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FTI Consulting Reports First Quarter 2020 Financial Results
  • First Quarter 2020 Revenues of $604.6 Million, Up 9.7% Compared to $551.3 Million in Prior Year First Quarter
  • First Quarter 2020 EPS of $1.49, Down 9.1% Compared to $1.64 in Prior Year First Quarter; First Quarter 2020 Adjusted EPS of $1.53, Down 6.1% Compared to $1.63 in Prior Year First Quarter

WASHINGTON, April 30, 2020 (GLOBE NEWSWIRE) --  FTI Consulting, Inc. (NYSE: FCN) today released financial results for the quarter ended March 31, 2020.

First quarter 2020 revenues of $604.6 million increased $53.3 million, or 9.7%, compared to revenues of $551.3 million in the prior year quarter. The increase in revenues was primarily driven by higher demand in the Corporate Finance & Restructuring, Forensic and Litigation Consulting, and Technology business segments, which was partially offset by a decline in demand in the Economic Consulting business segment compared to the prior year quarter. Net income of $56.7 million compared to $62.6 million in the prior year quarter. The decrease in net income was due to higher compensation, primarily related to an 18.5% increase in billable headcount and higher variable compensation, as well as higher selling, general and administrative ("SG&A") expenses, which were only partially offset by the increase in revenues, foreign currency translation ("FX") remeasurement gains and a lower effective tax rate compared to the prior year quarter. Adjusted EBITDA of $83.2 million, or 13.8% of revenues, compared to $96.1 million, or 17.4% of revenues, in the prior year quarter.

First quarter 2020 fully diluted earnings per share ("EPS") of $1.49 compared to $1.64 in the prior year quarter. First quarter 2020 EPS included $2.2 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. First quarter 2019 EPS included $2.1 million of non-cash interest expense related to the Company's 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 e-discovery software and related business, which increased EPS by $0.05. First quarter 2020 Adjusted EPS of $1.53, which excludes the non-cash interest expense, compared to Adjusted EPS of $1.63 in the prior year quarter.

Steven H. Gunby, President and Chief Executive Officer of FTI Consulting, commented, “First of all, I hope all of you who are reading this and your loved ones are healthy and safe. Many of us have been deeply affected by the impact of COVID-19, and in the wake of this pandemic, our key priorities are the health and well-being of our employees and making sure we are there for our clients, many of whom are facing some of their greatest challenges.”

Mr. Gunby continued, “In terms of our business, toward the end of the quarter, we began to see the effects of COVID-19 materialize. In some parts of our business, this has driven increased client demand and in other places substantially softened it. Because the magnitude and longevity of the specific impacts of COVID-19 on the world are still unfolding, there is greater uncertainty in forecasting the short-term impact on our business. I am nonetheless confident that the progress we have made over the last few years in terms of our client relationships, the breadth of our offerings, the capabilities of our people and the strength of our balance sheet has put FTI Consulting in the strongest position it has ever been in to weather the storm well, emerge from it strong and support our clients’ most critical needs throughout.”

Cash Position and Capital Allocation
Net cash used in operating activities of $123.6 million for the quarter ended March 31, 2020 compared to $102.1 million for the quarter ended March 31, 2019. The year-over-year increase in net cash used in operating activities was largely due to higher annual bonus payments and an increase in salaries related to the increase in headcount, 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 repurchased 450,198 shares of its common stock at an average price per share of $111.73 for a total cost of $50.3 million. As of March 31, 2020, approximately $116.3 million remained available for stock repurchases under the Company’s $500.0 million stock repurchase authorization.

Cash and cash equivalents of $223.1 million at March 31, 2020 compared to $179.2 million at March 31, 2019 and $369.4 million at December 31, 2019. Total debt, net of cash, of $143.2 million at March 31, 2020 compared to $137.0 million at March 31, 2019 and $(53.1) million at December 31, 2019. The sequential increase in total debt, net of cash, was primarily due to an increase in cash used in operating activities, which included annual bonus payments, as well as an increase in share repurchases.

First Quarter 2020 Segment Results

Corporate Finance & Restructuring
Revenues in the Corporate Finance & Restructuring segment increased $46.8 million, or 29.1%, to $207.7 million in the quarter compared to $161.0 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $48.5 million, or 30.1%, compared to the prior year quarter. The increase in revenues was due to higher demand for restructuring and business transformation and transactions services. Acquisition-related revenues contributed $13.5 million compared to the prior year quarter. Adjusted Segment EBITDA of $48.9 million, or 23.6% of segment revenues, compared to $37.4 million, or 23.2% 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 a 27.1% increase in billable headcount and higher variable compensation, as well as higher SG&A expenses.

Forensic and Litigation Consulting
Revenues in the Forensic and Litigation Consulting segment increased $8.6 million, or 6.2%, to $147.6 million in the quarter compared to $139.0 million in the prior year quarter. The increase in revenues was primarily due to higher demand for data & analytics, disputes and construction solutions services. Adjusted Segment EBITDA of $21.2 million, or 14.4% of segment revenues, compared to $31.8 million, or 22.9% of segment revenues, in the prior year quarter. Adjusted Segment EBITDA declined compared to the prior year quarter, as the increase in revenues was more than offset by higher compensation, primarily related to a 16.7% increase in billable headcount.

Economic Consulting
Revenues in the Economic Consulting segment decreased $10.1 million, or 7.1%, to $132.1 million in the quarter compared to $142.3 million in the prior year quarter. The decrease in revenues was largely due to lower demand for financial economics and non-merger and acquisition-related antitrust services, as well as lower realized rates for international arbitration services, which was partially offset by higher demand for merger and acquisition-related antitrust services. Adjusted Segment EBITDA of $12.7 million, or 9.6% of segment revenues, compared to $24.0 million, or 16.9% of segment revenues, in the prior year quarter. The decrease in Adjusted Segment EBITDA was primarily due to lower revenues, as well as higher compensation and benefits expenses, primarily related to a 13.3% increase in billable headcount, and higher SG&A expenses.

Technology
Revenues in the Technology segment increased $7.4 million, or 14.4%, to $58.7 million in the quarter compared to $51.3 million in the prior year quarter. The increase in revenues was primarily due to higher demand for merger and acquisition-related and global cross-border investigation services. Adjusted Segment EBITDA of $14.5 million, or 24.7% of segment revenues, compared to $12.7 million, or 24.8% 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 18.7% increase in billable headcount and higher variable compensation, as well as higher SG&A expenses.

Strategic Communications
Revenues in the Strategic Communications segment increased $0.7 million, or 1.2%, to $58.4 million in the quarter compared to $57.7 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $1.5 million, or 2.5%, compared to the prior year quarter. The increase in revenues was primarily due to higher demand for public affairs services. Adjusted Segment EBITDA of $8.8 million, or 15.0% of segment revenues, compared to $11.5 million, or 20.0% of segment revenues, in the prior year quarter. Adjusted Segment EBITDA declined compared to the prior year quarter, as the increase in revenues was more than offset by higher compensation and benefits expenses, primarily related to a 14.7% increase in billable headcount, as well as higher SG&A expenses.

First Quarter 2020 Conference Call
FTI Consulting will host a conference call for analysts and investors to discuss first quarter 2020 financial results at 9:00 a.m. Eastern Time on Thursday, April 30, 2020. 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 5,500 employees located in 27 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 $2.35 billion in revenues during the fiscal year 2019. 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 in the United States ("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 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 Adjusted EBITDA Margin, which is a non-GAAP financial measure, 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 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 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 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 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; the impact of the COVID-19 pandemic 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, 2019, filed with the SEC on February 25, 2020 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed with the SEC on April 30, 2020, 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,
    2020   2019
    (unaudited)    
Assets        
Current assets        
Cash and cash equivalents   $ 223,063     $ 369,373  
Accounts receivable:        
Billed receivables   584,620     540,584  
Unbilled receivables   436,944     418,288  
Allowances for doubtful accounts and unbilled services   (284,666 )   (265,500 )
   Accounts receivable, net   736,898     693,372  
Current portion of notes receivable   31,942     35,106  
Prepaid expenses and other current assets   74,544     80,810  
Total current assets   1,066,447     1,178,661  
Property and equipment, net   92,852     93,672  
Operating lease assets   149,570     159,777  
Goodwill   1,191,948     1,202,767  
Other intangible assets, net   35,682     38,432  
Notes receivable, net   63,801     69,033  
Other assets   36,881     40,800  
   Total assets   $ 2,637,181     $ 2,783,142  
Liabilities and Stockholders' Equity        
Current liabilities        
Accounts payable, accrued expenses and other   $ 170,930     $ 158,936  
Accrued compensation   240,192     416,903  
Billings in excess of services provided   40,219     36,698  
   Total current liabilities   451,341     612,537  
Long-term debt, net   328,193     275,609  
Noncurrent operating lease liabilities   163,594     176,378  
Deferred income taxes   152,347     151,352  
Other liabilities   73,022     78,124  
   Total liabilities   1,168,497     1,294,000  
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 — 37,110 (2020) and 37,390 (2019)
  371     374  
Additional paid-in capital   170,062     216,162  
Retained earnings   1,470,200     1,413,453  
Accumulated other comprehensive loss   (171,949 )   (140,847 )
Total stockholders' equity   1,468,684     1,489,142  
   Total liabilities and stockholders' equity   $ 2,637,181     $ 2,783,142  


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

  Three Months Ended
March 31,
 
  2020   2019
       
  (unaudited)
Revenues $ 604,593     $ 551,274  
Operating expenses      
Direct cost of revenues 402,247     349,066  
Selling, general and administrative expenses 126,959     113,185  
Amortization of other intangible assets 2,331     1,861  
  531,537     464,112  
Operating income 73,056     87,162  
Other income (expense)      
Interest income and other 5,017     159  
Interest expense (4,861 )   (4,746 )
  156     (4,587 )
Income before income tax provision 73,212     82,575  
Income tax provision 16,465     19,930  
Net income $ 56,747     $ 62,645  
Earnings per common share ― basic $ 1.56     $ 1.69  
Weighted average common shares outstanding ― basic 36,415     36,981  
Earnings per common share ― diluted $ 1.49     $ 1.64  
Weighted average common shares outstanding ― diluted 38,190     38,219  
Other comprehensive income (loss), net of tax      
Foreign currency translation adjustments, net of tax expense of $0 $ (31,102 )   $ 5,223  
Total other comprehensive income (loss), net of tax (31,102 )   5,223  
Comprehensive income $ 25,645     $ 67,868  


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

    Three Months Ended
March 31,
    2020   2019
         
    (Unaudited)
Net income   $ 56,747     $ 62,645  
Add back:        
Non-cash interest expense on convertible notes   2,225     2,108  
Tax impact of non-cash interest expense on
  convertible notes
  (579 )   (547 )
Tax impact of gain on sale of business (1)       (2,097 )
Adjusted net income   $ 58,393     $ 62,109  
Earnings per common share — diluted   $ 1.49     $ 1.64  
Add back:        
Non-cash interest expense on convertible notes   0.06     0.05  
Tax impact of non-cash interest expense on
  convertible notes
  (0.02 )   (0.01 )
Tax impact of gain on sale of business (1)       (0.05 )
Adjusted earnings per common share — diluted   $ 1.53     $ 1.63  
Weighted average number of common shares
  outstanding ― diluted
  38,190     38,219  

_______________________
(1)        For Q1 2019, represents a discrete tax adjustment resulting from a change in estimate related to the accounting for the sale of our Ringtail e-discovery software and related business.


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

Three Months Ended March 31, 2020
(unaudited)
  Corporate
Finance &
Restructuring
  Forensic and
Litigation
Consulting
  Economic
Consulting
  Technology   Strategic
Communications
  Unallocated
Corporate
  Total
Net income                           $ 56,747  
Interest income and other                           (5,017 )
Interest expense                           4,861  
Income tax provision                           16,465  
Operating income   $ 46,664     $ 19,506     $ 11,396     $ 11,589     $ 7,492     $ (23,591 )   $ 73,056  
Depreciation and amortization   979     1,416     1,270     2,895     586     677     7,823  
Amortization of other intangible assets   1,303     286     44         698         2,331  
Adjusted EBITDA   $ 48,946     $ 21,208     $ 12,710     $ 14,484     $ 8,776     $ (22,914 )   $ 83,210  
                             


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  
Gain on sale of business                            
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  
                             



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, 2020 (unaudited)                      
Corporate Finance & Restructuring $ 207,749     $ 48,946     23.6 %   69 %   $ 456     1,248  
Forensic and Litigation Consulting 147,597     21,208     14.4 %   58 %   $ 342     1,393  
Economic Consulting 132,138     12,710     9.6 %   68 %   $ 466     810  
Technology (1) 58,723     14,484     24.7 %   N/M       N/M     374  
Strategic Communications(1) 58,386     8,776     15.0 %   N/M       N/M     755  
  $ 604,593     $ 106,124     17.6 %           4,580  
Unallocated Corporate     (22,914 )                
Adjusted EBITDA     $ 83,210     13.8 %            
                       
                       
Three Months Ended March 31, 2019 (unaudited)                      
Corporate Finance & Restructuring $ 160,966     $ 37,361     23.2 %   70 %   $ 443     982  
Forensic and Litigation Consulting 138,997     31,817     22.9 %   67 %   $ 342     1,194  
Economic Consulting 142,271     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       N/M     658  
  $ 551,274     $ 117,490     21.3 %           3,864  
Unallocated Corporate     (21,401 )                
Adjusted EBITDA     $ 96,089     17.4 %            

_____________________
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,
 
  2020   2019
  (unaudited)
Operating activities      
Net income $ 56,747     $ 62,645  
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation and amortization 7,823     7,066  
Amortization and impairment of other intangible assets 2,331     1,861  
Acquisition-related contingent consideration 506     93  
Provision for doubtful accounts 3,872     3,784  
Share-based compensation 7,454     6,393  
Amortization of debt discount and issuance costs 2,978     2,860  
Deferred income taxes  545     8,752  
Other     (42 )
Changes in operating assets and liabilities, net of effects from
acquisitions:
     
Accounts receivable, billed and unbilled (60,963 )   (95,746 )
Notes receivable 7,051     9,653  
Prepaid expenses and other assets 9,442     5,979  
Accounts payable, accrued expenses and other 11,136     (450 )
Income taxes (667 )   2,534  
Accrued compensation (176,070 )   (123,260 )
Billings in excess of services provided 4,253     5,792  
    Net cash used in operating activities (123,562 )   (102,086 )
Investing activities      
Purchases of property and equipment (8,236 )   (10,153 )
Other 8     72  
    Net cash used in investing activities (8,228 )   (10,081 )
Financing activities      
Borrowings under revolving line of credit 55,000      
Repayments under revolving line of credit (5,000 )    
Purchase and retirement of common stock (49,135 )   (21,883 )
Net issuance of common stock under equity compensation plans (5,583 )   (605 )
Payments for business acquisition liabilities     (1,282 )
Deposits and other 3,870     1,003  
    Net cash used in financing activities (848 )   (22,767 )
Effect of exchange rate changes on cash and cash equivalents (13,672 )   2,106  
Net decrease in cash and cash equivalents (146,310 )   (132,828 )
Cash and cash equivalents, beginning of period 369,373     312,069  
Cash and cash equivalents, end of period $ 223,063     $ 179,241  


FTI CONSULTING, INC.
RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO FREE CASH FLOW
(in thousands)

  Three Months Ended
March 31,
  2020   2019
       
   
Net cash used in operating activities $ (123,562 )   $ (102,086 )
Purchases of property and equipment (8,236 )   (10,153 )
Free Cash Flow $ (131,798 )   $ (112,239 )
               

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.

More Info

Investor Relations Contacts

Mollie Hawkes

Vice President, Investor Relations & Communications

+1 617.747.1791

Megan McLaughlin Hawkins

Manager of Investor Relations & Corporate Citizenship

+1 617.747.1740