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Lionbridge Technologies' CEO Discusses Q2 2011 Results - Earnings Call Transcript

On the net income basis, we reported about $0.03 GAAP and about a $0.04 ex-restructuring. So you'll begin to see even our restructuring is tailing off now.

Balance sheet remains strong as well, with ending cash balance of about $20 million, despite our strong sequential growth, restructuring, and our investments in the technology products business. So clearly it was a positive second quarter.

Let's talk about the demand environment that's leading to our strong momentum. We have emerged from these 3 quarters of revenue flatness that we had forecasted and are returning to growth, and I'm encouraged by this momentum for really several reasons.

The first one is I think we're just seeing better sales execution at all of our segments. Our GLC language business is starting to benefit from a stronger sales management and large accounts that are returning such as Microsoft and Nokia after a difficult start to the year.

Our GDT - and that's our development and testing business that shares a lot of infrastructure with the language business - is also showing strong growth year-on-year and sequential quarter thanks to the growth of the core testing business from accounts such as HP. And we're also seeing ongoing demand from large search clients in our GSS crowdsourcing business. So on all fronts better sales execution is driving positive momentum.

Second, we are ramping our recent wins. New clients are growing nicely into top 10 or 20 accounts and there's potential for further acceleration as the year unfolds and as we look into '12. We told you about some of these wins a few quarters ago, and sort of right on schedule they're beginning to ramp.

These clients are on a path to become part of our strong recurring revenue base, and this is what we really do well. We start with one program in one division and then grow steadily over time. Or, as one of our new sales leaders has nicknamed it, the "land and expand" strategy within large enterprises. So as I said earlier, it's about 9 months from close to scale, so this is working as it should.

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