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FTI Consulting, Inc. Reports 2011 First Quarter Results

- Record Revenues of $361.8 million
- EPS of $0.48 After Expensed Acquisition Costs of $0.02 per Share
- Geographic Reach and Industry Expertise Enhanced Through LECG Transactions
- Approximately 4.4 Million Shares Repurchased in Accelerated Stock Buyback
- Increases Guidance for 2011

WEST PALM BEACH, Fla., May 4, 2011 /PRNewswire via COMTEX/ -- FTI Consulting, Inc. (NYSE: FCN), the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, today reported its financial results for the first quarter ended March 31, 2011.

For the first quarter of 2011, revenues were a record $361.8 million, the highest quarterly revenue in the Company's history, compared to $350.0 million in the prior year period. Earnings per diluted share for the first quarter of 2011 were $0.48 compared to $0.29 for the prior year period. Earnings per diluted share for the first quarter of 2011 include expensed acquisition costs related to the Company's recent transactions with LECG Corporation of $0.02 per share. Other than these acquisition costs, the LECG transactions had no significant effect on results in the quarter. Adjusted EPS for the first quarter of 2011 were $0.48 compared to prior year period. Adjusted EPS of $0.67 (which as previously disclosed excludes $0.38 per share of special charges related to terminations, office consolidation and other charges). First quarter 2011 Adjusted EBITDA was $61.7 million, or 17.0 percent of revenues, compared to Adjusted EBITDA of $75.9 million, or 21.7 percent of revenues, in the prior year period. As described in more detail below, the Adjusted EBITDA margin declined due to lower Adjusted Segment EBITDA in the Corporate Finance/Restructuring segment as well as some incremental investments in headcount in other segments. Adjusted EPS, Adjusted EBITDA and Adjusted Segment EBITDA (which appear in the accompanying tables) are non-GAAP measures and are described in further detail below. The effective income tax rate for the first quarter of 2011 was 38 percent, whereas it is expected to be approximately 37 percent for the remainder of 2011.

During the quarter, as previously announced, the Company completed a combination of acquisitions and individual hires involving certain employees and operations of LECG Corporation which added significant new practices, industry expertise and capabilities in Europe, the United States and Latin America. The Company also used $209.4 million of cash during the quarter to execute an accelerated stock buyback program. Pursuant to this program, the Company received and retired approximately 4.4 million shares in March and expects to receive and retire approximately 600 thousand shares in May 2011. Any remaining shares that may be received and retired pursuant to this program will be a function of the share price over the next six months, but should not have a material effect on 2011 EPS. The average share count for the quarter was reduced due to this accelerated stock buyback program by approximately 1.2 million shares.

Commenting on these results, Jack Dunn, President and Chief Executive Officer of the Company, said, "Our first quarter signaled a good start to the year and an outstanding one in terms of execution of our strategy. While restructuring and bankruptcy remained soft, growth across our other businesses of 9.5 percent resulted in overall positive growth for the quarter and record revenues.

"The first quarter was also very productive in terms of deploying our capital and executing the strategy of expanding our global footprint and building domain expertise in key industries. The addition of approximately 200 outstanding professionals from LECG serves to greatly enhance the geographic reach, industry expertise and services we offer our clients. These additions once again underscore our position as the firm that attracts the best people to work on the most compelling client matters around the globe."

First Quarter Segment Results

Corporate Finance/Restructuring

Revenues in the Corporate Finance/Restructuring segment were $107.3 million compared with $117.5 million in the first quarter of the prior year. Adjusted Segment EBITDA was $21.5 million, or 20.1 percent of segment revenues, compared with Adjusted Segment EBITDA of $34.7 million, or 29.6 percent of segment revenues, in the prior year quarter. Demand for restructuring and bankruptcy services remained soft compared to levels a year ago as a result of continued improvements in the credit markets and the macroeconomic environment. This decline was somewhat offset by growth in the segment's healthcare practice and by contributions from the acquired business in Asia. Adjusted Segment EBITDA margins declined from the prior year due to lower demand.

Forensic and Litigation Consulting

Revenues in the Forensic and Litigation Consulting segment increased 5.4 percent to $82.9 million from $78.7 million in the first quarter of the prior year. Adjusted Segment EBITDA was $16.9 million, or 20.4 percent of segment revenues, compared to Adjusted Segment EBITDA of $19.8 million, or 25.1 percent of segment revenues, in the prior year quarter. Revenue growth was led by increased momentum in Europe and Asia and continued strong performance in North America; however, utilization and margin were affected by an $8.5 million decrease in revenues from two high profile financial fraud cases relative to the year ago period.

Economic Consulting

Revenues in the Economic Consulting segment increased 10.3 percent to $74.3 million from $67.3 million in the first quarter of the prior year. Adjusted Segment EBITDA was $13.2 million, or 17.8 percent of segment revenues, compared to Adjusted Segment EBITDA of $13.5 million, or 20.1 percent of segment revenues, for the prior year quarter. The segment benefitted from increased financial economics and M&A-related activity as well as continued growth in its European practice. Adjusted Segment EBITDA margins were affected by investments made in expanding the European practice and increased compensation expense relating to variable accounting for stock options to certain key academic consultants. In addition, the segment incurred acquisition costs totaling approximately $1.0 million, or 1.4 percent of revenue, related to the LECG transactions in the first quarter.

Technology

Revenues in the Technology segment increased 17.7 percent to $51.0 million from $43.4 million in the first quarter of the prior year. Adjusted Segment EBITDA increased 7.9 percent to $18.6 million, or 36.5 percent of segment revenues, compared to Adjusted Segment EBITDA of $17.3 million, or 39.8 percent of segment revenues, in the prior year quarter. The Acuity(TM) offering continued to gain momentum during the quarter and consulting revenues increased on the strength of a number of litigation cases. This growth was partially offset by declines in unit-based revenues compared to the same period a year ago as continued pricing pressure overcame higher unit volume. Adjusted Segment EBITDA increased from prior year levels as a result of higher revenues, while margins were adversely affected by a lower proportion of higher-margin unit-based revenue compared to the prior year period.

Strategic Communications

Revenues in the Strategic Communications segment increased 7.3 percent to $46.4 million from $43.2 million in the first quarter of the prior year. Adjusted Segment EBITDA was $5.4 million, or 11.7 percent of segment revenues, compared to Adjusted Segment EBITDA of $5.7 million, or 13.3 percent of segment revenues, in the prior year quarter. The segment saw continued modest growth in retainers in its key US and UK markets, strong revenues from projects in Asia Pacific and the US and improving momentum in its European practices. Adjusted Segment EBITDA margins declined due to incentive payments related to an acquisition.

Revised 2011 Guidance

Based on current market conditions, the Company estimates that revenues for the year will be between $1.50 billion and $1.54 billion and EPS will be between $2.30 and $2.45.

First Quarter Conference Call

FTI will hold a conference call for analysts and investors to discuss fourth quarter financial results at 9:00 AM Eastern Time on May 4, 2011. The call can be accessed live and will be available for replay over the Internet for 90 days by logging onto the Company's website, http://www.fticonsulting.com/.

About FTI Consulting

FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 3,700 employees located in most major business centers in the world, we work closely with clients every day to anticipate, illuminate, and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. More information can be found at http://www.fticonsulting.com/.

Use of Non-GAAP Measure

Note: We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. We define adjusted segment EBITDA as a segment's share of consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. We define Adjusted earnings per diluted share (Adjusted EPS) as earnings per diluted share excluding the per share impact of the special charges and debt extinguishment costs that were incurred in that year. Although Adjusted EBITDA, Adjusted Segment EBITDA and Adjusted EPS are not measures of financial condition or performance determined in accordance with generally accepted accounting principles ("GAAP"), we believe that these measures can be a useful operating performance measure for evaluating our results of operations as compared from period to period and as compared to our competitors. EBITDA is a common alternative measure of operating performance used by investors, financial analysts and rating agencies to value and compare the financial performance of companies in our industry. We use Adjusted EBITDA and Adjusted Segment EBITDA to evaluate and compare the operating performance of our segments.

Adjusted EBITDA, Adjusted Segment EBITDA and Adjusted EPS are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. These non-GAAP measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our statements of income. Reconciliations of operating profit to Adjusted EBITDA, segment operating profit to Adjusted Segment EBITDA and EPS to Adjusted EPS are included in the accompanying tables to today's press release.

Safe Harbor Statement

This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that 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 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 projections will result or be achieved or that actual results will not differ from expectations. The Company has experienced fluctuating revenues, operating income and cash flow in some prior periods and expects this will occur from time to time in the future. The Company's actual results may differ from our expectations. Further, preliminary results are subject to normal year-end adjustments. Other factors that could cause such differences include adverse financial and real estate market and general economic conditions, the pace and timing of the consummation and integration of past and future acquisitions, the Company's ability to realize cost savings and efficiencies, competitive and general economic conditions, retention of staff and clients and other risks described under the heading "Item 1A. Risk Factors" in the Company's most recent Form 10-K and in the Company's other filings with the Securities and Exchange Commission. 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.

 

CONSOLIDATED STATEMENTS OF INCOME

 

FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010

 

(in thousands, except per share data)

 

(unaudited)

 
         
 

Three Months Ended

 
 

March 31,

 
 

2011

 

2010

 
         

Revenues

$ 361,816

 

$ 350,040

 
         

Operating expenses

       

Direct cost of revenues

219,140

 

197,460

 

Selling, general and administrative expense

88,729

 

84,401

 

Special charges

-

 

30,245

 

Amortization of other intangible assets

5,454

 

6,091

 
 

313,323

 

318,197

 
         

Operating income

48,493

 

31,843

 
         

Other income (expense)

       

Interest income and other

2,000

 

2,354

 

Interest expense

(15,310)

 

(11,318)

 
 

(13,310)

 

(8,964)

 
         

Income before income tax provision

35,183

 

22,879

 
         

Income tax provision

13,385

 

8,694

 
         

Net income

$ 21,798

 

$ 14,185

 
         
         

Earnings per common share - basic

$ 0.50

 

$ 0.31

 

Weighted average common shares outstanding - basic

43,877

 

45,799

 
         

Earnings per common share - diluted

$ 0.48

 

$ 0.29

 

Weighted average common shares outstanding - diluted

45,635

 

48,128

 
       

FTI CONSULTING, INC.

 

OPERATING RESULTS BY BUSINESS SEGMENT

 

(unaudited)

 
                 

Average

 

Revenue-

 
     

Adjusted

         

Billable

 

Generating

 
 

Revenues

 

EBITDA (1)

 

Margin

 

Utilization

 

Rate

 

Headcount

 
 

(in thousands)

                 

Three Months Ended March 31, 2011

                       

Corporate Finance/Restructuring

$ 107,254

 

$ 21,521

 

20.1%

 

70%

 

$ 436

 

741

 

Forensic and Litigation Consulting

82,913

 

16,878

 

20.4%

 

69%

 

$ 326

 

844

 

Economic Consulting

74,259

 

13,242

 

17.8%

 

88%

 

$ 477

 

386

 

Technology (2)

51,035

 

18,631

 

36.5%

 

N/M

 

N/M

 

257

 

Strategic Communications (2)

46,355

 

5,408

 

11.7%

 

N/M

 

N/M

 

586

 
 

$ 361,816

 

75,680

 

20.9%

 

N/M

 

N/M

 

2,814

 

Corporate

   

(13,992)

                 

Adjusted EBITDA (1)

   

$ 61,688

 

17.0%

             
                         

Three Months Ended March 31, 2010

                       

Corporate Finance/Restructuring

$ 117,467

 

$ 34,719

 

29.6%

 

69%

 

$ 457

 

701

 

Forensic and Litigation Consulting (3)

78,678

 

19,784

 

25.1%

 

76%

 

$ 312

 

771

 

Economic Consulting

67,307

 

13,520

 

20.1%

 

82%

 

$ 470

 

302

 

Technology (2)

43,373

 

17,261

 

39.8%

 

N/M

 

N/M

 

242

 

Strategic Communications (2)

43,215

 

5,742

 

13.3%

 

N/M

 

N/M

 

569

 
 

$ 350,040

 

91,026

 

26.0%

 

N/M

 

N/M

 

2,585

 

Corporate

   

(15,144)

                 

Adjusted EBITDA (1)

   

$ 75,882

 

21.7%

             
                         
 

(1) We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. Amounts presented in the Adjusted EBITDA column for each segment reflect the segments' respective Adjusted Segment EBITDA. We define Adjusted Segment EBITDA as the segments' share of consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. Although Adjusted EBITDA and Adjusted Segment EBITDA are not measures of financial condition or performance determined in accordance with generally accepted accounting principles ("GAAP"), we believe that these measures can be a useful operating performance measure for evaluating our results of operations as compared from period to period and as compared to our competitors. EBITDA is a common alternative measure of operating performance used by investors, financial analysts and rating agencies to value and compare the financial performance of companies in our industry. We use Adjusted EBITDA and Adjusted Segment EBITDA to evaluate and compare the operating performance of our segments.

 

Adjusted EBITDA and Adjusted Segment EBITDA are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. These non-GAAP measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Statements of Income. See also our reconciliation of non-GAAP financial measures.

 

(2) 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.

 

(3) 2010 utilization and average billable rate calculations were updated to include information related to non-domestic operations that was not available in 2010.

 
                       

FTI CONSULTING, INC.

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

 

(in thousands, except per share data)

 

(unaudited)

 
 

Three Months Ended

 
 

March 31,

 
 

2011

 

2010

 
         

Net income

$ 21,798

 

$ 14,185

 
         

Add back: Special charges, net of tax

-

 

18,069

 

Adjusted net income (1)

$ 21,798

 

$ 32,254

 
         

Earnings per common share - diluted

$ 0.48

 

$ 0.29

 
         

Adjusted earnings per common share - diluted (1)

$ 0.48

 

$ 0.67

 
         

Weighted average number of common shares outstanding - diluted

45,635

 

48,128

 
 

(1) We define Adjusted net income and Adjusted earnings per diluted share as net income and earnings per diluted share, respectively, excluding the impact of the special charges and loss on early extinguishment of debt that were incurred in that period, and their related income tax effects.

 
       

RECONCILIATION OF OPERATING INCOME AND NET INCOME TO ADJUSTED EBITDA

 

(in thousands)

 

(unaudited)

 
                               

Three Months Ended March 31, 2011

Corporate Finance / Restructuring

 

Forensic and Litigation Consulting

 

Economic Consulting

 

Technology

 

Strategic Communi- cations

 

Corp HQ

 

Total

 
                               

Net income

                       

$ 21,798

 
 

Interest income and other

                       

(2,000)

 
 

Interest expense

                       

15,310

 
 

Income tax provision

                       

13,385

 

Operating income

$ 18,520

 

$ 15,343

 

$ 12,378

 

$ 13,971

 

$ 3,470

 

$ (15,189)

 

48,493

 
 

Depreciation

876

 

855

 

568

 

2,684

 

765

 

1,197

 

6,945

 
 

Amortization of other intangible assets

1,418

 

591

 

296

 

1,976

 

1,173

     

5,454

 
 

Special charges

-

 

-

 

-

 

-

 

-

     

-

 
 

Accretion of contingent consideration

707

 

89

 

-

 

-

 

-

     

796

 

Adjusted EBITDA (1)

$ 21,521

 

$ 16,878

 

$ 13,242

 

$ 18,631

 

$ 5,408

 

$ (13,992)

 

$ 61,688

 
                               
                               

Three Months Ended March 31, 2010

                           
                               

Net income

                       

$ 14,185

 
 

Interest income and other

                       

(2,354)

 
 

Interest expense

                       

11,318

 
 

Income tax provision

                       

8,694

 

Operating income

$ 25,644

 

$ 12,400

 

$ 5,766

 

$ 7,302

 

$ 2,347

 

$ (21,616)

 

31,843

 
 

Depreciation

994

 

829

 

630

 

3,050

 

823

 

1,377

 

7,703

 
 

Amortization of other intangible assets

1,492

 

995

 

310

 

1,982

 

1,312

 

-

 

6,091

 
 

Special charges

6,589

 

5,560

 

6,814

 

4,927

 

1,260

 

5,095

 

30,245

 
 

Accretion of contingent consideration

-

 

-

 

-

 

-

 

-

 

-

 

-

 

Adjusted EBITDA (1)

$ 34,719

 

$ 19,784

 

$ 13,520

 

$ 17,261

 

$ 5,742

 

$ (15,144)

 

$ 75,882

 
                             
 

(1) We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. Amounts presented in the Adjusted EBITDA column for each segment reflect the segments' respective Adjusted Segment EBITDA. We define Adjusted Segment EBITDA as a segments' share of consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. Although Adjusted EBITDA and Adjusted Segment EBITDA are not measures of financial condition or performance determined in accordance with generally accepted accounting principles ("GAAP"), we believe that these measures can be a useful operating performance measure for evaluating our results of operations as compared from period to period and as compared to our competitors. EBITDA is a common alternative measure of operating performance used by investors, financial analysts and rating agencies to value and compare the financial performance of companies in our industry. We use Adjusted EBITDA and Adjusted Segment EBITDA to evaluate and compare the operating performance of our segments.

 

Adjusted EBITDA and Adjusted Segment EBITDA are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. These non-GAAP measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Statements of Income. See also our reconciliation of Non-GAAP financial measures.

 
                             

FTI CONSULTING, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010

 

(in thousands)

 

(unaudited)

 
         
 

Three Months Ended

 
 

March 31,

 
 

2011

 

2010

 

Operating activities

       

Net income

$ 21,798

 

$ 14,185

 

Adjustments to reconcile net income to net cash used in operating activities:

       

Depreciation, amortization and accretion

7,743

 

7,703

 

Amortization of other intangible assets

5,454

 

6,091

 

Provision for doubtful accounts

2,573

 

3,010

 

Non-cash share-based compensation

6,807

 

7,394

 

Excess tax benefits from share-based compensation

(43)

 

(754)

 

Non-cash interest expense

2,093

 

1,800

 

Other

383

 

(476)

 

Changes in operating assets and liabilities, net of effects from acquisitions:

       

Accounts receivable, billed and unbilled

(45,701)

 

(32,291)

 

Notes receivable

(13,617)

 

(14,971)

 

Prepaid expenses and other assets

(4,116)

 

6,826

 

Accounts payable, accrued expenses and other

16,497

 

20,909

 

Income taxes

(3,608)

 

(13,182)

 

Accrued compensation

(37,075)

 

(31,363)

 

Billings in excess of services provided

1,615

 

(2,144)

 

Net cash used in operating activities

(39,197)

 

(27,263)

 
         

Investing activities

       

Payments for acquisition of businesses, net of cash received

(41,842)

 

(17,544)

 

Purchases of property and equipment

(4,953)

 

(5,168)

 

Proceeds from sale or maturity of short-term investments

-

 

15,000

 

Other

(483)

 

(2,976)

 

Net cash used in investing activities

(47,278)

 

(10,688)

 
         

Financing activities

       

Borrowings under revolving line of credit

25,000

 

20,000

 

Payments of revolving line of credit

-

 

(20,000)

 

Payments of long-term debt and capital lease obligations

(872)

 

(527)

 

Purchase and retirement of common stock

(209,400)

 

-

 

Net issuance of common stock under equity compensation plans

(999)

 

832

 

Excess tax benefit from share-based compensation

43

 

754

 

Other

161

 

442

 

Net cash (used in) provided by financing activities

(186,067)

 

1,501

 
         

Effect of exchange rate changes on cash and cash equivalents

339

 

(1,544)

 
         

Net decrease in cash and cash equivalents

(272,203)

 

(37,994)

 

Cash and cash equivalents, beginning of period

384,570

 

118,872

 

Cash and cash equivalents, end of period

$ 112,367

 

$ 80,878

 
       

FTI CONSULTING, INC.

 

CONSOLIDATED BALANCE SHEETS

 

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

 

(in thousands, except per share amounts)

 
         
 

March 31,

 

December 31,

 
 

2011

 

2010

 

Assets

(unaudited)

     

Current assets

       

Cash and cash equivalents

$ 112,367

 

$ 384,570

 

Restricted cash

11,386

 

10,518

 

Accounts receivable:

       

Billed receivables

278,691

 

268,386

 

Unbilled receivables

181,201

 

120,896

 

Allowance for doubtful accounts and unbilled services

(63,581)

 

(63,205)

 

Accounts receivable, net

396,311

 

326,077

 

Current portion of notes receivable

29,162

 

26,130

 

Prepaid expenses and other current assets

32,170

 

28,174

 

Income taxes receivable

11,796

 

13,246

 

Total current assets

593,192

 

788,715

 
         

Property and equipment, net of accumulated depreciation

70,834

 

73,238

 

Goodwill

1,295,559

 

1,269,447

 

Other intangible assets, net of amortization

131,050

 

134,970

 

Notes receivable, net of current portion

98,962

 

87,677

 

Other assets

57,667

 

60,312

 
         

Total assets

$ 2,247,264

 

$ 2,414,359

 
         

Liabilities and Stockholders' Equity

       

Current liabilities

       

Accounts payable, accrued expenses and other

$ 102,570

 

$ 105,864

 

Accrued compensation

110,433

 

143,971

 

Current portion of long-term debt and capital lease obligations

31,683

 

7,559

 

Billings in excess of services provided

29,578

 

27,836

 

Deferred income taxes

4,052

 

4,052

 

Total current liabilities

278,316

 

289,282

 
         

Long-term debt and capital lease obligations, net of current portion

784,093

 

785,563

 

Deferred income taxes

94,548

 

92,134

 

Other liabilities

85,261

 

80,061

 

Total liabilities

1,242,218

 

1,247,040

 
         

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 -- 42,026 (2011) and 46,144 (2010)

420

 

461

 

Additional paid-in capital

334,080

 

532,929

 

Retained earnings

709,217

 

687,419

 

Accumulated other comprehensive loss

(38,671)

 

(53,490)

 

Total stockholders' equity

1,005,046

 

1,167,319

 
         

Total liabilities and stockholders' equity

$ 2,247,264

 

$ 2,414,359

 
       

SOURCE FTI Consulting, Inc.

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