury shares		(2,721	)		(1,167	)
Payment of dividends		(10,314	)		(7,517	)

Net cash flows used in financing activities		(13,592	)		(8,531	)


Effect of exchange rates on cash		521			—


NET INCREASE IN CASH AND CASH EQUIVALENTS		42,279			57,696

Cash and cash equivalents, beginning of period		102,498			31,760


Cash and cash equivalents, end of period	$	144,777		$	89,456