StockSelector.com
  Research, Select, & Monitor Thursday, August 22, 2019 9:11:15 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
FTI Consulting, Inc.$107.57$.50.47%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 FTI Consulting Reports Record First Quarter 2019 Financial Results
   Thursday, April 25, 2019 7:30:00 AM ET
  • First Quarter 2019 Revenues of $551.3 Million, Up 10.7% Compared to $497.8 Million in Prior Year Quarter
  • First Quarter 2019 EPS of $1.64, Up 57.7% Compared to $1.04 in Prior Year Quarter; First Quarter 2019 Adjusted EPS of $1.63, Up 56.7% Compared to $1.04 in Prior Year Quarter
  • Company Raises 2019 EPS Guidance to Reflect First Quarter 2019 Tax Gain and Expects to be At or Above the High End of 2019 Guidance Ranges for Revenues, EPS and Adjusted EPS

WASHINGTON, April 25, 2019 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today released record financial results for the quarter ended March 31, 2019.



First quarter 2019 revenues of $551.3 million increased $53.5 million, or 10.7%, compared to revenues of $497.8 million in the prior year quarter. Excluding the estimated negative impact from foreign currency translation ("FX"), revenues increased $63.0 million, or 12.6%, compared to the prior year quarter. The increase in revenues was driven by higher demand across all business segments. Net income of $62.6 million compared to $38.9 million in the prior year quarter. The increase in net income was due to higher operating profits across all business segments, lower interest expense and a lower effective tax rate.

Adjusted EBITDA of $96.1 million, or 17.4% of revenues, compared to $72.3 million, or 14.5% of revenues, in the prior year quarter. The increase in Adjusted EBITDA was due to higher revenues, which was partially offset by an increase in compensation and benefits expenses, primarily related to a 7.7% increase in billable headcount compared to the prior year quarter.

First quarter 2019 fully diluted earnings per share ("EPS") of $1.64 compared to $1.04 in the prior year quarter. EPS included $2.1 million of non-cash interest expense related to the Company's 2.0% convertible senior notes due 2023 ("2023 Convertible Notes"), which decreased EPS by $0.04, and a $2.1 million tax gain related to the September 2018 sale of the Company’s Ringtail software and related business ("Ringtail divestiture"), which increased EPS by $0.05. First quarter 2019 Adjusted EPS of $1.63, which excludes the non-cash interest expense and tax gain, compared to $1.04 in the prior year quarter.

Commenting on these results, Steven H. Gunby , President and Chief Executive Officer of FTI Consulting, said, “We are, of course, pleased to deliver another record quarter. For most of us, what is even more powerful is the sustained progress we are making on a multi-year basis and what those results indicate in terms of both our success in anticipating and delivering on significant client needs and the prospects going forward for our clients, our people and our shareholders.”

Cash Position and Capital Allocation
Net cash used in operating activities of $102.1 million for the quarter ended March 31, 2019 compared to net cash used in operating activities of $69.2 million for the quarter ended March 31, 2018. The year-over-year increase in cash used in operating activities was due to higher annual bonus payments and an increase in salaries related to headcount growth, which was partially offset by an increase in cash collected resulting from higher revenues compared to the prior year quarter.

During the quarter, the Company used approximately $21.9 million to repurchase 327,978 shares of its common stock at an average price per share of $66.70. As of March 31, 2019, approximately $150.7 million remained available for stock repurchases under the Company’s $400.0 million stock repurchase authorization.

Cash and cash equivalents of $179.2 million at March 31, 2019 compared to $152.0 million at March 31, 2018 and $312.1 million at December 31, 2018. Total debt, net of cash, of $137.0 million at March 31, 2019 compared to $293.0 million at March 31, 2018 and $4.2 million at December 31, 2018. The sequential increase in total debt, net of cash, was primarily due to an increase in the use of cash for operating activities, which included annual bonus payments. Total debt was unchanged compared to December 31, 2018.

First Quarter 2019 Segment Results

Corporate Finance & Restructuring
Revenues in the Corporate Finance & Restructuring segment increased $18.0 million, or 12.6%, to $161.0 million in the quarter compared to $142.9 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $20.7 million, or 14.5%, compared to the prior year quarter. The increase in revenues was primarily due to increased demand for business transformation and transactions and restructuring services, and higher success fees. Adjusted Segment EBITDA of $37.4 million, or 23.2% of segment revenues, compared to $34.8 million, or 24.4% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was due to higher revenues, which was partially offset by higher compensation, primarily related to an increase in billable headcount and an increase in selling, general and administrative ("SG&A") expenses.

Forensic and Litigation Consulting
Revenues in the Forensic and Litigation Consulting segment increased $11.0 million, or 8.6%, to $139.0 million in the quarter compared to $128.0 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $12.7 million, or 10.0%, compared to the prior year quarter. The increase in revenues was primarily driven by higher demand for investigations and construction solutions services, which was partially offset by lower demand for health solutions services. Adjusted Segment EBITDA of $31.8 million, or 22.9% of segment revenues, compared to $25.8 million, or 20.1% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was due to higher revenues, which was partially offset by higher compensation, primarily related to an increase in billable headcount.

Economic Consulting
Revenues in the Economic Consulting segment increased $9.2 million, or 6.9%, to $142.3 million in the quarter compared to $133.1 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $11.4 million, or 8.6%, compared to the prior year quarter. The increase in revenues was primarily due to higher demand for antitrust services in Europe, the Middle East and Africa ("EMEA"), which was partially offset by lower demand for financial economics services in North America. Adjusted Segment EBITDA of $24.0 million, or 16.9% of segment revenues, compared to $19.1 million, or 14.4% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was due to higher revenues with improved utilization, which was partially offset by an increase in compensation, primarily related to higher variable compensation.

Technology
Revenues in the Technology segment increased $10.4 million, or 25.5%, to $51.3 million in the quarter compared to $40.9 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $11.1 million, or 27.1%, compared to the prior year quarter. The increase in revenues was primarily related to higher demand for cross-border investigations and merger and acquisition-related “second request” services in North America and Asia Pacific, which was partially offset by a decline in licensing revenues resulting from the Ringtail divestiture. Adjusted Segment EBITDA of $12.7 million, or 24.8% of segment revenues, compared to $5.7 million, or 14.0% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was due to higher revenues and lower SG&A expenses, primarily related to a decline in research and development expenses, which was partially offset by an increase in costs related to as-needed contractors.

Strategic Communications
Revenues in the Strategic Communications segment increased $4.9 million, or 9.3%, to $57.7 million in the quarter compared to $52.8 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $7.0 million, or 13.3%, compared to the prior year quarter. The increase in revenues was due to an increase in project-based revenues in North America and EMEA, primarily related to corporate reputation services, and a $2.0 million increase in pass-through revenues. Adjusted Segment EBITDA of $11.5 million, or 20.0% of segment revenues, compared to $9.9 million, or 18.7% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was due to higher revenues, which was partially offset by an increase in compensation and pass-through expenses.

2019 Guidance
The Company is raising its previous full year 2019 EPS guidance range of between $3.33 and $3.83 by $0.05 per share to between $3.38 and $3.88 to reflect the first quarter 2019 tax gain related to the Ringtail divestiture.

After a strong first quarter, the Company is confident in its full year 2019 guidance ranges for revenues of between $2.0 billion and $2.1 billion, EPS of between $3.38 and $3.88 and Adjusted EPS of between $3.50 and $4.00. In fact, the Company now expects to be at or above the high end of its revenue, EPS and Adjusted EPS guidance ranges for full year 2019. The $0.12 per share variance between EPS and Adjusted EPS guidance for full year 2019 includes estimated non-cash interest expense of approximately $0.17 per share related to the Company’s 2023 Convertible Notes and the $0.05 per share first quarter 2019 tax gain related to the Ringtail divestiture.

First Quarter 2019 Conference Call
FTI Consulting will host a conference call for analysts and investors to discuss first quarter financial results at 9:00 a.m. Eastern Time on Thursday, April 25, 2019. 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 4,700 employees located in 28 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 $2.03 billion in revenues during the fiscal year 2018. More information can be found at www.fticonsulting.com .

Use of Non-GAAP 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 ("GAAP"). Certain of these measures are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission ("SEC") rules. Specifically, we have referred to the following non-GAAP 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 (Loss) and Adjusted Segment EBITDA 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 (Loss), a GAAP financial measure, 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 (Loss) for all segments, which excludes unallocated corporate expenses. We use Segment Operating Income (Loss) for the purpose of calculating Adjusted Segment EBITDA. We define Adjusted Segment EBITDA, a GAAP financial measure, 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 Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of total revenues.

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 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 Net Income and Adjusted Earnings per Diluted Share ("Adjusted EPS"), which are non-GAAP financial measures, as net income and earnings per diluted share ("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, gain or loss on sale of a business and the impact of adopting the 2017 U.S. Tax Cuts and Jobs Act (the "2017 Tax Act"). 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, 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 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 Consolidated Statements of Comprehensive Income. Reconciliations of 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, objectives, goals, strategies, future events, future revenues, future results and performance, expectations, plans or intentions relating to acquisitions, share repurchases and other matters, business trends 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,"  "forecasts" 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 expectations, beliefs and estimates will be achieved, and the Company’s actual results may differ materially from our expectations, beliefs and estimates. Further, preliminary 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; and other future events, which could impact each of our segments 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, including the 2017 Tax Act; 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, 2018, filed with the SEC, including the risks set forth under "Risks Related to Our Reportable Segments" and "Risks Related to Our Operations," 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)

  March 31, December 31,
  2019 2018
  (unaudited)  
Assets    
Current assets    
Cash and cash equivalents $179,241  $312,069 
Accounts receivable:    
Billed receivables 504,003  437,797 
Unbilled receivables 389,805  319,205 
Allowances for doubtful accounts and unbilled services (237,681) (202,394)
   Accounts receivable, net 656,127  554,608 
Current portion of notes receivable 29,206  29,228 
Prepaid expenses and other current assets 56,640  69,448 
Total current assets 921,214  965,353 
Property and equipment, net 84,522  84,577 
Operating lease assets 146,389   
Goodwill 1,174,742  1,172,316 
Other intangible assets, net 32,876  34,633 
Notes receivable, net 75,148  84,471 
Other assets 30,010  37,771 
   Total assets $2,464,901  $2,379,121 
Liabilities and Stockholders' Equity    
Current liabilities    
Accounts payable, accrued expenses and other $128,642  $104,600 
Accrued compensation 212,423  333,536 
Billings in excess of services provided 50,400  44,434 
Total current liabilities 391,465  482,570 
Long-term debt, net 268,037  265,571 
Noncurrent operating lease liabilities 173,874   
Deferred income taxes 163,303  155,088 
Other liabilities 66,200  127,067 
Total liabilities 1,062,879  1,030,296 
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 — 38,027 (2019) and 38,147 (2018)
 380  381 
Additional paid-in capital 284,864  299,534 
Retained earnings 1,259,372  1,196,727 
Accumulated other comprehensive loss (142,594) (147,817)
Total stockholders' equity 1,402,022  1,348,825 
   Total liabilities and stockholders' equity $2,464,901  $2,379,121 
         


FTI CONSULTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except per share data)

 Three Months Ended
March 31,
 
 2019 2018
  
 (unaudited)
  
        
Revenues$551,274  $497,774 
Operating expenses   
Direct cost of revenues349,066  321,117 
Selling, general and administrative expenses113,185  112,128 
Amortization of other intangible assets1,861  2,270 
 464,112  435,515 
Operating income87,162  62,259 
Other income (expense)   
Interest income and other159  (1,800)
Interest expense(4,746) (6,244)
 (4,587) (8,044)
Income before income tax provision82,575  54,215 
Income tax provision19,930  15,270 
Net income$62,645  $38,945 
Earnings per common share ? basic$1.69  $1.06 
Weighted average common shares outstanding ? basic36,981  36,700 
Earnings per common share ? diluted$1.64  $1.04 
Weighted average common shares outstanding ? diluted38,219  37,612 
Other comprehensive income, net of tax   
Foreign currency translation adjustments, net of tax expense of $0$5,223  $10,446 
Total other comprehensive income, net of tax5,223  10,446 
Comprehensive income$67,868  $49,391 
        


FTI CONSULTING, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)

  Three Months Ended
March 31,
  2019 2018
   
  (Unaudited)
   
Net income $62,645  $38,945 
Add back:    
Non-cash interest expense on convertible notes 2,108   
Tax impact of non-cash interest expense on convertible notes (547)  
Tax impact of gain on sale of business (1) (2,097)  
Adjusted net income $62,109  $38,945 
Earnings per common share — diluted $1.64  $1.04 
Add back:    
Non-cash interest expense on convertible notes 0.05   
Tax impact of non-cash interest expense on convertible notes (0.01)  
Tax impact of gain on sale of business (1) (0.05)  
Adjusted earnings per common share — diluted $1.63  $1.04 
Weighted average number of common shares outstanding ? diluted 38,219  37,612 

____________
(1)  Represents a discrete tax adjustment resulting from a change in estimate related to the accounting for the sale of Ringtail.



FTI CONSULTING, INC.
RECONCILIATION OF EPS GUIDANCE TO ADJUSTED EPS GUIDANCE

  Year Ended December 31, 2019
  Low High
Guidance on estimated earnings per common share – diluted (GAAP) (1) $3.38  $3.88 
  Non-cash interest expense on convertible notes, net of tax 0.17  0.17 
  Tax impact of gain on sale of business (0.05) (0.05)
Guidance on estimated adjusted earnings per common share (non-GAAP) (1) $3.50  $4.00 

____________
(1)  The forward-looking guidance on estimated 2019 EPS and Adjusted EPS does not reflect other gains and losses (all of which would be excluded from Adjusted EPS) related to the future impact of remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges, losses on early extinguishment of debt, gain or loss on sale of a business as these items are dependent on future events that are uncertain and difficult to predict. The forward-looking guidance excludes any shares of common stock potentially issuable upon conversion of the 2023 Convertible Notes from the calculation of EPS.



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

Three Months Ended March 31, 2019
(unaudited)
 Corporate
Finance &
Restructuring
 Forensic and
Litigation
Consulting
 Economic
Consulting
 Technology Strategic
Communications
 Unallocated
Corporate
 Total
Net income             $62,645 
Interest income and other             (159)
Interest expense             4,746 
Income tax provision             19,930 
Operating income $35,684  $30,440  $22,489  $10,436  $10,216  $(22,103) $87,162 
Depreciation and amortization 910  1,086  1,507  2,287  574  702  7,066 
Amortization of other intangible assets 767  291  44    759    1,861 
Adjusted EBITDA $37,361  $31,817  $24,040  $12,723  $11,549  $(21,401) $96,089 
               
Three Months Ended March 31, 2018
(unaudited)
 Corporate
Finance &
Restructuring
 Forensic and
Litigation
Consulting
 Economic
Consulting
 Technology Strategic
Communications
 Unallocated
Corporate
 Total
Net income             $38,945 
Interest income and other             1,800 
Interest expense             6,244 
Income tax provision             15,270 
Operating income $33,211  $24,330  $17,648  $2,593  $8,365  $(23,888) $62,259 
Depreciation and amortization 802  1,028  1,364  3,077  593  901  7,765 
Amortization of other intangible assets 791  399  124  62  894    2,270 
Adjusted EBITDA $34,804  $25,757  $19,136  $5,732  $9,852  $(22,987) $72,294 
                             



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 March 31, 2019
(unaudited)
           
Corporate Finance & Restructuring$160,966  $37,361  23.2% 70% $443  982 
Forensic and Litigation Consulting138,997  31,817  22.9% 67% $336  1,194 
Economic Consulting142,271  24,040  16.9% 77% $511  715 
Technology (1)51,336  12,723  24.8% N/M   N/M  315 
Strategic Communications (1)57,704  11,549  20.0% N/M      658 
 $551,274  $117,490  21.3%     3,864 
Unallocated Corporate  (21,401)        
Adjusted EBITDA  $96,089  17.4%      
            
Three Months Ended March 31, 2018
(unaudited)
           
Corporate Finance & Restructuring$142,922  $34,804  24.4% 71% $444  910 
Forensic and Litigation Consulting128,039  25,757  20.1% 67% $326  1,072 
Economic Consulting133,109  19,136  14.4% 71% $543  689 
Technology (1)40,914  5,732  14.0% N/M   N/M  288 
Strategic Communications (1)52,790  9,852  18.7% N/M   N/M  630 
 $497,774  $95,281  19.1%     3,589 
Unallocated Corporate  (22,987)        
Adjusted EBITDA  $72,294  14.5%      
            
            
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)

 Three Months Ended
March 31,
 2019 2018
 (unaudited)
Operating activities   
Net income$62,645  $38,945 
Adjustments to reconcile net income to net cash used in operating activities:   
Depreciation and amortization7,066  7,765 
Amortization and impairment of other intangible assets1,861  2,270 
Acquisition-related contingent consideration93  396 
Provision for doubtful accounts3,784  5,676 
Non-cash share-based compensation6,393  4,676 
Amortization of debt discount and issuance costs2,860  497 
Other(42) 94 
Changes in operating assets and liabilities, net of effects from acquisitions:   
Accounts receivable, billed and unbilled(95,746) (61,677)
Notes receivable9,653  2,622 
Prepaid expenses and other assets5,979  (378)
Accounts payable, accrued expenses and other(450) 9,348 
Income taxes11,286  13,480 
Accrued compensation(123,260) (92,501)
Billings in excess of services provided5,792  (413)
        Net cash used in operating activities(102,086) (69,200)
Investing activities   
Purchases of property and equipment(10,153) (7,680)
Other72  27 
       Net cash used in investing activities(10,081) (7,653)
Financing activities   
Borrowings under revolving line of credit, net  45,000 
Deposits1,003  1,431 
Purchase and retirement of common stock(21,883) (14,220)
Net issuance of common stock under equity compensation plans(605) 4,215 
Payments for business acquisition liabilities(1,282) (2,502)
       Net cash provided by (used in) financing activities(22,767) 33,924 
Effect of exchange rate changes on cash and cash equivalents2,106  5,012 
Net decrease in cash and cash equivalents(132,828) (37,917)
Cash and cash equivalents, beginning of period312,069  189,961 
Cash and cash equivalents, end of period$179,241  $152,044 


FTI Consulting, Inc.
555 12th Street NW
Washington, D.C. 20004
+1.202.312.9100

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

FTI Consulting, Inc. logo

Source: FTI Consulting, Inc.


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2019 StockSelector.com. All rights reserved.