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FTI Consulting Reports Third Quarter 2024 Financial Results

WASHINGTON, Oct. 24, 2024 (GLOBE NEWSWIRE) --

  • Third Quarter 2024 Revenues of $926.0 Million, Up 4% Compared to $893.3 Million in Prior Year Quarter
  • Third Quarter 2024 EPS of $1.85, Down 21% Compared to $2.34 in Prior Year Quarter
  • Company Updates Revenue and EPS Guidance Ranges for Full Year 2024

FTI Consulting, Inc. (NYSE: FCN) today released financial results for the third quarter ended September 30, 2024.

Third quarter 2024 revenues of $926.0 million increased $32.8 million, or 3.7%, compared to revenues of $893.3 million in the prior year quarter. The increase in revenues was primarily due to higher demand and realized bill rates in the Economic Consulting segment and higher demand in the Technology segment, which was partially offset by lower demand and realized bill rates in the Corporate Finance & Restructuring segment. Net income of $66.5 million compared to $83.3 million in the prior year quarter. The decrease in net income was primarily due to an increase in compensation and selling, general and administrative (“SG&A”) expenses and a foreign currency (“FX”) remeasurement loss compared to a gain in the prior year quarter, which more than offset the increase in revenues compared to the prior year quarter. Adjusted EBITDA of $102.9 million, or 11.1% of revenues, compared to $118.7 million, or 13.3% of revenues, in the prior year quarter. Third quarter 2024 earnings per diluted share (“EPS”) of $1.85 compared to $2.34 in the prior year quarter.

Steven H. Gunby, President and Chief Executive Officer of FTI Consulting, commented, "Though this is the third highest quarterly revenues we’ve ever had, the revenue this quarter fell below last quarter and our expectations. This shortfall was driven by a combination of market conditions and a few idiosyncratic factors. As we’ve talked about a number of times, though there are lots of factors that can cause quarterly variations in our business, long-term success in professional services is driven almost entirely by strengthening your positions around the world and your ability to attract, retain and develop A+ talent. Our ongoing progress in these areas continues to leave me excited about the powerful multiyear growth trajectory this company is on."

Cash Position and Capital Allocation

Net cash provided by operating activities of $219.4 million for the quarter ended September 30, 2024 compared to net cash provided by operating activities of $106.7 million for the prior year quarter. The year-over-year increase in net cash provided by operating activities was largely due to an increase in cash collections.

Cash and cash equivalents of $386.3 million at September 30, 2024 compared to $201.1 million at September 30, 2023 and $226.4 million at June 30, 2024. Total debt, net of cash and short-term investments, of ($386.3) million at September 30, 2024 compared to $59.4 million at September 30, 2023 and ($166.4) million at June 30, 2024. The sequential decrease in total debt, net of cash and short-term investments, was primarily due to an increase in net cash provided by operating activities.

There were no share repurchases during the quarter ended September 30, 2024. As of September 30, 2024, approximately $460.7 million remained available for common stock repurchases under the Company’s stock repurchase program.

Third Quarter 2024 Segment Results

Corporate Finance & Restructuring
Revenues in the Corporate Finance & Restructuring segment decreased $6.0 million, or 1.7%, to $341.5 million in the quarter compared to $347.6 million in the prior year quarter. The decrease in revenues was primarily due to lower demand for business transformation & strategy services, which more than offset an increase in demand for transactions services. Adjusted Segment EBITDA of $57.9 million, or 17.0% of segment revenues, compared to $68.1 million, or 19.6% of segment revenues, in the prior year quarter. The decrease in Adjusted Segment EBITDA was primarily due to lower revenues and higher SG&A expenses compared to the prior year quarter.

Forensic and Litigation Consulting
Revenues in the Forensic and Litigation Consulting segment increased $2.6 million, or 1.6%, to $168.8 million in the quarter compared to $166.1 million in the prior year quarter. Acquisition-related revenues contributed $1.9 million in the quarter. Excluding acquisition-related revenues, the increase in revenues was primarily due to higher construction solutions and disputes revenues, which was partially offset by lower data & analytics and investigations revenues. Adjusted Segment EBITDA of $20.0 million, or 11.8% of segment revenues, compared to $21.5 million, or 12.9% of segment revenues, in the prior year quarter. The decrease in Adjusted Segment EBITDA was primarily due to higher compensation and SG&A expenses, which more than offset the increase in revenues compared to the prior year quarter.

Economic Consulting
Revenues in the Economic Consulting segment increased $28.2 million, or 14.5%, to $222.0 million in the quarter compared to $193.9 million in the prior year quarter. The increase in revenues was primarily due to higher demand for merger and acquisition (“M&A”)-related antitrust services, which was partially offset by lower demand for non-M&A-related antitrust services. Adjusted Segment EBITDA of $35.2 million, or 15.9% of segment revenues, compared to $27.8 million, or 14.3% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was primarily due to higher revenues, which was partially offset by an increase in compensation, which includes the impact of a 3.2% increase in billable headcount, compared to the prior year quarter.

Technology
Revenues in the Technology segment increased $11.5 million, or 11.7%, to $110.4 million in the quarter compared to $98.9 million in the prior year quarter. The increase in revenues was primarily due to an increase in demand for M&A-related “second request,” litigation, and information governance, privacy & security services, which was partially offset by lower demand for investigations services. Adjusted Segment EBITDA of $16.5 million, or 14.9% of segment revenues, compared to $14.9 million, or 15.0% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was primarily due to higher revenues, which was partially offset by an increase in compensation, which includes the impact of a 14.1% increase in billable headcount, as well as an increase in SG&A expenses compared to the prior year quarter.

Strategic Communications
Revenues in the Strategic Communications segment decreased $3.5 million, or 4.1%, to $83.3 million in the quarter compared to $86.8 million in the prior year quarter. Excluding the estimated positive impact of FX, revenues decreased $4.4 million or 5.1%. The decrease in revenues was primarily due to a $3.1 million decline in pass-through revenues. Adjusted Segment EBITDA of $12.1 million, or 14.6% of segment revenues, compared to $13.5 million, or 15.5% of segment revenues, in the prior year quarter. The decrease in Adjusted Segment EBITDA was primarily due to lower revenues and higher SG&A expenses compared to the prior year quarter.

2024 Guidance
The Company is updating its full year 2024 guidance ranges for revenues and EPS. The Company now estimates that revenues for full year 2024 will range between $3.700 billion and $3.750 billion, which compares to the prior range of between $3.700 billion and $3.790 billion. The Company now estimates EPS for full year 2024 will range between $7.90 and $8.35, which compares to the prior range of between $8.10 and $8.60. The Company does not currently expect Adjusted EPS to differ from EPS.

Third Quarter 2024 Conference Call
FTI Consulting will host a conference call for analysts and investors to discuss third quarter 2024 financial results at 9:00 a.m. Eastern Time on Thursday, October 24, 2024. The call can be accessed live and will be available for replay over the internet for 90 days by logging onto the Company’s investor relations website here.

About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 8,300 employees located in 34 countries and territories, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalized and independently managed. The Company generated $3.49 billion in revenues during fiscal year 2023. More information can be found at www.fticonsulting.com.

Non-GAAP Financial Measures
In the accompanying analysis of financial information, we sometimes use information derived from consolidated and segment financial information that may not be presented in our financial statements or prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Certain of these financial measures are considered not in conformity with GAAP ("non-GAAP financial measures") under the United States Securities and Exchange Commission ("SEC") rules. Specifically, we have referred to the following non-GAAP financial measures:

  • Total Segment Operating Income
  • Adjusted EBITDA
  • Total Adjusted Segment EBITDA
  • Adjusted EBITDA Margin
  • Adjusted Net Income
  • Adjusted Earnings per Diluted Share

We have included the definitions of Segment Operating Income and Adjusted Segment EBITDA, which are GAAP financial measures, below in order to more fully define the components of certain non-GAAP financial measures presented in this press release. We define Segment Operating Income as a segment’s share of consolidated operating income. We define Total Segment Operating Income, which is a non-GAAP financial measure, as the total of Segment Operating Income for all segments, which excludes unallocated corporate expenses. We use Segment Operating Income for the purpose of calculating Adjusted Segment EBITDA. We define Adjusted Segment EBITDA as a segment’s share of consolidated operating income before depreciation, amortization of intangible assets, remeasurement of acquisition-related contingent consideration, special charges and goodwill impairment charges. We use Adjusted Segment EBITDA as a basis to internally evaluate the financial performance of our segments because we believe it reflects current core operating performance and provides an indicator of the segment’s ability to generate cash.

We define Total Adjusted Segment EBITDA, which is a non-GAAP financial measure, as the total of Adjusted Segment EBITDA for all segments, which excludes unallocated corporate expenses. We define Adjusted EBITDA, which is a non-GAAP financial measure, as consolidated net income before income tax provision, other non-operating income (expense), depreciation, amortization of intangible assets, remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges, gain or loss on sale of a business and losses on early extinguishment of debt. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with a more complete understanding of our operating results, including underlying trends. In addition, EBITDA is a common alternative measure of operating performance used by many of our competitors. It is used by investors, financial analysts, rating agencies and others to value and compare the financial performance of companies in our industry. Therefore, we also believe that these non-GAAP financial measures, considered along with corresponding GAAP financial measures, provide management and investors with additional information for comparison of our operating results with the operating results of other companies. We define Adjusted EBITDA Margin, which is a non-GAAP financial measure, as Adjusted EBITDA as a percentage of total revenues.

We define Adjusted Net Income and Adjusted Earnings per Diluted Share ("Adjusted EPS"), which are non-GAAP financial measures, as net income and EPS, respectively, excluding the impact of remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges, losses on early extinguishment of debt, non-cash interest expense on convertible notes and the gain or loss on sale of a business. We use Adjusted Net Income for the purpose of calculating Adjusted EPS. Management uses Adjusted EPS to assess total Company operating performance on a consistent basis. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with an additional understanding of our business operating results, including underlying trends.

Non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable with other similarly titled measures of other companies. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Cash Flows. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.

Safe Harbor Statement

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve uncertainties and risks. Forward-looking statements include statements concerning our plans, initiatives, projections, prospects, policies, processes and practices, objectives, goals, commitments, strategies, future events, future revenues, future results and performance, expectations, plans or intentions relating to acquisitions, share repurchases and other matters, business trends, new or changes to laws and regulations, including U.S. and foreign tax laws, environmental, social and governance ("ESG")-related issues, climate change-related matters, scientific and technological developments, including relating to new and emerging technologies, such as Artificial Intelligence and machine learning, and other information that is not historical, including statements regarding estimates of our future financial results. When used in this press release, words such as "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "commits," "aspires," "forecasts," "future," "goal," "seeks" and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, estimates of our future financial results, are based upon our expectations at the time we make them and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s plans, expectations, intentions, aspirations, beliefs, goals, estimates, forecasts and projections will result or be achieved. Our actual financial results, performance or achievements and outcomes could differ materially from those expressed in, or implied by, any forward-looking statements. Further, unaudited quarterly results are subject to normal year-end adjustments. The Company has experienced fluctuating revenues, operating income and cash flows in prior periods and expects that this will occur from time to time in the future. Other factors that could cause such differences include declines in demand for, or changes in, the mix of services and products that we offer; the mix of the geographic locations where our clients are located or where services are performed; fluctuations in the price per share of our common stock; adverse financial, real estate or other market and general economic conditions; the impact of public health crises and related events that are beyond our control, which could affect our segments, practices and the geographic regions in which we conduct business differently and adversely; and other future events, which could impact each of our segments, practices and the geographic regions in which we conduct business differently and could be outside of our control; the pace and timing of the consummation and integration of future acquisitions; the Company’s ability to realize cost savings and efficiencies; competitive and general economic conditions; retention of staff and clients; new laws and regulations or changes thereto; and other risks described under the heading "Item 1A, Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024 and in the Company’s other filings with the SEC. We are under no duty to update any of the forward-looking statements to conform such statements to actual results or events and do not intend to do so.

FINANCIAL TABLES FOLLOW

 
FTI CONSULTING, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
 
  September 30, December 31,
  2024 2023
  (Unaudited)  
Assets    
Current assets    
Cash and cash equivalents $386,344  $303,222 
Accounts receivable, net  1,184,475   1,102,142 
Current portion of notes receivable  44,836   30,997 
Prepaid expenses and other current assets  100,318   119,092 
Total current assets  1,715,973   1,555,453 
Property and equipment, net  150,379   159,662 
Operating lease assets  206,945   208,910 
Goodwill  1,240,280   1,234,569 
Intangible assets, net  17,523   18,285 
Notes receivable, net  108,450   75,431 
Other assets  77,630   73,568 
Total assets $3,517,180  $3,325,878 
Liabilities and Stockholders’ Equity    
Current liabilities    
Accounts payable, accrued expenses and other $201,806  $223,758 
Accrued compensation  556,606   601,074 
Billings in excess of services provided  64,764   67,937 
Total current liabilities  823,176   892,769 
Noncurrent operating lease liabilities  216,992   223,774 
Deferred income taxes  138,562   140,976 
Other liabilities  86,251   86,939 
Total liabilities  1,264,981   1,344,458 
Stockholders’ equity    
Preferred stock, $0.01 par value; shares authorized — 5,000; none
outstanding
      
Common stock, $0.01 par value; shares authorized — 75,000; shares
issued and outstanding — 35,949 (2024) and 35,521 (2023)
  360   355 
Additional paid-in capital  41,555   16,760 
Retained earnings  2,345,143   2,114,765 
Accumulated other comprehensive loss  (134,859)  (150,460)
Total stockholders’ equity  2,252,199   1,981,420 
Total liabilities and stockholders’ equity $3,517,180  $3,325,878 
 


 
FTI CONSULTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except per share data)
 
 Three Months Ended
September 30,
 
  2024   2023 
 (Unaudited)
Revenues$926,019  $893,261 
Operating expenses   
Direct cost of revenues 628,079   598,804 
Selling, general and administrative expenses 205,995   186,088 
Amortization of intangible assets 1,053   1,340 
  835,127   786,232 
Operating income 90,892   107,029 
Other income (expense)   
Interest income and other (909)  5,147 
Interest expense (1,197)  (4,474)
  (2,106)  673 
Income before income tax provision 88,786   107,702 
Income tax provision 22,320   24,385 
Net income$66,466  $83,317 
Earnings per common share ― basic$1.88  $2.44 
Weighted average common shares outstanding ― basic 35,315   34,128 
Earnings per common share ― diluted$1.85  $2.34 
Weighted average common shares outstanding ― diluted 35,892   35,656 
Other comprehensive income (loss), net of tax   
Foreign currency translation adjustments, net of tax expense of $—$28,752  $(18,228)
Total other comprehensive income (loss), net of tax 28,752   (18,228)
Comprehensive income$95,218  $65,089 
 


 
FTI CONSULTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except per share data)
 
 Nine Months Ended
September 30,
 
  2024   2023 
 (Unaudited)
Revenues$2,803,728  $2,564,558 
Operating expenses   
Direct cost of revenues 1,891,862   1,740,407 
Selling, general and administrative expenses 614,100   556,672 
Amortization of intangible assets 3,149   4,939 
  2,509,111   2,302,018 
Operating income 294,617   262,540 
Other income (expense)   
Interest income and other 2,581   3,221 
Interest expense (6,235)  (10,435)
  (3,654)  (7,214)
Income before income tax provision 290,963   255,326 
Income tax provision 60,585   62,067 
Net income$230,378  $193,259 
Earnings per common share ― basic$6.55  $5.75 
Weighted average common shares outstanding ― basic 35,172   33,599 
Earnings per common share ― diluted$6.43  $5.43 
Weighted average common shares outstanding ― diluted 35,842   35,599 
Other comprehensive income (loss), net of tax   
Foreign currency translation adjustments, net of tax expense of $—$15,601  $(1,982)
Total other comprehensive income (loss), net of tax 15,601   (1,982)
Comprehensive income$245,979  $191,277 
 


 
FTI CONSULTING, INC.
RECONCILIATION OF NET INCOME AND OPERATING INCOME TO ADJUSTED EBITDA
(in thousands)
 
Three Months Ended September 30, 2024
(Unaudited)
 Corporate
Finance & Restructuring
 Forensic and Litigation
Consulting
 Economic
Consulting
 Technology  Strategic
Communications
 Unallocated
Corporate
 Total
Net income             $66,466
Interest income and other              909
Interest expense              1,197
Income tax provision              22,320
Operating income  $54,503 $18,118 $33,880 $12,524 $11,188 $(39,321) $90,892
Depreciation and amortization  2,631  1,644  1,364  3,941  897  526   11,003
Amortization of intangible assets  785  229      39     1,053
Adjusted EBITDA $57,919 $19,991 $35,244 $16,465 $12,124 $(38,795) $102,948
               


 
Nine Months Ended September 30, 2024
(Unaudited)
 Corporate
Finance & Restructuring
 Forensic and
Litigation
Consulting
 Economic
Consulting
 Technology Strategic
Communications
 Unallocated
Corporate
 Total
Net income             $230,378 
Interest income and other              (2,581)
Interest expense              6,235 
Income tax provision              60,585 
Operating income $189,615 $63,185 $89,697 $40,600 $33,256 $(121,736) $294,617 
Depreciation and amortization  7,664  4,900  3,993  11,376  2,697  1,546   32,176 
Amortization of intangible assets  2,332  609      208     3,149 
Adjusted EBITDA $199,611 $68,694 $93,690 $51,976 $36,161 $(120,190) $329,942 
 


 
FTI CONSULTING, INC.
RECONCILIATION OF NET INCOME AND OPERATING INCOME TO ADJUSTED EBITDA
(in thousands)
 
Three Months Ended September 30, 2023
(Unaudited)
 Corporate
Finance &
Restructuring
 Forensic and
Litigation
Consulting
 Economic
Consulting
 Technology Strategic
Communications
 Unallocated
Corporate
 Total
Net income             $83,317 
Interest income and other              (5,147)
Interest expense              4,474 
Income tax provision              24,385 
Operating income $64,633 $19,708 $26,293 $11,481 $12,503 $(27,589) $107,029 
Depreciation and amortization  2,414  1,548  1,463  3,392  882  680   10,379 
Amortization of intangible assets  1,047  224      69     1,340 
Adjusted EBITDA $68,094 $21,480 $27,756 $14,873 $13,454 $(26,909) $118,748 
               
Nine Months Ended September 30, 2023
(Unaudited)
 Corporate
Finance &
Restructuring
 Forensic and
Litigation
Consulting
 Economic
Consulting
 Technology Strategic
Communications
 Unallocated
Corporate
 Total
Net income             $193,259 
Interest income and other              (3,221)
Interest expense              10,435 
Income tax provision              62,067 
Operating income $154,724 $63,881 $73,017 $39,803 $32,464 $(101,349) $262,540 
Depreciation and amortization  6,657  4,349  4,455  10,523  2,570  1,372   29,926 
Amortization of intangible assets  4,069  631      239     4,939 
Adjusted EBITDA $165,450 $68,861 $77,472 $50,326 $35,273 $(99,977) $297,405 
 


 
FTI CONSULTING, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
 
 

Segment
Revenues
 Adjusted
EBITDA
 Adjusted
EBITDA

Margin
 Utilization   Average
Billable
Rate
 Revenue-
Generating
Headcount
  (in thousands)        (at period end)
Three Months Ended September 30, 2024 (Unaudited)           
Corporate Finance & Restructuring$341,512 $57,919  17.0% 57% $503 2,295
Forensic and Litigation Consulting 168,778  19,991  11.8% 55% $388 1,529
Economic Consulting 222,033  35,244  15.9% 65% $598 1,120
Technology (1) 110,404  16,465  14.9% N/M N/M 718
Strategic Communications (1) 83,292  12,124  14.6% N/M N/M 997
 $926,019 $141,743  15.3%     6,659
Unallocated Corporate   (38,795)        
Adjusted EBITDA  $102,948  11.1%      
            
Nine Months Ended September 30, 2024
(Unaudited)
           
Corporate Finance & Restructuring$1,055,493 $199,611  18.9% 60% $505 2,295
Forensic and Litigation Consulting 514,348  68,694  13.4% 57% $395 1,529
Economic Consulting 657,454  93,690  14.3% 68% $577 1,120
Technology (1) 326,992  51,976  15.9% N/M N/M 718
Strategic Communications (1) 249,441  36,161  14.5% N/M N/M 997
 $2,803,728 $450,132  16.1%     6,659
Unallocated Corporate   (120,190)        
Adjusted EBITDA  $329,942  11.8%      
            
Three Months Ended September 30, 2023 (Unaudited)           
Corporate Finance & Restructuring$347,560 $68,094  19.6% 60% $514 2,251
Forensic and Litigation Consulting 166,137  21,480  12.9% 57% $388 1,503
Economic Consulting 193,866  27,756  14.3% 65% $559 1,085
Technology (1) 98,860  14,873  15.0% N/M N/M 629
Strategic Communications (1) 86,838  13,454  15.5% N/M N/M 1,010
 $893,261 $145,657  16.3%     6,478
Unallocated Corporate   (26,909)        
Adjusted EBITDA  $118,748  13.3%      
            
Nine Months Ended September 30, 2023
(Unaudited)
           
Corporate Finance & Restructuring$981,124 $165,450  16.9% 59% $492 2,251
Forensic and Litigation Consulting 488,636  68,861  14.1% 58% $384 1,503
Economic Consulting 565,283  77,472  13.7% 67% $533 1,085
Technology (1) 286,922  50,326  17.5% N/M N/M 629
Strategic Communications (1) 242,593  35,273  14.5% N/M N/M 1,010
 $2,564,558 $397,382  15.5%     6,478
Unallocated Corporate   (99,977)        
Adjusted EBITDA  $297,405  11.6%      
            


 


N/M Not meaningful
(1) The majority of the Technology and Strategic Communications segments' revenues are not generated based on billable hours. Accordingly, utilization and average billable rate metrics are not presented as they are not meaningful as a segment-wide metric.

 
   

        
         

 
FTI CONSULTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
 Nine Months Ended
September 30,
 
  2024   2023 
 (Unaudited)
Operating activities   
Net income$230,378  $193,259 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:   
Depreciation and amortization 32,176   29,926 
Amortization of intangible assets 3,149   4,939 
Provision for expected credit losses 28,376   21,347 
Share-based compensation 27,975   21,412 
Deferred income taxes (3,768)  (4,602)
Acquisition-related contingent consideration (1,025)  4,263 
Amortization of debt issuance costs and other 710   1,722 
Changes in operating assets and liabilities, net of effects from acquisitions:   
Accounts receivable, billed and unbilled (100,004)  (333,713)
Notes receivable (45,589)  (22,600)
Prepaid expenses and other assets (8,604)  (3,252)
Accounts payable, accrued expenses and other (2,590)  (8,895)
Income taxes (20,202)  (347)
Accrued compensation (57,691)  (65,394)
Billings in excess of services provided (3,509)  3,410 
Net cash provided by (used in) operating activities 79,782   (158,525)
Investing activities   
Purchases of property and equipment and other (21,729)  (43,224)
Maturity of short-term investment 25,246    
Purchase of short-term investment    (24,356)
Net cash provided by (used in) investing activities 3,517   (67,580)
Financing activities   
Borrowings under revolving line of credit 600,000   725,000 
Repayments under revolving line of credit (600,000)  (440,000)
Repayment of convertible notes    (315,763)
Purchase and retirement of common stock    (20,982)
Share-based compensation tax withholdings (16,593)  (15,211)
Proceeds on stock option exercises 10,614   1,208 
Deposits and other 1,106   (1,332)
Net cash used in financing activities (4,873)  (67,080)
Effect of exchange rate changes on cash and cash equivalents 4,696   2,645 
Net increase (decrease) in cash and cash equivalents 83,122   (290,540)
Cash and cash equivalents, beginning of period 303,222   491,688 
Cash and cash equivalents, end of period$386,344  $201,148 
 


FTI Consulting, Inc.

555 12th Street NW Washington, DC 20004
+1.202.312.9100

Investor & Media Contact:
Mollie Hawkes
+1.617.747.1791
mollie.hawkes@fticonsulting.com


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