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FTI Consulting Reports Record Second Quarter 2018 Financial Results

July 26, 2018 7:30 AM

WASHINGTON, July 26, 2018 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today released record financial results for the quarter ended June 30, 2018.

Second quarter 2018 revenues of $512.1 million increased $67.4 million, or 15.2%, compared to revenues of $444.7 million in the prior year quarter. Excluding the estimated positive impact from foreign currency translation (“FX”), revenues increased by $61.6 million, or 13.8%, compared to the prior year quarter. The increase in revenues was primarily driven by higher demand within the Corporate Finance & Restructuring, Forensic and Litigation Consulting, Strategic Communications and Economic Consulting segments. Net income of $43.6 million compared to a net loss of $5.2 million in the prior year quarter, which included a pretax special charge of $30.1 million related to headcount and real estate actions. The increase in net income was largely due to higher operating profits and a lower effective income tax rate compared to the prior year quarter. Adjusted EBITDA of $72.4 million, or 14.1% of revenues, compared to $40.8 million, or 9.2% of revenues, in the prior year quarter. The increase in Adjusted EBITDA was primarily due to higher revenues and improved utilization.

Second quarter 2018 fully diluted earnings per share (“EPS”) of $1.14 compared to fully diluted loss per share of $(0.13) in the prior year quarter. EPS (Loss) in the prior year quarter included the aforementioned special charge, which reduced EPS by $0.52. Adjusted EPS of $1.14 compared to $0.40 in the prior year quarter.

Commenting on these results, Steven H. Gunby, President and Chief Executive Officer of FTI Consulting, said, “We are very pleased with our record first half of 2018. Critically, that success supports our commitment to invest in our people by promoting internally and attracting superb professionals to our firm, which, in turn, allows us to further enhance our ability to help our clients navigate many of the largest and most complex issues in the world.”

Cash Position and Capital Allocation

Net cash provided by operating activities of $34.6 million for the quarter ended June 30, 2018 compared to $10.9 million for the quarter ended June 30, 2017. The increase was primarily due to higher cash collections resulting from increased revenues, which was partially offset by higher income tax payments. Total debt of $375.0 million at June 30, 2018 compared to $445.0 million at March 31, 2018 and $485.0 million at June 30, 2017. Cash and cash equivalents of $116.6 million at June 30, 2018 declined $35.5 million from March 31, 2018.

Second Quarter 2018 Segment Results

Corporate Finance & RestructuringRevenues in the Corporate Finance & Restructuring segment increased $23.9 million, or 20.3%, to $141.4 million in the quarter compared to $117.5 million in the prior year quarter. The increase in revenues was due to higher demand for restructuring services coupled with higher realization for restructuring and business transformation services in the North America and Europe, Middle East and Africa regions. Adjusted Segment EBITDA was $35.8 million, or 25.3% of segment revenues, compared to $20.0 million, or 17.1% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was primarily due to higher revenues with improved utilization.

Forensic and Litigation ConsultingRevenues in the Forensic and Litigation Consulting segment increased $22.1 million, or 19.9%, to $133.5 million in the quarter compared to $111.4 million in the prior year quarter. The increase in revenues was primarily driven by higher demand and realization for investigations and construction solutions services. Adjusted Segment EBITDA was $27.6 million, or 20.7% of segment revenues, compared to $13.0 million, or 11.7% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was primarily due to higher revenues with improved utilization.

Economic ConsultingRevenues in the Economic Consulting segment increased $9.3 million, or 7.5%, to $133.3 million in the quarter, compared to $124.0 million in the prior year quarter. Excluding the estimated positive impact from FX, revenues increased $7.3 million, or 5.9% compared to the prior year quarter. The increase in revenues was primarily due to higher demand for financial economics and international arbitration services, which was partially offset by lower realization for antitrust services. Adjusted Segment EBITDA was $15.5 million, or 11.6% of segment revenues, compared to $15.5 million, or 12.5% of segment revenues, in the prior year quarter. Adjusted Segment EBITDA was consistent with the prior year quarter, as the increase in revenues was offset by higher variable compensation costs and an increase in billable headcount.

TechnologyRevenues in the Technology segment increased $0.9 million, or 1.9%, to $46.4 million in the quarter compared to $45.6 million in the prior year quarter. The increase in revenues was primarily due to higher demand for consulting and hosting services. This was partially offset by lower demand for managed review services related to a decline in merger- and acquisition-related “second requests” and global investigations. Adjusted Segment EBITDA was $7.5 million, or 16.2% of segment revenues, compared to $5.4 million, or 11.9% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was primarily due to higher revenues and lower variable compensation costs for managed review services.

Strategic CommunicationsRevenues in the Strategic Communications segment increased $11.2 million, or 24.3%, to $57.5 million in the quarter compared to $46.2 million in the prior year quarter. Excluding the estimated positive impact from FX, revenues increased $9.6 million, or 20.8%, compared to the prior year quarter. The increase in revenues was primarily due to an increase in both project- and retainer-based revenues related to the financial communications and public affairs practices. Adjusted Segment EBITDA was $11.0 million, or 19.1% of segment revenues, compared to $4.9 million, or 10.5% 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 higher variable compensation costs.

2018 Guidance

The Company is revising its full year 2018 guidance. The Company now estimates that 2018 revenues will range between $1.910 billion and $1.960 billion. This compares to the previous revenue range of between $1.825 billion and $1.875 billion. The Company now estimates that 2018 EPS will range between $2.90 and $3.30. This compares to the previous EPS range of between $2.35 and $2.65. The Company does not expect Adjusted EPS to differ from EPS.

Second Quarter 2018 Conference Call

FTI Consulting will host a conference call for analysts and investors to discuss second quarter 2018 financial results at 9:00 a.m. Eastern Time on July 26, 2018. 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 ConsultingFTI 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 4,600 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 $1.81 billion in revenues during fiscal year 2017. More information can be found at www.fticonsulting.com.

Use of Non-GAAP MeasuresIn 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 Securities and Exchange Commission (“SEC”) rules. Specifically, we have referred to the following non-GAAP measures:

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 earnings release. We define Segment Operating Income (Loss) 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 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 and losses on early extinguishment of debt. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of total revenues. We believe that the non-GAAP financial measures, which exclude the effects of remeasurement of acquisition-related contingent consideration, special charges and goodwill impairment charges, when considered together with our GAAP financial results and GAAP 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 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 (loss) and earnings (loss) 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 and the adjustment related to the adoption of the 2017 U.S. Tax Cuts and Jobs Act (“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 this non-GAAP financial measure, which excludes the effects of the remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges, losses on early extinguishment of debt and the adjustment related to the adoption of the 2017 Tax Act, when considered together with our GAAP financial results, provides management and investors with an additional understanding of our business operating results, including underlying trends.

We define Free Cash Flow 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 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, 2017, 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)
June 30, December 31,
2018 2017
(unaudited)
Assets
Current assets
Cash and cash equivalents $116,556 $189,961
Accounts receivable:
Billed receivables 455,707 390,996
Unbilled receivables 368,360 312,569
Allowances for doubtful accounts and unbilled services (216,612) (180,687)
Accounts receivable, net 607,455 522,878
Current portion of notes receivable 28,619 25,691
Prepaid expenses and other current assets 54,806 55,649
Total current assets 807,436 794,179
Property and equipment, net 75,046 75,075
Goodwill 1,198,732 1,204,803
Other intangible assets, net 39,379 44,150
Notes receivable, net 90,904 98,105
Other assets 45,915 40,929
Total assets $2,257,412 $2,257,241
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable, accrued expenses and other $93,988 $94,873
Accrued compensation 224,663 268,513
Billings in excess of services provided 33,653 46,942
Total current liabilities 352,304 410,328
Long-term debt, net 371,662 396,284
Deferred income taxes 134,081 124,471
Other liabilities 123,564 134,187
Total liabilities 981,611 1,065,270
Stockholders' equity
Preferred stock, $0.01 par value; shares authorized — 5,000; noneoutstanding — —
Common stock, $0.01 par value; shares authorized — 75,000; sharesissued and outstanding — 38,179 (2018) and 37,729 (2017) 382 377
Additional paid-in capital 280,201 266,035
Retained earnings 1,128,670 1,045,774
Accumulated other comprehensive loss (133,452) (120,215)
Total stockholders' equity 1,275,801 1,191,971
Total liabilities and stockholders' equity $2,257,412 $2,257,241

FTI CONSULTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except per share data)
Three Months Ended June 30,
2018 2017
(unaudited)
Revenues$512,098 $444,715
Operating expenses
Direct cost of revenues330,318 304,071
Selling, general and administrative expenses117,897 108,119
Special charges— 30,074
Amortization of other intangible assets2,052 2,422
450,267 444,686
Operating income61,831 29
Other income (expense)
Interest income and other2,474 1,592
Interest expense(6,583) (6,250)
(4,109) (4,658)
Income (loss) before income tax provision57,722 (4,629)
Income tax provision14,113 527
Net income (loss)$43,609 $(5,156)
Earnings (loss) per common share ― basic$1.18 $(0.13)
Weighted average common shares outstanding ― basic37,001 39,555
Earnings (loss) per common share ― diluted$1.14 $(0.13)
Weighted average common shares outstanding ― diluted38,271 39,555
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax expense of $0$(23,683) $10,174
Total other comprehensive income (loss), net of tax(23,683) 10,174
Comprehensive income$19,926 $5,018

FTI CONSULTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except per share data)
Six Months EndedJune 30,
2018 2017
(unaudited)
Revenues$1,009,872 $891,059
Operating expenses
Direct cost of revenues651,435 613,143
Selling, general and administrative expenses230,025 215,809
Special charges— 30,074
Amortization of other intangible assets4,322 4,915
885,782 863,941
Operating income124,090 27,118
Other income (expense)
Interest income and other674 2,197
Interest expense(12,827) (12,051)
(12,153) (9,854)
Income before income tax provision111,937 17,264
Income tax provision29,383 8,404
Net income$82,554 $8,860
Earnings per common share ― basic$2.24 $0.22
Weighted average common shares outstanding ― basic36,851 40,039
Earnings per common share ― diluted$2.18 $0.22
Weighted average common shares outstanding ― diluted37,942 40,502
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax expense of $0$(13,237) $17,544
Total other comprehensive income (loss), net of tax(13,237) 17,544
Comprehensive income$69,317 $26,404

FTI CONSULTING, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
Three Months Ended June 30, Six Months EndedJune 30,
2018 2017 2018 2017
(Unaudited) (Unaudited)
Net income (loss) $43,609 $(5,156) $82,554 $8,860
Add back:
Special charges — 30,074 — 30,074
Tax impact of special charges — (9,103) — (9,103)
Remeasurement of acquisition-related contingent consideration — 536 — 702
Tax impact of remeasurement of acquisition- related contingent consideration — (204) — (269)
Adjusted net income $43,609 $16,147 $82,554 $30,264
Earnings (loss) per common share — diluted $1.14 $(0.13) $2.18 $0.22
Add back:
Special charges — 0.75 — 0.74
Tax impact of special charges — (0.23) — (0.22)
Remeasurement of acquisition-related contingent consideration — 0.01 — 0.02
Tax impact of remeasurement of acquisition- related contingent consideration — — — (0.01)
Adjusted earnings per common share — diluted $1.14 $0.40 $2.18 $0.75
Weighted average number of common shares outstanding ― diluted (1) 38,271 39,932 37,942 40,502

(1) For the three months ended June 30, 2017, the Company reported a net loss. For the period, the basic weighted average common shares outstanding equals the diluted weighted average common shares outstanding for purposes of calculating U.S. GAAP earnings per share because potentially dilutive securities would be antidilutive. For non-GAAP purposes, Adjusted EPS and diluted weighted average number of common shares outstanding presented herein reflect the impact of inclusion of share-based awards that are considered dilutive based on the impact of the add-backs included in Adjusted Net Income above.

FTI CONSULTING, INC.
RECONCILIATION OF NET INCOME AND OPERATING INCOME TO ADJUSTED EBITDA
(in thousands)
Three Months Ended June 30, 2018 (unaudited) Corporate Finance & Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Unallocated Corporate Total
Net income $43,609
Interest income and other (2,474)
Interest expense 6,583
Income tax provision 14,113
Operating income $34,041 $26,173 $14,024 $3,967 $9,508 $(25,882) $61,831
Depreciation and amortization 953 1,131 1,377 3,527 586 914 8,488
Amortization of other intangible assets 783 311 71 14 873 — 2,052
Adjusted EBITDA $35,777 $27,615 $15,472 $7,508 $10,967 $(24,968) $72,371
Six Months Ended June 30, 2018 (unaudited) Corporate Finance & Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Unallocated Corporate Total
Net income $82,554
Interest income and other (674)
Interest expense 12,827
Income tax provision 29,383
Operating income $67,252 $50,503 $31,672 $6,560 $17,873 $(49,770) $124,090
Depreciation and amortization 1,755 2,159 2,741 6,604 1,179 1,815 16,253
Amortization of other intangible assets 1,574 710 195 76 1,767 — 4,322
Adjusted EBITDA $70,581 $53,372 $34,608 $13,240 $20,819 $(47,955) $144,665
Three Months Ended June 30, 2017 (unaudited) Corporate Finance & Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Unallocated Corporate Total
Net income (loss) $(5,156)
Interest income and other (1,592)
Interest expense 6,250
Income tax provision 527
Operating income (loss) $15,447 $1,183 $8,008 $(1,568) $(755) $(22,286) $29
Depreciation and amortization 768 1,032 1,436 3,001 546 944 7,727
Amortization of other intangible assets 784 372 155 161 950 — 2,422
Special charges 3,049 10,445 5,910 3,827 3,599 3,244 30,074
Remeasurement of acquisition-related contingent consideration — — — — 536 — 536
Adjusted EBITDA $20,048 $13,032 $15,509 $5,421 $4,876 $(18,098) $40,788
Six Months Ended June 30, 2017 (unaudited) Corporate Finance & Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Unallocated Corporate Total
Net income $8,860
Interest income and other (2,197)
Interest expense 12,051
Income tax provision 8,404
Operating income $24,196 $13,107 $26,510 $2,872 $1,772 $(41,339) $27,118
Depreciation and amortization 1,549 2,205 2,890 6,207 1,148 2,299 16,298
Amortization of other intangible assets 1,579 796 309 319 1,912 — 4,915
Special charges 3,049 10,445 5,910 3,827 3,599 3,244 30,074
Remeasurement of acquisition-related contingent consideration — — — — 702 — 702
Adjusted EBITDA $30,373 $26,553 $35,619 $13,225 $9,133 $(35,796) $79,107

FTI CONSULTING, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
SegmentRevenues AdjustedEBITDA Adjusted EBITDAMargin Utilization AverageBillableRate Revenue-GeneratingHeadcount
(in thousands) (at period end)
Three Months Ended June 30, 2018 (unaudited)
Corporate Finance & Restructuring$141,355 $35,777 25.3% 67% $458 871
Forensic and Litigation Consulting133,527 27,615 20.7% 67% $340 1,065
Economic Consulting133,308 15,472 11.6% 69% $534 695
Technology (1)46,429 7,508 16.2% N/M N/M 293
Strategic Communications (1)57,479 10,967 19.1% N/M N/M 628
$512,098 $97,339 19.0% 3,552
Unallocated Corporate (24,968)
Adjusted EBITDA $72,371 14.1%
Six Months Ended June 30, 2018(unaudited)
Corporate Finance & Restructuring$284,277 $70,581 24.8% 69% $450 871
Forensic and Litigation Consulting261,566 53,372 20.4% 67% $334 1,065
Economic Consulting266,417 34,608 13.0% 70% $538 695
Technology (1)87,343 13,240 15.2% N/M N/M 293
Strategic Communications (1)110,269 20,819 18.9% N/M N/M 628
$1,009,872 $192,620 19.1% 3,552
Unallocated Corporate (47,955)
Adjusted EBITDA $144,665 14.3%
Three Months Ended June 30, 2017 (unaudited)
Corporate Finance & Restructuring$117,487 $20,048 17.1% 60% $403 881
Forensic and Litigation Consulting111,410 13,032 11.7% 60% $310 1,070
Economic Consulting124,004 15,509 12.5% 68% $542 652
Technology (1)45,566 5,421 11.9% N/M N/M 301
Strategic Communications (1)46,248 4,876 10.5% N/M N/M 659
$444,715 $58,886 13.2% 3,563
Unallocated Corporate (18,098)
Adjusted EBITDA $40,788 9.2%
Six Months Ended June 30, 2017(unaudited)
Corporate Finance & Restructuring$223,388 $30,373 13.6% 60% $390 881
Forensic and Litigation Consulting222,816 26,553 11.9% 60% $320 1,070
Economic Consulting263,225 35,619 13.5% 70% $548 652
Technology (1)91,653 13,225 14.4% N/M N/M 301
Strategic Communications (1)89,977 9,133 10.2% N/M N/M 659
$891,059 $114,903 12.9% 3.563
Unallocated Corporate (35,796)
Adjusted EBITDA $79,107 8.9%
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)
Six Months EndedJune 30,
2018 2017
(unaudited)
Operating activities
Net income$82,554 $8,860
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization16,253 16,298
Amortization and impairment of other intangible assets4,322 4,915
Acquisition-related contingent consideration232 1,172
Provision for doubtful accounts8,710 5,971
Non-cash share-based compensation8,563 9,959
Non-cash interest expense and other993 992
Other798 242
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, billed and unbilled(99,299) (78,100)
Notes receivable4,214 2,241
Prepaid expenses and other assets(4,151) 947
Accounts payable, accrued expenses and other352 (1,887)
Income taxes13,143 3,087
Accrued compensation(58,547) (64,531)
Billings in excess of services provided(12,722) 7,634
Net cash used in operating activities(34,585) (82,200)
Investing activities
Purchases of property and equipment(16,220) (13,127)
Other689 72
Net cash used in investing activities(15,531) (13,055)
Financing activities
Borrowings (repayments) under revolving line of credit, net(25,000) 115,000
Deposits2,602 3,262
Purchase and retirement of common stock(14,220) (102,513)
Net issuance of common stock under equity compensation plans18,740 (500)
Payments for acquisition-related contingent consideration(3,029) (79)
Net cash provided by (used in) financing activities(20,907) 15,170
Effect of exchange rate changes on cash and cash equivalents(2,382) 2,438
Net decrease in cash and cash equivalents(73,405) (77,647)
Cash and cash equivalents, beginning of period189,961 216,158
Cash and cash equivalents, end of period$116,556 $138,511

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

Investor & Media Contact:Mollie Hawkes+1.617.747.1791 [email protected]

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Source: FTI Consulting, Inc.

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