• FTI Consulting Reports Second Quarter 2023 Financial Results

    ソース: Nasdaq GlobeNewswire / 27 7 2023 07:30:17   America/New_York

    • Second Quarter 2023 Revenues of $864.6 Million, Up 14.5% Compared to $755.0 Million in Prior Year Quarter
    • Second Quarter 2023 EPS of $1.75, Up 22.4% Compared to $1.43 in Prior Year Quarter
    • Company Lowers Upper End of 2023 Revenue Guidance Range and Lowers 2023 EPS Guidance Range

    WASHINGTON, July 27, 2023 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today released financial results for the second quarter ended June 30, 2023.

    Second quarter 2023 revenues of $864.6 million increased $109.6 million, or 14.5%, compared to revenues of $755.0 million in the prior year quarter. The increase in revenues was due to higher demand across all business segments. Net income of $62.4 million compared to $51.4 million in the prior year quarter. The increase in net income was primarily due to higher revenues, which was partially offset by an increase in direct compensation, which includes the impact of an 11.3% increase in billable headcount, higher selling, general and administrative (“SG&A”) expenses, a higher effective tax rate and an unfavorable impact from FX remeasurement losses compared to the prior year quarter. Adjusted EBITDA of $100.2 million, or 11.6% of revenues, compared to $76.2 million, or 10.1% of revenues, in the prior year quarter. Second quarter 2023 earnings per diluted share (“EPS”) of $1.75 compared to $1.43 in the prior year quarter.

    Steven H. Gunby, President and Chief Executive Officer of FTI Consulting, commented, “This quarter we, once again, achieved double-digit organic revenue growth and continued to attract and develop some of the most talented professionals in the market. Those twin accomplishments, to me, reflect the attractiveness of our firm for outstanding professionals who are driven to partner with our clients as they navigate their most significant opportunities and challenges.”

    Cash Position and Capital Allocation

    Net cash used in operating activities of $11.0 million for the quarter ended June 30, 2023 compared to $35.0 million of net cash provided by operating activities for the quarter ended June 30, 2022. The year-over-year increase in net cash used in operating activities was primarily due to an increase in salaries, largely related to headcount growth, and higher operating expenses and income tax payments, which was partially offset by an increase in cash collections.

    Cash and cash equivalents of $203.5 million at June 30, 2023 compared to $255.7 million at June 30, 2022 and $238.5 million at March 31, 2023. Total debt, net of cash, of $137.2 million at June 30, 2023 compared to $60.5 million at June 30, 2022 and $122.7 million at March 31, 2023.

    There were no share repurchases during the quarter ended June 30, 2023. As of June 30, 2023, approximately $460.7 million remained available for common stock repurchases under the Company’s stock repurchase program.

    Second Quarter 2023 Segment Results

    Corporate Finance & Restructuring
    Revenues in the Corporate Finance & Restructuring segment increased $23.4 million, or 8.4%, to $300.4 million in the quarter compared to $277.1 million in the prior year quarter. The increase in revenues was due to higher demand for restructuring and business transformation services, which was partially offset by lower demand for transactions services. Adjusted Segment EBITDA of $50.0 million, or 16.7% of segment revenues, compared to $55.0 million, or 19.8% of segment revenues, in the prior year quarter. The decrease in Adjusted Segment EBITDA was primarily due to higher compensation, which includes the impact of a 15.5% increase in billable headcount, and higher SG&A expenses compared to the prior year quarter.

    Forensic and Litigation Consulting
    Revenues in the Forensic and Litigation Consulting segment increased $18.0 million, or 10.9%, to $182.2 million in the quarter compared to $164.2 million in the prior year quarter. The increase in revenues was primarily due to higher demand and realized bill rates for investigations and data & analytics services. Adjusted Segment EBITDA of $21.1 million, or 11.6% of segment revenues, compared to $16.7 million, or 10.2% 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, higher contractor expenses and an increase in SG&A expenses compared to the prior year quarter.

    Economic Consulting
    Revenues in the Economic Consulting segment increased $37.8 million, or 23.0%, to $201.8 million in the quarter compared to $164.0 million in the prior year quarter. The increase in revenues was due to higher realized bill rates, primarily from the recognition of revenues previously deferred and higher demand for non-merger and acquisition ("M&A")-related antitrust, M&A-related antitrust and international arbitration services. Adjusted Segment EBITDA of $35.5 million, or 17.6% of segment revenues, compared to $21.6 million, or 13.2% 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 higher variable compensation and the impact of an 11.1% increase in billable headcount, as well as higher SG&A expenses compared to the prior year quarter.

    Technology
    Revenues in the Technology segment increased $19.7 million, or 25.3%, to $97.4 million in the quarter compared to $77.8 million in the prior year quarter. The increase in revenues was primarily due to higher demand for investigations and litigation services, which was partially offset by lower demand for information governance, privacy & security services. Adjusted Segment EBITDA of $20.1 million, or 20.6% of segment revenues, compared to $8.4 million, or 10.8% 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 16.2% increase in billable headcount, compared to the prior year quarter.

    Strategic Communications
    Revenues in the Strategic Communications segment increased $10.8 million, or 15.0%, to $82.7 million in the quarter compared to $71.9 million in the prior year quarter. The increase in revenues was primarily due to higher demand for corporate reputation and public affairs services. Adjusted Segment EBITDA of $12.3 million, or 14.8% of segment revenues, compared to $11.5 million, or 16.0% 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 13.1% increase in billable headcount, and higher SG&A expenses compared to the prior year quarter.

    2023 Guidance
    The Company now estimates that revenues for full year 2023 will range between $3.330 billion and $3.400 billion, which compares to the prior range of between $3.330 billion and $3.470 billion. The Company now estimates EPS for full year 2023 will range between $6.50 and $7.20, which compares to the prior range of between $6.80 and $7.70. The Company does not currently expect Adjusted EPS to differ from EPS.

    Second Quarter 2023 Conference Call
    FTI Consulting will host a conference call for analysts and investors to discuss second quarter 2023 financial results at 9:00 a.m. Eastern Time on Thursday, July 27, 2023. 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 7,800 employees located in 31 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated $3.03 billion in revenues during fiscal year 2022. 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
    • Free Cash Flow

    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.

    We define Free Cash Flow, which is a non-GAAP financial measure, as net cash provided by (used in) operating activities less cash payments for purchases of property and equipment. We believe this non-GAAP financial measure, when considered together with our GAAP financial results, provides management and investors with an additional understanding of the Company’s ability to generate cash for ongoing business operations and other capital deployment.

    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 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, 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 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. Any references to standards of measurement and performance made regarding our climate change-, ESG- or other sustainability-related plans, goals, commitments, intentions, aspirations, forecasts or projections, or expectations are developing and based on 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, including any that are ESG- or sustainability-related, will result or be achieved. 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 any pandemic or public health crisis, including COVID-19, 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, 2022 filed with the SEC on February 23, 2023 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)
     June 30, December 31,
      2023   2022 
     (Unaudited)  
    Assets   
    Current assets   
    Cash and cash equivalents$203,539  $491,688 
    Accounts receivable, net 1,138,061   896,153 
    Current portion of notes receivable 30,629   27,292 
    Prepaid expenses and other current assets 108,054   95,469 
    Total current assets 1,480,283   1,510,602 
    Property and equipment, net 164,886   153,466 
    Operating lease assets 206,819   203,764 
    Goodwill 1,231,769   1,227,593 
    Intangible assets, net 20,741   25,514 
    Notes receivable, net 75,273   55,978 
    Other assets 66,540   64,490 
    Total assets$3,246,311  $3,241,407 
    Liabilities and Stockholders’ Equity   
    Current liabilities   
    Accounts payable, accrued expenses and other$172,288  $173,953 
    Accrued compensation 420,885   541,892 
    Billings in excess of services provided 51,528   53,646 
    Total current liabilities 644,701   769,491 
    Long-term debt, net 340,548   315,172 
    Noncurrent operating lease liabilities 223,403   221,604 
    Deferred income taxes 155,754   162,374 
    Other liabilities 86,753   91,045 
    Total liabilities 1,451,159   1,559,686 
    Stockholders’ equity   
    Preferred stock, $0.01 par value; shares authorized — 5,000; none
    outstanding
         
    Common stock, $0.01 par value; shares authorized — 75,000; shares
    issued and outstanding — 34,034 (2023) and 34,026 (2022)
     340   340 
    Additional paid-in capital 5,473    
    Retained earnings 1,949,815   1,858,103 
    Accumulated other comprehensive loss (160,476)  (176,722)
    Total stockholders’ equity 1,795,152   1,681,721 
    Total liabilities and stockholders’ equity$ 3,246,311  $3,241,407 


    FTI CONSULTING, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    (in thousands, except per share data)
     Three Months Ended
    June 30,

     
      2023   2022 
     (Unaudited)
    Revenues$864,591  $754,992 
    Operating expenses   
    Direct cost of revenues 588,094   520,080 
    Selling, general and administrative expenses 186,371   167,940 
    Amortization of intangible assets 1,417   2,737 
      775,882   690,757 
    Operating income 88,709   64,235 
    Other income (expense)   
    Interest income and other (584)  2,994 
    Interest expense (3,022)  (2,448)
      (3,606)  546 
    Income before income tax provision 85,103   64,781 
    Income tax provision 22,708   13,353 
    Net income$62,395  $51,428 
    Earnings per common share ― basic$1.87  $1.52 
    Weighted average common shares outstanding ― basic 33,359   33,790 
    Earnings per common share ― diluted$1.75  $1.43 
    Weighted average common shares outstanding ― diluted 35,650   35,909 
    Other comprehensive income (loss), net of tax   
    Foreign currency translation adjustments, net of tax expense of $0$6,396  $(40,679)
    Total other comprehensive income (loss), net of tax 6,396   (40,679)
    Comprehensive income$   68,791  $10,749 

     

    FTI CONSULTING, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    (in thousands, except per share data)
     Six Months Ended
    June 30,

     
      2023   2022 
     (Unaudited)
    Revenues$1,671,297  $1,478,612 
    Operating expenses   
    Direct cost of revenues 1,141,603   1,013,184 
    Selling, general and administrative expenses 370,584   316,911 
    Amortization of intangible assets 3,599   5,005 
      1,515,786   1,335,100 
    Operating income 155,511   143,512 
    Other income (expense)   
    Interest income and other (1,926)  2,647 
    Interest expense (5,961)  (5,090)
      (7,887)  (2,443)
    Income before income tax provision 147,624   141,069 
    Income tax provision 37,682   30,320 
    Net income$109,942  $110,749 
    Earnings per common share ― basic$3.30  $3.29 
    Weighted average common shares outstanding ― basic 33,331   33,705 
    Earnings per common share ― diluted$3.09  $3.10 
    Weighted average common shares outstanding ― diluted 35,566   35,778 
    Other comprehensive income (loss), net of tax   
    Foreign currency translation adjustments, net of tax expense of $0$16,246  $(46,870)
    Total other comprehensive income (loss), net of tax 16,246   (46,870)
    Comprehensive income$126,188  $63,879 


    FTI CONSULTING, INC.
    RECONCILIATION OF NET INCOME AND OPERATING INCOME TO ADJUSTED EBITDA
    (in thousands)


    Three Months Ended June 30, 2023
    (Unaudited)
     Corporate Finance & Restructuring Forensic and Litigation Consulting Economic Consulting Technology  Strategic Communications Unallocated Corporate Total
    Net income             $62,395
    Interest income and other              584
    Interest expense              3,022
    Income tax provision              22,708
    Operating income  $46,727 $19,274 $34,024 $16,432 $11,278 $(39,026) $88,709
    Depreciation and amortization  2,191  1,583  1,499  3,655  901  275   10,104
    Amortization of intangible assets  1,110  223      84     1,417
    Adjusted EBITDA $  50,028 $21,080 $    35,523 $20,087 $12,263 $  (38,751) $100,230


                   
    Six Months Ended June 30, 2023
    (Unaudited)
     Corporate Finance & Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Unallocated Corporate Total
    Net income             $109,942
    Interest income and other              1,926
    Interest expense              5,961
    Income tax provision              37,682
    Operating income $97,943 $36,322 $46,724 $28,322 $19,961 $(73,761) $155,511
    Depreciation and amortization  4,083  2,962  2,992  7,131  1,688  691   19,547
    Amortization of intangible assets  3,022  407      170     3,599
    Adjusted EBITDA $105,048 $39,691 $49,716 $35,453 $21,819 $(73,070) $178,657


    Three Months Ended June 30, 2022
    (Unaudited)
     Corporate Finance & Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Unallocated Corporate Total
    Net income             $51,428 
    Interest income and other              (2,994)
    Interest expense              2,448 
    Income tax provision              13,353 
    Operating income $50,935 $15,014 $20,439 $4,930 $10,633 $(37,716) $64,235 
    Depreciation and amortization  1,708  1,448  1,207  3,435  654  736   9,188 
    Amortization of intangible assets  2,307  245      185     2,737 
    Adjusted EBITDA $54,950 $16,707 $21,646 $8,365 $11,472 $(36,980) $76,160 
                   
    Six Months Ended June 30, 2022
    (Unaudited)
     Corporate Finance & Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Unallocated Corporate Total
    Net income             $110,749 
    Interest income and other              (2,647)
    Interest expense              5,090 
    Income tax provision              (30,320)
    Operating income $100,989 $30,556 $40,382 $15,173 $25,467 $(69,055) $143,512 
    Depreciation and amortization  3,374  2,915  2,459  6,555  1,333  1,459   18,095 
    Amortization of intangible assets  4,127  493      385     5,005 
    Adjusted EBITDA $108,490 $   33,964 $42,841 $21,728 $27,185 $(67,596) $166,612 


    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 June 30, 2023 (Unaudited)           
    Corporate Finance & Restructuring$300,449 $50,028  16.7% 59% $ 488   2,043
    Forensic and Litigation Consulting 182,223  21,080  11.6% 57% $386 1,568
    Economic Consulting 201,822  35,523  17.6% 69% $557  1,039
    Technology (1) 97,444  20,087  20.6% N/M N/M   589
    Strategic Communications (1) 82,653  12,263  14.8% N/M N/M    992
     $864,591 $138,981  16.1%     6,231
    Unallocated Corporate   (38,751)        
    Adjusted EBITDA   $100,230  11.6%      
                
    Six Months Ended June 30, 2023
    (Unaudited)
               
    Corporate Finance & Restructuring$600,436 $105,048  17.5% 60% $483 2,043
    Forensic and Litigation Consulting 355,627  39,691  11.2% 56% $384 1,568
    Economic Consulting 371,417  49,716  13.4% 68% $520 1,039
    Technology (1) 188,062  35,453  18.9% N/M N/M 589
    Strategic Communications (1) 155,755  21,819  14.0% N/M N/M 992
     $1,671,297 $251,727  15.1%     6,231
    Unallocated Corporate   (73,070)        
    Adjusted EBITDA   $178,657  10.7%      
                
    Three Months Ended June 30, 2022 (Unaudited)           
    Corporate Finance & Restructuring$277,067 $54,950  19.8% 62% $471 1,769
    Forensic and Litigation Consulting 164,248  16,707  10.2% 56% $    360 1,509
    Economic Consulting 164,041  21,646  13.2% 70% $    477 935
    Technology (1) 77,782  8,365  10.8% N/M N/M 507
    Strategic Communications (1) 71,854  11,472  16.0% N/M N/M 877
     $754,992 $113,140  15.0%       5,597
    Unallocated Corporate   (36,980)        
    Adjusted EBITDA   $76,160  10.1%      
                
    Six Months Ended June 30, 2022
    (Unaudited)
               
    Corporate Finance & Restructuring$530,396 $108,490  20.5% 62% $458 1,769
    Forensic and Litigation Consulting 318,144  33,964  10.7% 56% $ 357 1,509
    Economic Consulting 330,018  42,841  13.0% 71% $  476 935
    Technology (1) 158,266  21,728  13.7% N/M N/M 507
    Strategic Communications (1) 141,788  27,185  19.2% N/M N/M 877
     $1,478,612 $234,208  15.8%     5,597
    Unallocated Corporate   (67,596)        
    Adjusted EBITDA   $166,612  11.3%      
                


     


    N/MNot 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)
     Six Months Ended
    June 30,
     
      2023   2022 
     (Unaudited)
    Operating activities   
    Net income$109,942  $110,749 
    Adjustments to reconcile net income to net cash used in operating activities:   
    Depreciation and amortization 19,547   18,095 
    Amortization of intangible assets 3,599   5,005 
    Acquisition-related contingent consideration 3,543   133 
    Provision for expected credit losses 11,188   8,752 
    Share-based compensation 13,903   12,050 
    Amortization of debt issuance costs and other 1,296   1,068 
    Deferred income taxes (6,571)  2,713 
    Changes in operating assets and liabilities, net of effects from acquisitions:   
    Accounts receivable, billed and unbilled (245,999)  (180,737)
    Notes receivable (22,539)  (1,985)
    Prepaid expenses and other assets (6,718)  (810)
    Accounts payable, accrued expenses and other (159)  13,854 
    Income taxes (13,122)  (14,834)
    Accrued compensation (130,625)  (147,209)
    Billings in excess of services provided (2,485)  4,425 
    Net cash used in operating activities (265,200)  (168,731)
    Investing activities   
    Payments for acquisition of businesses, net of cash received    (6,698)
    Purchases of property and equipment and other (29,027)  (25,637)
    Net cash used in investing activities (29,027)  (32,335)
    Financing activities   
    Borrowings under revolving line of credit 245,000   165,000 
    Repayments under revolving line of credit (220,000)  (165,000)
    Purchase and retirement of common stock (20,982)  (3,098)
    Share-based compensation tax withholdings and other (10,755)  (14,827)
    Payments for business acquisition liabilities (2,660)  (4,161)
    Deposits and other 454   4,887 
    Net cash used in financing activities (8,943)  (17,199)
    Effect of exchange rate changes on cash and cash equivalents 15,021   (20,490)
    Net decrease in cash and cash equivalents (288,149)  (238,755)
    Cash and cash equivalents, beginning of period 491,688   494,485 
    Cash and cash equivalents, end of period$203,539  $255,730 


    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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