0000887936-24-000015 | 10-K | XBRL Viewer

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Financial Instruments - Fair Value Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 14,988	$ 15,110	$ 20,118
Additions		5,370	1,093
Accretion expense	3,818	2,396	2,771
Remeasurement gain			(3,095)
Payments	(6,353)	(7,671)	(5,122)
Foreign currency translation adjustment and other	348	(217)	(655)
Ending balance	$ 12,801	$ 14,988	$ 15,110	$ 20,118
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]				Selling, general and administrative expenses
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]				Foreign currency translation adjustments, net of tax expense of $—, $— and $—

Accounts Receivable and Allowance for Expected Credit Losses - Writeoff (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance For Doubtful Accounts And Unbilled Services [Abstract]
Provision for expected credit losses	$ 35,149	$ 19,684	$ 16,151
Write-offs	$ 24,441	$ 13,085	$ 23,641

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	New Accounting Standards Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands annual disclosures in an entity’s income tax rate reconciliation table and requires annual disclosures regarding cash taxes paid both in the U.S. (federal and state) and foreign jurisdictions. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Description of Business and Summary of Significant Accounting Policies (Details) $ in Millions		12 Months Ended
	Aug. 15, 2023 USD ($)	Dec. 31, 2023 USD ($) segment option_to_extend	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 20, 2018
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of reportable business segments \| segment		5
Advertising costs		$ 23.0	$ 19.4	$ 13.0
Forgivable loans, forgiveness period, minimum		1 year
Forgivable loans, forgiveness period, maximum		10 years
Definite-lived intangible assets amortization period		8 years 7 months 6 days
Number of option to extend \| option_to_extend		1
Senior Notes \| 2023 Convertible Notes
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Interest rate (as a percent)		2.00%			2.00%
Debt conversion, original debt, amount	$ 315.8
Minimum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Definite-lived intangible assets amortization period		2 years
Minimum \| Furniture, Equipment, And Internal-Use Software
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful of furniture, equipment and internal use software (in years)		1 year
Minimum \| Software and Software Development Costs
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful of furniture, equipment and internal use software (in years)		3 years
Maximum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Definite-lived intangible assets amortization period		15 years
Lessee renewal term		7 years
Maximum \| Furniture, Equipment, And Internal-Use Software
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful of furniture, equipment and internal use software (in years)		11 years
Maximum \| Software and Software Development Costs
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful of furniture, equipment and internal use software (in years)		10 years
Non U.S \| Geographic Concentration Risk \| Consolidated Revenues
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue from the work of professionals		37.00%

Segment Reporting - Revenues and Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization for Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 3,489,242	$ 3,028,908	$ 2,776,222
Adjusted Segment EBITDA	548,373	478,790	455,265
Corporate Finance
Segment Reporting Information [Line Items]
Revenues	1,346,678	1,147,118	979,350
Adjusted Segment EBITDA	230,837	214,809	158,019
FLC
Segment Reporting Information [Line Items]
Revenues	654,105	579,933	544,454
Adjusted Segment EBITDA	88,109	63,573	70,008
Economic Consulting
Segment Reporting Information [Line Items]
Revenues	771,374	695,208	697,405
Adjusted Segment EBITDA	115,807	103,090	117,186
Technology
Segment Reporting Information [Line Items]
Revenues	387,855	319,983	287,366
Adjusted Segment EBITDA	62,711	46,698	55,739
Strategic Communications
Segment Reporting Information [Line Items]
Revenues	329,230	286,666	267,647
Adjusted Segment EBITDA	$ 50,909	$ 50,620	$ 54,313

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Revenues (Details) - USD ($) $ in Millions	12 Months Ended
Revenues (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Estimated revenues recognized	77.00%
Performance obligations satisfied or partially satisfied in previous periods	$ 11.7	$ 24.4	$ 26.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Disaggregation of Revenue [Line Items]
Unfulfilled performance obligations		$ 3.6
Performance obligation expected duration		36 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Unfulfilled performance obligations	$ 34.6
Performance obligation expected duration	36 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Summary of Income Tax Provision from Continuing Operations Resulted in Effective Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	$ 75,256	$ 62,526	$ 62,569
State income taxes, net of federal benefit	12,562	10,486	8,643
Detriment from foreign tax rates	9,418	5,811	4,375
Other expenses not deductible for tax purposes	5,793	3,365	2,819
Adjustment to reserve for uncertain tax positions	(797)	(609)	2,665
Share-based compensation	(5,422)	(9,372)	(6,167)
Release of valuation allowance on foreign tax credits	0	(3,536)	0
Income tax benefit related to the License Agreement, net	0	(2,034)	0
Release of valuation allowance on Australian deferred tax asset	0	0	(5,063)
U.S. foreign tax credits	(9,464)	(4,049)	(4,859)
Valuation allowance on U.S. foreign tax credit carryforwards	0	0	3,536
Deferred tax benefit of United Kingdom tax rate change	0	0	(3,167)
Other adjustments, net	(3,875)	(353)	(2,370)
Income tax provision	$ 83,471	$ 62,235	$ 62,981

Segment Reporting - Information on Long-Lived Assets and Net Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 368,572	$ 357,230
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	224,467	237,090
U.K.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	38,045	41,343
All other foreign countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 106,060	$ 78,797

Notes Receivable from Employees - Additional information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) numberOfNote	Dec. 31, 2022 USD ($) numberOfNote	Dec. 31, 2021 USD ($)
Receivables [Abstract]
Notes outstanding (in notes) \| numberOfNote	413	365
Amortization of forgivable loan expense \| $	$ 27.8	$ 30.8	$ 34.4

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We lease office space and equipment under non-cancelable operating leases. See Note 1, “Description of Business and Summary of Significant Accounting Policies” for additional information on our accounting policies for leases. The table below summarizes the carrying amount of our operating lease assets and liabilities:


		December 31,
Leases	Classification	2023		2022
Assets
Operating lease assets	Operating lease assets	$	208,910	$	203,764
Total lease assets		$	208,910	$	203,764
Liabilities
Current
Operating lease liabilities	Accounts payable, accrued expenses and other	$	33,864	$	31,922
Noncurrent
Operating lease liabilities	Noncurrent operating lease liabilities	223,774		221,604
Total lease liabilities		$	257,638	$	253,526

The table below summarizes total lease costs:


	Year Ended December 31,
Lease Cost	2023		2022
Operating lease costs	$	53,136	$	48,550
Short-term lease costs	2,694		2,180
Variable leases and other	12,400		12,125

Total lease cost, net	$	68,230	$	62,855

The maturity analysis below summarizes the remaining future undiscounted cash flows for our operating leases and includes a reconciliation to operating lease liabilities reported on the Consolidated Balance Sheets:


	As of December 31, 2023
2024	$	52,359
2025	47,610
2026	42,822
2027	41,711
2028	32,635
Thereafter	108,852
Total future lease payments	325,989
Less: imputed interest	(68,351)
Total	$	257,638

The table below includes cash paid for our operating lease liabilities, other non-cash information, our weighted average remaining lease term and weighted average discount rate:


	Year Ended December 31,
	2023			2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	55,751		$	51,917

Operating lease assets obtained in exchange for lease liabilities	$	40,346		$	27,876

Weighted average remaining lease term (years)
Operating leases	7.9			8.3

Weighted average discount rate
Operating leases	5.8		%	5.6		%

Share-Based Compensation - Schedule of Performance Stock Units Activity (Details) - Performance Stock Units - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares
Restricted stock units outstanding beginning of period (in shares)	245
Performance stock units granted (in shares)	80
Performance stock units released (in shares)	(71)
Performance stock units forfeited (in shares)	(47)
Restricted stock units outstanding ending of period (in shares)	207	245
Weighted Average Grant Date Fair Value
Restricted stock units outstanding beginning of period (in dollars per share)	$ 143.44
Performance stock units granted (in dollars per share)	198.21
Performance stock units released (in dollars per share)	136.34
Performance stock units forfeited (in dollars per share)	146.73
Restricted stock units outstanding ending of period (in dollars per share)	$ 166.22	$ 143.44
Maximum
Weighted Average Grant Date Fair Value
Maximum payout potential	150.00%	150.00%

Notes Receivable from Employees - Summary of Changes in Carrying Amount of Notes Receivable From Employees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loans and Leases Receivable, Related Parties [Roll Forward]
Notes receivable from employees — beginning	$ 83,270	$ 83,795
Notes granted	58,649	35,575
Repayments	(6,054)	(4,200)
Amortization	(27,784)	(30,807)
Cumulative translation adjustment and other	(1,653)	(1,093)
Notes receivable from employees — ending	106,428	83,270
Less: current portion	(30,997)	(27,292)
Notes receivable from employees, net of current portion	$ 75,431	$ 55,978

Segment Reporting - Revenues Based on Location of Legal Entity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 3,489,242	$ 3,028,908	$ 2,776,222
U.S.
Segment Reporting Information [Line Items]
Total revenues	2,209,276	1,922,337	1,708,673
U.K.
Segment Reporting Information [Line Items]
Total revenues	471,134	419,197	461,354
All other foreign countries
Segment Reporting Information [Line Items]
Total revenues	$ 808,832	$ 687,374	$ 606,195

- Definition

+ References

+ Details

Special Charges - Schedule of Special Charges By Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Special charges	$ 0	$ 8,340	$ 0
Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		7,564
Unallocated Corporate
Restructuring Cost and Reserve [Line Items]
Special charges		776
Corporate Finance \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		2,444
FLC \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		4,614
Economic Consulting \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		31
Technology \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		106
Strategic Communications \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Special charges		$ 369

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	McLean VA
Auditor Firm ID	185

Balance Sheet Details (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid expenses and other current assets
Prepaid expenses	$ 51,141	$ 46,895
Short-term investment	25,461	0
Income tax receivable	15,062	10,965
Other current assets	27,428	37,609
Total	119,092	95,469
Accounts payable, accrued expenses and other
Accounts payable	21,719	20,265
Accrued expenses	74,712	65,231
Accrued interest payable	13	2,096
Accrued taxes payable	58,734	20,364
Current operating lease liabilities	33,864	31,922
Other current liabilities	34,716	34,075
Total	$ 223,758	$ 173,953

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amounts of Goodwill by Operating Segment

The table below summarizes the changes in the carrying amount of goodwill by reportable segment:


	Corporate Finance (1)		FLC (1)		Economic Consulting (1)		Technology (1)		Strategic Communications (2)		Total









Balance at December 31, 2021	$	501,046	$	237,929	$	268,858	$	96,811	$	128,147	$	1,232,791
Acquisitions (3)	11,332		—		—		—		—		11,332
Foreign currency translation adjustment	4,122		(3,057)		(803)		(84)		(16,708)		(16,530)



Balance at December 31, 2022	$	516,500	$	234,872	$	268,055	$	96,727	$	111,439	$	1,227,593

Foreign currency translation adjustment	1,405		1,629		427		75		3,440		6,976
Intersegment transfers in/(out) (4)	23,086		(23,086)		—		—		—		—
Balance at December 31, 2023	$	540,991	$	213,415	$	268,482	$	96,802	$	114,879	$	1,234,569

(1)There were no accumulated impairment losses for the Corporate Finance, FLC, Economic Consulting or Technology segments as of December 31, 2023, 2022 and 2021.

(2)Amounts for our Strategic Communications segment include gross carrying values of $309.0 million, $305.6 million and $322.3 million as of December 31, 2023, 2022, and 2021, respectively, and accumulated impairment losses of $194.1 million as of December 31, 2023, 2022 and 2021.

(3)During the year ended December 31, 2022, we acquired certain assets of businesses that were assigned to the Corporate Finance segment. We recorded $11.3 million in goodwill as a result of the acquisition in 2022. We have included the results of the acquired business operations in the Corporate Finance segment since the acquisition date.

(4)Includes the allocation of goodwill relating to the reclassification of the portion of the Company’s health solutions practice previously within our FLC segment, which focuses on business transformation services in the healthcare and life sciences sector, to our realigned business transformation practice within our Corporate Finance segment. See Note 20, “Segment Reporting,” for information on this segment reclassification.

Schedule of Other Intangible Assets Amortized Intangibles

Intangible assets were as follows:


		December 31, 2023						December 31, 2022
	Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	9.7	$	27,000	$	16,640	$	10,360	$	78,223	$	63,810	$	14,413
Trademarks	6.0	9,712		7,129		2,583		10,950		5,554		5,396
Acquired software and other	1.9	888		646		242		846		241		605
	8.6	37,600		24,415		13,185		90,019		69,605		20,414
Non-amortizing intangible assets
Trademarks	Indefinite	5,100		—		5,100		5,100		—		5,100
Total		$	42,700	$	24,415	$	18,285	$	95,119	$	69,605	$	25,514

Schedule of Other Intangible Assets Unamortized Intangibles

Intangible assets were as follows:


		December 31, 2023						December 31, 2022
	Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	9.7	$	27,000	$	16,640	$	10,360	$	78,223	$	63,810	$	14,413
Trademarks	6.0	9,712		7,129		2,583		10,950		5,554		5,396
Acquired software and other	1.9	888		646		242		846		241		605
	8.6	37,600		24,415		13,185		90,019		69,605		20,414
Non-amortizing intangible assets
Trademarks	Indefinite	5,100		—		5,100		5,100		—		5,100
Total		$	42,700	$	24,415	$	18,285	$	95,119	$	69,605	$	25,514

Schedule of Future Amortization Expense Intangible Assets

We estimate our future amortization expense for our intangible assets with finite lives to be as follows:


	As of December 31, 2023 (1)
Year
2024	$	3,646
2025	2,907
2026	1,740
2027	1,670
2028	1,265
Thereafter	1,957
	$	13,185

(1)Actual amortization expense to be reported in future periods could differ from these estimates as a result of new intangible asset acquisitions, impairments, changes in useful lives, or other relevant factors or changes.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Income Taxes - Summary of Components of Income Before Income Tax Provision from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 247,381	$ 165,553	$ 136,008
Foreign	110,982	132,196	161,939
Income before income tax provision	$ 358,363	$ 297,749	$ 297,947

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 36,272	$ 27,728	$ 27,580
Direct cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	19,067	15,312	13,432
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 17,205	$ 12,416	$ 14,148

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The table below reflects the total share-based compensation expense recognized in our Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,

Income Statement Classification	2023		2022		2021
Direct cost of revenues	$	19,067	$	15,312	$	13,432
Selling, general and administrative expenses	17,205		12,416		14,148

Total	$	36,272	$	27,728	$	27,580

Schedule of Stock Option Activity

A summary of our stock option activity during the year ended December 31, 2023 is presented below. The aggregate intrinsic value of stock options outstanding and exercisable, or fully vested, at December 31, 2023 in the table below represents the total pre-tax intrinsic value, which is calculated as the difference between the closing price of our common stock on the last trading day of 2023 and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their options on December 31, 2023. The aggregate intrinsic value changes based on fluctuations in the fair market value per share of our common stock.


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2022	392	$	36.89

Stock options exercised	(38)	$	33.91


Stock options outstanding and exercisable at December 31, 2023	354	$	37.21	2.0	$	57,313

Schedule of Unvested Restricted Share Awards Activity

A summary of our restricted share awards activity during the year ended December 31, 2023 is presented below:


	Shares	Weighted Average Grant Date Fair Value
Restricted share awards outstanding at December 31, 2022	684	$	106.63
Restricted share awards granted	100	$	189.86
Restricted share awards vested	(155)	$	93.43
Restricted share awards forfeited	(9)	$	142.50
Restricted share awards outstanding at December 31, 2023	620	$	122.88

Schedule of Restricted Stock Unit Activity

A summary of our restricted stock units activity during the year ended December 31, 2023 is presented below:


	Shares	Weighted Average Grant Date Fair Value
Restricted stock units outstanding at December 31, 2022	328	$	77.66
Restricted stock units granted	105	$	178.13
Restricted stock units released	(37)	$	116.72
Restricted stock units forfeited	(5)	$	137.12
Restricted stock units outstanding at December 31, 2023	391	$	100.28

Schedule of Performance Stock Units Activity

A summary of our performance stock units activity during the year ended December 31, 2023 is presented below:


	Shares	Weighted Average Grant Date Fair Value
Performance stock units outstanding at December 31, 2022	245	$	143.44
Performance stock units granted (1)	80	$	198.21
Performance stock units released	(71)	$	136.34
Performance stock units forfeited (2)	(47)	$	146.73
Performance stock units outstanding at December 31, 2023	207	$	166.22

(1) Performance stock units granted are presented at the maximum potential payout percentage of 150% of target shares granted.

(2) Performance stock units are forfeited when the market or performance conditions for maximum payout are not achieved, including performance stock units that do not achieve any payout, or the employee is terminated prior to vesting.

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 17, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 20, 2018
Earnings Per Common Share [Line Items]
Conversion price (in dollars per share)		$ 101.38	$ 101.38	$ 101.38
Numerator — basic and diluted
Net income		$ 274,892	$ 235,514	$ 234,966
Net income		$ 274,892	$ 235,514	$ 234,966
Denominator
Weighted average number of common shares outstanding — basic (in shares)		33,924,000	33,693,000	33,489,000
Effect of dilutive share-based awards (in shares)		559,000	599,000	701,000
Effect of dilutive stock options (in shares)		295,000	325,000	368,000
Effect of dilutive convertible notes (in shares)		868,000	1,166,000	779,000
Weighted average number of common shares outstanding — diluted (in shares)		35,646,000	35,783,000	35,337,000
Earnings per common share — basic (in dollars per share)		$ 8.10	$ 6.99	$ 7.02
Earnings per common share — diluted (in dollars per share)		$ 7.71	$ 6.58	$ 6.65
Stock Options And Share-Based Awards
Denominator
Antidilutive stock options and share-based awards (in shares)		5,000	9,000	4,000
2023 Convertible Notes \| Senior Notes
Earnings Per Common Share [Line Items]
Conversion price (in dollars per share)					$ 101.38
Common stock, shares issued (in shares)	1,460,740

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 31, 2020			34,481
Beginning Balance at Dec. 31, 2020	$ 1,400,181		$ 345	$ 0		$ 1,506,271		$ (106,435)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	234,966					234,966
Comprehensive (Loss) Income
Cumulative translation adjustment	(22,405)							(22,405)
Issuance of common stock in connection with:
Exercise of options (in shares)			78
Exercise of options	2,694		$ 1	2,693
Restricted share grants (in shares)			196
Restricted share grants	(11,635)		$ 1	(11,636)
Stock units issued under incentive compensation plan	2,603			2,603
Purchase and retirement of common stock (in shares)			(422)
Purchase and retirement of common stock	(46,132)		$ (4)	(3,047)		(43,081)
Conversion of convertible senior notes due 2023	(2)			(2)
Share-based compensation	23,051			23,051
Ending Balance (in shares) at Dec. 31, 2021			34,333
Ending Balance at Dec. 31, 2021	1,583,321	$ (12,053)	$ 343	13,662	$ (34,131)	1,698,156	$ 22,078	(128,840)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	235,514					235,514
Comprehensive (Loss) Income
Cumulative translation adjustment	(47,882)							(47,882)
Issuance of common stock in connection with:
Exercise of options (in shares)			68
Exercise of options	2,317			2,317
Restricted share grants (in shares)			199
Restricted share grants	(17,953)		$ 2	(17,955)
Stock units issued under incentive compensation plan	1,664			1,664
Purchase and retirement of common stock (in shares)			(574)
Purchase and retirement of common stock	(88,606)		$ (5)	(88,601)
Conversion of convertible senior notes due 2023	(15)			(15)
Share-based compensation	25,414			25,414
Reclassification of negative additional paid-in capital	$ 0			97,645		(97,645)
Ending Balance (in shares) at Dec. 31, 2022	34,026		34,026
Ending Balance at Dec. 31, 2022	$ 1,681,721		$ 340	0		1,858,103		(176,722)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	274,892					274,892
Comprehensive (Loss) Income
Cumulative translation adjustment	$ 26,262							26,262
Issuance of common stock in connection with:
Exercise of options (in shares)	38		38
Exercise of options	$ 1,297			1,297
Restricted share grants (in shares)			108
Restricted share grants	(16,374)		$ 1	(16,375)
Stock units issued under incentive compensation plan	2,274			2,274
Settlement of conversion premium of convertible senior notes due 2023 (in shares)			1,461
Settlement of conversion premium of convertible senior notes due 2023	(6)		$ 15	(21)
Purchase and retirement of common stock (in shares)			(112)
Purchase and retirement of common stock	(17,799)		$ (1)	(17,798)
Conversion of convertible senior notes due 2023	(381)			(381)
Share-based compensation	29,534			29,534
Reclassification of negative additional paid-in capital	$ 0			18,230		(18,230)
Ending Balance (in shares) at Dec. 31, 2023	35,521		35,521
Ending Balance at Dec. 31, 2023	$ 1,981,420		$ 355	$ 16,760		$ 2,114,765		$ (150,460)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Stock Repurchases

The following table details our stock repurchases under the Repurchase Program:


	Year Ended December 31,
	2023		2022		2021
Shares of common stock repurchased and retired	112		574		422
Average price paid per share	$	158.70	$	154.23	$	109.37
Total cost	$	17,797	$	88,595	$	46,124

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The table below summarizes significant components of deferred tax assets and liabilities:


	December 31,
	2023		2022
Deferred tax assets
Allowance for expected credit losses	$	7,597	$	2,923
Accrued vacation and bonus	47,115		37,776

Share-based compensation	13,857		14,599
Notes receivable from employees	10,770		11,927
State net operating loss carryforward	172		537
Foreign net operating and capital loss carryforward	13,487		11,852


Foreign tax credit carryforward	14,384		4,199
Deferred compensation	3,550		3,049
Operating lease assets	64,649		64,465
Employee benefits obligations	568		519
Other, net	2,691		763
Total deferred tax assets	178,840		152,609
Deferred tax liabilities
Revenue recognition	(2,427)		(6,406)
Operating lease liabilities	(52,673)		(51,995)
Property and equipment, net	(13,216)		(12,956)

Goodwill and intangible assets	(207,131)		(204,634)
Total deferred tax liabilities	(275,447)		(275,991)
Foreign withholding tax	(2,178)		(1,921)
Valuation allowance	(6,773)		(6,459)
Net deferred tax liabilities	$	(105,558)	$	(131,762)

As of December 31, 2023 and 2022, the Company recorded certain deferred tax assets related to foreign capital loss and foreign net operating loss carryforwards, which can be carried forward for periods ranging from 9 years to indefinite. Based on forward-looking financial information, the Company believes it is not more likely than not that the attributes will be utilized. Therefore, valuation allowances of $6.8 million and $6.5 million are recorded against the Company’s deferred tax assets as of December 31, 2023 and 2022, respectively.

As of December 31, 2022, a U.S. subsidiary of the Company (the “Licensor”) entered into an intellectual property license agreement with certain foreign subsidiaries of the Company in consideration of royalty payments that have been partially prepaid (the “License Agreement”). The License Agreement provides sufficient future taxable income in the U.S. to fully utilize the Company’s existing foreign tax credits in the U.S., which were previously subject to a valuation allowance.

The table below summarizes the components of income before income tax provision from continuing operations:


	Year Ended December 31,
	2023		2022		2021
Domestic	$	247,381	$	165,553	$	136,008
Foreign	110,982		132,196		161,939
Total	$	358,363	$	297,749	$	297,947

The table below summarizes the components of income tax provision from continuing operations:


	Year Ended December 31,
	2023		2022		2021
Current
Federal	$	28,463	$	24,227	$	11,050
State	18,878		12,935		8,328
Foreign	38,029		34,917		37,656
	85,370		72,079		57,034
Deferred
Federal	6,363		(2,717)		10,766
State	(3,514)		(1,173)		3,458
Foreign	(4,748)		(5,954)		(8,277)
	(1,899)		(9,844)		5,947
Income tax provision	$	83,471	$	62,235	$	62,981

Our income tax provision from continuing operations resulted in effective tax rates that varied from the federal statutory income tax rate as summarized below:


	Year Ended December 31,
	2023		2022		2021
Income tax expense at federal statutory rate	$	75,256	$	62,526	$	62,569
State income taxes, net of federal benefit	12,562		10,486		8,643
Detriment from foreign tax rates	9,418		5,811		4,375

Other expenses not deductible for tax purposes	5,793		3,365		2,819
Adjustment to reserve for uncertain tax positions	(797)		(609)		2,665



Share-based compensation	(5,422)		(9,372)		(6,167)
Release of valuation allowance on foreign tax credits	—		(3,536)		—
Income tax benefit related to the License Agreement, net	—		(2,034)		—
Release of valuation allowance on Australian deferred tax asset	—		—		(5,063)
U.S. foreign tax credits	(9,464)		(4,049)		(4,859)
Valuation allowance on U.S. foreign tax credit carryforwards	—		—		3,536
Deferred tax benefit of United Kingdom tax rate change	—		—		(3,167)
Other adjustments, net	(3,875)		(353)		(2,370)
Income tax provision	$	83,471	$	62,235	$	62,981

The income tax provision for the years ended December 31, 2023 and 2022 was $83.5 million and $62.2 million, respectively. The increase in expense is primarily due to an increase in foreign taxes and a less favorable tax benefit related to share-based compensation as compared to 2022 due to fewer shares vesting, which was partially offset by a foreign tax credit benefit.

A portion of the increase of the 2023 effective tax rate was related to the 2022 $9.6 million tax benefit related to the release of a U.S. foreign tax credit valuation allowance which did not recur in 2023, utilization of current year foreign tax credits and a deferred tax benefit arising from an intellectual property license agreement between a U.S. subsidiary of the Company and certain foreign subsidiaries of the Company.

We file numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and in many city, state and foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations for years prior to 2017. We are also no longer subject to state and local or foreign tax examinations by tax authorities for years prior to 2015.

Our liability for uncertain tax positions was $1.6 million and $3.2 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023, our accrual for the payment of tax-related interest and penalties was not significant

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Stockholders' Equity (Parenthetical) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Restricted share grants, net settled shares (in shares)	91	116	94

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	35,521,000	34,026,000
Common stock, shares outstanding (in shares)	35,521,000	34,026,000

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Term of contract	9 years
Valuation allowance	$ 6,773	$ 6,459
Income tax provision (benefit)	83,471	62,235	$ 62,981
Deferred tax assets, valuation allowance	9,600
Liability for uncertain tax positions	$ 1,600	$ 3,200

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans We maintain a qualified defined contribution 401(k) plan, which covers substantially all of our U.S. employees. Under the plan, participants are entitled to make pre-tax and/or Roth post-tax contributions up to the annual maximums established by the Internal Revenue Service. We match a certain percentage of participant contributions pursuant to the terms of the plan, which contributions are limited to a percentage of the participant’s eligible compensation. We made contributions related to the plan of $36.6 million, $32.4 million and $29.1 million during the years ended December 31, 2023, 2022 and 2021, respectively. We also maintain several defined contribution pension plans for our employees in the U.K. and other foreign countries. We contributed to these plans $15.3 million, $12.6 million and $11.6 million during the years ended December 31, 2023, 2022 and 2021, respectively.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income	$ 274,892	$ 235,514	$ 234,966
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,079	35,898	34,269
Amortization of intangible assets	6,159	9,643	10,823
Acquisition-related contingent consideration	3,818	2,172	(324)
Provision for expected credit losses	35,149	19,684	16,151
Share-based compensation	29,534	25,414	23,051
Amortization of debt discount and issuance costs and other	1,925	2,224	11,701
Deferred income taxes	(25,453)	(10,456)	4,958
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, billed and unbilled	(229,296)	(182,667)	(61,274)
Notes receivable	(22,919)	(403)	12,645
Prepaid expenses and other assets	7,606	459	(1,165)
Accounts payable, accrued expenses and other	8,687	8,430	(2,102)
Income taxes	29,335	(4,322)	10,523
Accrued compensation	50,186	37,931	59,566
Billings in excess of services provided	13,759	9,273	1,695
Net cash provided by operating activities	224,461	188,794	355,483
Investing activities
Payments for acquisition of businesses, net of cash received	0	(6,742)	(10,428)
Purchases of property and equipment and other	(49,479)	(53,319)	(68,665)
Purchase of short-term investment	(24,356)	0	0
Net cash used in investing activities	(73,835)	(60,061)	(79,093)
Financing activities
Borrowings under revolving line of credit	835,000	165,000	402,500
Repayments under revolving line of credit	(835,000)	(165,000)	(402,500)
Repayment of convertible notes	(315,763)	0	0
Payments of debt issuance costs	0	(3,993)	0
Purchase and retirement of common stock	(20,982)	(85,424)	(46,133)
Share-based compensation tax withholdings and other	(15,078)	(15,330)	(9,246)
Payments for business acquisition liabilities	(3,651)	(4,848)	(7,496)
Deposits and other	811	3,583	1,201
Net cash used in financing activities	(354,663)	(106,012)	(61,674)
Effect of exchange rate changes on cash and cash equivalents	15,571	(25,518)	(15,184)
Net increase (decrease) in cash and cash equivalents	(188,466)	(2,797)	199,532
Cash and cash equivalents, beginning of period	491,688	494,485	294,953
Cash and cash equivalents, end of period	303,222	491,688	494,485
Supplemental cash flow disclosures
Cash paid for interest	14,390	7,836	9,102
Cash paid for income taxes, net of refunds	79,588	77,013	47,500
Non-cash investing and financing activities:
Issuance of stock units under incentive compensation plans	2,274	1,664	2,603
Business acquisition liabilities not yet paid	0	5,593	1,093
Non-cash additions to property and equipment	$ 950	$ 4,272	$ 6,518

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 336,351	$ 320,284
Accumulated depreciation	(176,689)	(166,818)
Property and equipment, net	159,662	153,466
Depreciation expense for property and equipment	41,100	35,900	$ 34,300
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	149,132	129,036
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,727	43,931
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	38,827	32,975
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 142,665	$ 114,342

Special Charges

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Special Charges

There were no special charges recorded during the years ended December 31, 2023 and 2021.

During the year ended December 31, 2022, we recorded a special charge of $8.3 million, which consisted of employee severance and other employee-related costs associated with programmatic headcount reductions primarily in our FLC and Corporate Finance segments to realign our workforce with business demand.

The following table details the special charges by segment:


	Year Ended December 31, 2022
Corporate Finance	$	2,444
FLC	4,614
Economic Consulting	31
Technology	106
Strategic Communications	369
Segment special charge	7,564
Unallocated Corporate	776
Total special charges	$	8,340

Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

We manage our business in five reportable segments: Corporate Finance, FLC, Economic Consulting, Technology and Strategic Communications.

Our Corporate Finance segment focuses on the strategic, operational, financial, transactional and capital needs of our clients around the world. Our clients include companies, boards of directors, investors, private equity sponsors, lenders, governments and other financing sources and creditor groups, as well as other parties-in-interest. We deliver a wide range of services centered around four core offerings: Business Transformation, Strategy, Transactions and Turnaround & Restructuring.

Our FLC segment provides law firms, companies, boards of directors, government entities, private equity firms and other interested parties with a multidisciplinary and independent range of services across risk and investigations and disputes, supported by our data & analytics technology-enabled solutions, with a focus on highly regulated industries. Our services are centered around five core offerings: Construction, Projects & Assets and Environmental Solutions, Data & Analytics, Disputes, Healthcare Risk Management & Advisory and Risk and Investigations.

Our Economic Consulting segment, including subsidiary Compass Lexecon LLC, provides law firms, companies, government entities and other interested parties with analyses of complex economic issues for use in international arbitration, legal and regulatory proceedings, and strategic decision making and public policy debates around the world. We deliver a wide range of services centered around three core offerings: Antitrust & Competition Economics, Financial Economics and International Arbitration.

Our Technology segment provides companies, law firms, private equity firms and government entities with a comprehensive global portfolio of digital insights and risk management consulting services. Our professionals help organizations better address risk as the growing volume and variety of enterprise and emerging data intersects with legal, regulatory and compliance needs. We deliver a wide range of expert and analytics-powered solutions driven by investigations, litigation, antitrust and competition, M&A, restructuring and compliance and risk through three core offerings: Corporate Legal Department Consulting, E-discovery Services and Expertise, and Information Governance, Privacy & Security Services.

Our Strategic Communications segment develops and executes communications strategies to help management teams, boards of directors, law firms, governments and regulators manage change and mitigate risk surrounding transformational and disruptive events, including transactions, investigations, disputes, crises, regulation and legislation. We deliver a wide range of services centered around three core offerings: Corporate Reputation, Financial Communications and Public Affairs.

Effective July 1, 2023, we modified the composition of two of our reportable segments to reflect changes in how we operate our business. We transferred 127 billable professionals in our health solutions practice within our FLC segment who focus on business transformation services in the healthcare and life sciences sector to our realigned business transformation practice within our Corporate Finance segment. This change aligns this group of professionals with the broader business transformation capabilities within the Corporate Finance segment. Eighty-three billable professionals who focus on advisory and managed care services within the health solutions practice remained in the FLC segment. Prior period Corporate Finance and FLC segment information included in this Annual Report on Form 10-K (the “Annual Report”) has been reclassified to conform to the current period presentation.

We evaluate the performance of our operating segments based on Adjusted Segment EBITDA, a GAAP financial measure. 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 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 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.

The table below presents revenues and Adjusted Segment EBITDA for our reportable segments:


	Year Ended December 31,
	2023		2022		2021
Revenues
Corporate Finance (1)	$	1,346,678	$	1,147,118	$	979,350
FLC (1)	654,105		579,933		544,454
Economic Consulting	771,374		695,208		697,405
Technology	387,855		319,983		287,366
Strategic Communications	329,230		286,666		267,647
Total revenues	$	3,489,242	$	3,028,908	$	2,776,222
Adjusted Segment EBITDA
Corporate Finance (1)	$	230,837	$	214,809	$	158,019
FLC (1)	88,109		63,573		70,008
Economic Consulting	115,807		103,090		117,186
Technology	62,711		46,698		55,739
Strategic Communications	50,909		50,620		54,313
Total Adjusted Segment EBITDA	$	548,373	$	478,790	$	455,265

(1)Effective July 1, 2023, prior period segment information for the Corporate Finance and FLC segments has been recast in this Annual Report to include the reclassification of the portion of the Company’s health solutions practice in the FLC segment to our realigned business transformation practice within our Corporate Finance segment.

The table below reconciles net income to Total Adjusted Segment EBITDA. Unallocated corporate expenses primarily include indirect costs related to centrally managed administrative functions that have not been allocated to the segments. These administrative costs include costs related to executive management, legal, corporate office support costs, information technology, accounting, marketing, human resources and company-wide business development and strategy functions.


	Year Ended December 31,
	2023		2022		2021
Net income	$	274,892	$	235,514	$	234,966
Add back:
Income tax provision	83,471		62,235		62,981
Interest income and other	4,867		(3,918)		(6,193)
Interest expense	14,331		10,047		20,294


Unallocated corporate expenses	125,420		124,830		104,457
Segment depreciation expense	39,233		32,876		31,072
Amortization of intangible assets	6,159		9,642		10,818
Segment special charges	—		7,564		—
Remeasurement of acquisition-related contingent consideration	—		—		(3,130)
Total Adjusted Segment EBITDA	$	548,373	$	478,790	$	455,265

The table below presents assets by reportable segment, reconciled to consolidated amounts. Segment assets primarily include accounts and notes receivable, fixed assets purchased specifically for the segment, goodwill and intangible assets.


	December 31,
	2023		2022
Corporate Finance (1)	$	1,057,999	$	1,035,410
FLC (1)	445,289		468,114
Economic Consulting	592,985		540,133
Technology	256,077		211,218
Strategic Communications	232,279		205,464
Total segment assets	2,584,629		2,460,339
Unallocated corporate assets	741,249		781,068
Total assets	$	3,325,878	$	3,241,407

The table below details total revenues by country. Revenues have been attributed to locations based on the location of the legal entity generating the revenues.


	Year Ended December 31,
	2023		2022		2021
U.S.	$	2,209,276	$	1,922,337	$	1,708,673
U.K.	471,134		419,197		461,354
All other foreign countries (1)	808,832		687,374		606,195
Total revenues	$	3,489,242	$	3,028,908	$	2,776,222

(1) There are no countries included in these amounts that individually represented more than 10 percent of total revenues for the years ended December 31, 2023, 2022 and 2021.

We do not have a single customer that represents 10% or more of our consolidated revenues.

The table below details information on our long-lived assets, which include property and equipment, net and non-current operating lease assets, by country. Long-lived assets have been attributed to locations based on the location of the legal entity holding the assets.


	December 31,
	2023		2022
U.S.	$	224,467	$	237,090
U.K.	38,045		41,343
All other foreign countries (1)	106,060		78,797
Total long-lived assets	$	368,572	$	357,230

(1) There are no countries included in these amounts that individually represented more than 10 percent of long-lived assets as of December 31, 2023 and 2022.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Operating lease assets	$ 208,910	$ 203,764
Current operating lease liabilities	33,864	31,922
Noncurrent operating lease liabilities	223,774	221,604
Total lease liabilities	$ 257,638	$ 253,526
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable, accrued expenses and other	Accounts payable, accrued expenses and other

Special Charges (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Special Charges by Segment

The following table details the special charges by segment:


	Year Ended December 31, 2022
Corporate Finance	$	2,444
FLC	4,614
Economic Consulting	31
Technology	106
Strategic Communications	369
Segment special charge	7,564
Unallocated Corporate	776
Total special charges	$	8,340

Leases - Cash Paid For Operating Leases and Noncash Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 55,751	$ 51,917
Operating lease assets obtained in exchange for lease liabilities	$ 40,346	$ 27,876
Weighted average remaining lease term (years), Operating leases	7 years 10 months 24 days	8 years 3 months 18 days
Weighted average discount rate, Operating leases	5.80%	5.60%

Balance Sheet Details

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

The table below presents the components of “Prepaid expenses and other current assets” and “Accounts payable, accrued expenses and other” as shown on the Consolidated Balance Sheets:


	December 31,
	2023		2022
Prepaid expenses and other current assets
Prepaid expenses	$	51,141	$	46,895
Short-term investment	25,461		—
Income tax receivable	15,062		10,965
Other current assets	27,428		37,609
Total	$	119,092	$	95,469
Accounts payable, accrued expenses and other
Accounts payable	$	21,719	$	20,265
Accrued expenses	74,712		65,231
Accrued interest payable	13		2,096
Accrued taxes payable	58,734		20,364
Current operating lease liabilities	33,864		31,922
Other current liabilities	34,716		34,075
Total	$	223,758	$	173,953

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

2016 Stock Repurchase Program

On June 2, 2016, our Board of Directors authorized a stock repurchase program of up to $100.0 million (the “Repurchase Program”). On each of May 18, 2017, December 1, 2017, February 21, 2019 and February 20, 2020, our Board of Directors authorized an additional $100.0 million. On each of July 28, 2020 and December 3, 2020, our Board of Directors authorized an additional $200.0 million. On December 1, 2022, our Board of Directors authorized an additional $400.0 million, increasing the Repurchase Program to an aggregate authorization of $1.3 billion. No time limit has been established for the completion of the Repurchase Program, and the Repurchase Program may be suspended, discontinued or replaced by the Board of Directors at any time without prior notice. As of December 31, 2023, we had $460.7 million available under the Repurchase Program to repurchase additional shares.

The following table details our stock repurchases under the Repurchase Program:


	Year Ended December 31,
	2023		2022		2021
Shares of common stock repurchased and retired	112		574		422
Average price paid per share	$	158.70	$	154.23	$	109.37
Total cost	$	17,797	$	88,595	$	46,124

As we repurchase our common shares, we reduce stated capital on our Consolidated Balance Sheets for the $0.01 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction to additional paid-in capital. If additional paid-in capital is reduced to zero, we record the remainder of the excess purchase price over par value as a reduction of retained earnings.

Common Stock Outstanding

Common stock outstanding was approximately 35.5 million shares and 34.0 million shares as of December 31, 2023 and 2022, respectively. Common stock outstanding includes unvested restricted stock awards, which are considered issued and outstanding under the terms of the restricted stock award agreements. The increase in common stock outstanding was primarily due to the issuance of a total of 1,460,740 shares of our common stock to holders in connection with the conversion of their 2023 Convertible Notes at maturity.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Additional Information (Details) - USD ($)	Aug. 17, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 01, 2022	Dec. 03, 2020	Jul. 28, 2020	Feb. 20, 2020	Feb. 21, 2019	Dec. 01, 2017	May 18, 2017	Jun. 02, 2016
Stockholders Equity [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)		35,521,000	34,026,000
2023 Convertible Notes \| Senior Notes
Stockholders Equity [Line Items]
Common stock, shares issued (in shares)	1,460,740
2016 Stock Repurchase Program
Stockholders Equity [Line Items]
Share repurchase program authorized amount				$ 1,300,000,000							$ 100,000,000
Stock repurchase program additional amount authorized				$ 400,000,000	$ 200,000,000	$ 200,000,000	$ 100,000,000	$ 100,000,000	$ 100,000,000	$ 100,000,000
Available amount under repurchase program		$ 460,700,000

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of other intangible assets	$ 6,159	$ 9,643	$ 10,823

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

The table below summarizes the components of the Company’s debt:


	December 31,
	2023		2022
2023 Convertible Notes	$	—	$	316,219

Credit Facility	—		—
Total debt	—		316,219

Less: deferred debt issuance costs	—		(1,047)
Long-term debt, net (1)	$	—	$	315,172

(1)There were no current portions of long-term debt as of December 31, 2023 and 2022.

2023 Convertible Notes

On August 20, 2018, we issued the 2023 Convertible Notes in an aggregate principal amount of $316.3 million. The 2023 Convertible Notes were convertible through the close of business on August 14, 2023 at a conversion rate of 9.8643 shares of our common stock per $1,000 principal amount of the 2023 Convertible Notes (equivalent to a conversion price of approximately $101.38 per share of common stock). Certain holders of the 2023 Convertible Notes elected to convert their 2023 Convertible Notes before they became unconditionally convertible on May 15, 2023, which resulted in the settlement of approximately $0.5 million aggregate principal amount of the 2023 Convertible Notes. The principal amount of the 2023 Convertible Notes of $315.8 million was settled in cash at maturity on August 15, 2023 utilizing existing cash resources, including our Credit Facility. We also issued 1,460,740 shares of FTI Consulting common stock to holders in connection with the conversion of their 2023 Convertible Notes at maturity, which represents the excess of the conversion value over the principal amount of $280.3 million. The consideration related to the conversion premium issued to the holders who elected to

convert their 2023 Convertible Notes before they became unconditionally convertible on May 15, 2023 was immaterial. As of December 31, 2023, no 2023 Convertible Notes remain outstanding.

Interest on the 2023 Convertible Notes was at a fixed rate of 2.0% per year, payable semiannually in arrears on February 15 and August 15 of each year. Contractual interest expense for the 2023 Convertible Notes was $4.0 million for the year ended December 31, 2023 and $6.3 million for the years ended December 31, 2022 and 2021. Amortization of the debt discount on the 2023 Convertible Notes prior to the adoption of ASU 2020-06 was $9.6 million for the year ended December 31, 2021.

Credit Facility

In November 2022, we amended and restated our credit agreement for our Credit Facility, to, among other things, (i) extend the maturity to November 21, 2027, (ii) increase the revolving line of credit limit from $550.0 million to $900.0 million, and (iii) increase the incremental facility from $150.0 million to a maximum of $300.0 million, subject to certain conditions, and incurred an additional $4.0 million of debt issuance costs. The Credit Facility is guaranteed by substantially all of our wholly owned domestic subsidiaries and is secured by a first priority security interest in substantially all of the assets of FTI Consulting and such domestic subsidiaries.

Borrowings under the Credit Facility bear interest at a rate equal to, in the case of: (i) USD, at our option, Adjusted Term Secured Overnight Financing Rate (“SOFR”) or Adjusted Daily Simple SOFR, (ii) euro, Euro Interbank Offered Rate, (iii) British pound, Sterling Overnight Index Average Reference Rate, (iv) Australian dollars, Bank Bill Swap Reference Bid Rate, (v) Canadian dollars, Canadian Dollar Offered Rate, (vi) Swiss franc, Swiss Average Rate Overnight, and (vii) Japanese yen, Tokyo Interbank Offered Rate, in each case, plus an applicable margin that will fluctuate between 1.25% per annum and 2.00% per annum based upon the Company’s Consolidated Total Net Leverage Ratio (as defined in the Credit Facility) at such time or, in the case of USD borrowings, an alternative base rate plus an applicable margin that will fluctuate between 0.25% per annum and 1.00% per annum based upon the Company’s Consolidated Total Net Leverage Ratio at such time. The alternative base rate is a fluctuating rate per annum equal to the highest of (1) the federal funds rate plus the sum of 50 basis points, (2) the rate of interest in effect for such day as the prime rate announced by Bank of America, and (3) the one-month Term SOFR plus 100 basis points.

Under the Credit Facility, we are required to pay a commitment fee rate that fluctuates between 0.20% and 0.35% per annum and a letter of credit fee rate that fluctuates between 1.25% and 2.00% per annum, in each case, based upon the Company’s Consolidated Total Net Leverage Ratio.

As of December 31, 2023, $0.1 million of the borrowing limit under the Credit Facility was utilized (and, therefore, unavailable) for letters of credit.

There were $3.4 million and $4.3 million of unamortized debt issuance costs related to the Credit Facility as of December 31, 2023 and 2022, respectively. These amounts are included in “Other assets” on our Consolidated Balance Sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Additional Information (Details)				1 Months Ended	12 Months Ended
Debt - Additional Information (Details)	Aug. 15, 2023 USD ($) shares	May 15, 2023 USD ($)	Aug. 20, 2018 USD ($) $ / shares	Nov. 30, 2018	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Nov. 21, 2022 USD ($)	Nov. 20, 2022 USD ($)	Jun. 26, 2015 USD ($)
Debt Instrument [Line Items]
Conversion price (in dollars per share) \| $ / shares					$ 101.38	$ 101.38	$ 101.38
Amortization of debt discount and issuance costs and other					$ 1,925,000	$ 2,224,000	$ 11,701,000
Unamortized debt issue costs					0	1,047,000
Federal Funds
Debt Instrument [Line Items]
Credit facility basis point (as a percent)				0.50%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Credit facility basis point (as a percent)				1.00%
Line of Credit
Debt Instrument [Line Items]
Borrowing limit used					100,000
2023 Convertible Notes
Debt Instrument [Line Items]
Principal amount					$ 0
2023 Convertible Notes \| Senior Notes
Debt Instrument [Line Items]
Principal amount			$ 316,300,000
Conversion rate			0.0098643
Conversion price (in dollars per share) \| $ / shares			$ 101.38
Debt conversion, converted instrument, amount	$ 280,300,000	$ 500,000
Debt conversion, original debt, amount	$ 315,800,000
Converted instrument, shares issued (in shares) \| shares	1,460,740
Interest rate (as a percent)			2.00%		2.00%
Contractual interest expense					$ 4,000,000	6,300,000	6,300,000
Amortization of debt discount and issuance costs and other							$ 9,600,000
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Senior secured revolving line of credit					900,000,000			$ 300,000,000	$ 150,000,000	$ 550,000,000
Debt issuance costs										$ 4,000,000
Unamortized debt issue costs					$ 3,400,000	$ 4,300,000
Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee (as a percent)					0.20%
Fronting fees (as a percent)					1.25%
Credit Facility \| Line of Credit \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread (as a percent)				1.25%
Credit Facility \| Line of Credit \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)				0.25%
Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Commitment fee (as a percent)					0.35%
Fronting fees (as a percent)					2.00%
Credit Facility \| Line of Credit \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread (as a percent)				2.00%
Credit Facility \| Line of Credit \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)				1.00%

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Incentive Compensation Plans

Under the FTI Consulting, Inc. 2017 Omnibus Incentive Compensation Plan, effective as of June 7, 2017, and as amended as of June 3, 2020, there were 875,277 shares of common stock available for grant as of December 31, 2023.

Share-Based Compensation Expense

The table below reflects the total share-based compensation expense recognized in our Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,

Income Statement Classification	2023		2022		2021
Direct cost of revenues	$	19,067	$	15,312	$	13,432
Selling, general and administrative expenses	17,205		12,416		14,148

Total	$	36,272	$	27,728	$	27,580

Stock Options

We did not grant any stock options during the years ended December 31, 2023, 2022 and 2021. Historically, we used the Black-Scholes option-pricing model to determine the fair value of our stock option grants.


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2022	392	$	36.89

Stock options exercised	(38)	$	33.91


Stock options outstanding and exercisable at December 31, 2023	354	$	37.21	2.0	$	57,313

Cash received from option exercises for the years ended December 31, 2023, 2022 and 2021 was $1.3 million, $2.3 million and $2.7 million, respectively. The tax benefit realized from stock options exercised was immaterial for each of the years ended December 31, 2023, 2022 and 2021.

The intrinsic value of stock options exercised is the amount by which the market value of our common stock on the exercise date exceeds the exercise price. The total intrinsic value of stock options exercised for the years ended December 31, 2023, 2022 and 2021 was $6.0 million, $8.8 million and $8.3 million, respectively.

As of December 31, 2023, there was no unrecognized compensation cost related to stock options.

Restricted Share Awards

A summary of our restricted share awards activity during the year ended December 31, 2023 is presented below:


	Shares	Weighted Average Grant Date Fair Value
Restricted share awards outstanding at December 31, 2022	684	$	106.63
Restricted share awards granted	100	$	189.86
Restricted share awards vested	(155)	$	93.43
Restricted share awards forfeited	(9)	$	142.50
Restricted share awards outstanding at December 31, 2023	620	$	122.88

As of December 31, 2023, there was $48.2 million of unrecognized compensation cost related to unvested restricted share awards. That cost is expected to be recognized ratably over a weighted average period of 3.5 years. The total fair value of restricted share awards that vested during the years ended December 31, 2023, 2022 and 2021 was $29.0 million, $42.1 million and $25.3 million, respectively.

Restricted Stock Units

A summary of our restricted stock units activity during the year ended December 31, 2023 is presented below:


	Shares	Weighted Average Grant Date Fair Value
Restricted stock units outstanding at December 31, 2022	328	$	77.66
Restricted stock units granted	105	$	178.13
Restricted stock units released	(37)	$	116.72
Restricted stock units forfeited	(5)	$	137.12
Restricted stock units outstanding at December 31, 2023	391	$	100.28

As of December 31, 2023, there was $19.8 million of unrecognized compensation cost related to unvested restricted stock units. That cost is expected to be recognized ratably over a weighted average period of 4.6 years. The total fair value of restricted stock units released for the years ended December 31, 2023, 2022 and 2021 was $6.6 million, $7.2 million and $4.1 million, respectively.

Performance Stock Units

Performance stock units represent common stock potentially issuable in the future, subject to achievement of either market or performance conditions. Our current outstanding performance stock units that are subject to market conditions vest based on the adjusted total shareholder return of the Company as compared with the adjusted total shareholder return of the Standard & Poor’s 500 Index over the applicable performance period. Our current outstanding performance stock units that are subject to performance conditions vest based on Adjusted EBITDA metrics over the applicable performance period. The vesting and payout range for all of our performance stock units is typically between 0% and up to 150% of the target number of shares granted at the end of a two- or three-year performance period.

A summary of our performance stock units activity during the year ended December 31, 2023 is presented below:


	Shares	Weighted Average Grant Date Fair Value
Performance stock units outstanding at December 31, 2022	245	$	143.44
Performance stock units granted (1)	80	$	198.21
Performance stock units released	(71)	$	136.34
Performance stock units forfeited (2)	(47)	$	146.73
Performance stock units outstanding at December 31, 2023	207	$	166.22

(1) Performance stock units granted are presented at the maximum potential payout percentage of 150% of target shares granted.

As of December 31, 2023, there was $8.4 million of unrecognized compensation cost related to unvested performance stock units. That cost is expected to be recognized ratably over a weighted average period of 0.8 years. The total fair value of performance stock units released during the years ended December 31, 2023, 2022 and 2021 was $11.7 million, $14.2 million and $17.2 million, respectively.

The weighted average grant date fair value per share of restricted share awards, restricted stock units and performance stock units awarded during the years ended December 31, 2023, 2022 and 2021 was $187.85, $157.65 and $132.40, respectively. The fair value of our restricted share awards, restricted stock units and performance stock units that are subject to performance conditions is determined based on the closing market price per share of our common stock on the grant date. The fair value of our performance stock units subject to market conditions is calculated using a Monte Carlo pricing model as of the grant date.

Segment Reporting - Reconciliation of Net Income To Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net income	$ 274,892	$ 235,514	$ 234,966
Income tax provision	83,471	62,235	62,981
Interest income and other	4,867	(3,918)	(6,193)
Interest expense	14,331	10,047	20,294
Adjusted Segment EBITDA	548,373	478,790	455,265
Segment Reconciling Items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net income	274,892	235,514	234,966
Income tax provision	83,471	62,235	62,981
Interest income and other	4,867	(3,918)	(6,193)
Interest expense	14,331	10,047	20,294
Unallocated corporate expenses	125,420	124,830	104,457
Segment depreciation expense	39,233	32,876	31,072
Amortization of intangible assets	6,159	9,642	10,818
Segment special charges	0	7,564	0
Remeasurement of acquisition-related contingent consideration	0	0	(3,130)
Adjusted Segment EBITDA	$ 548,373	$ 478,790	$ 455,265

Notes Receivable from Employees (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Summary of Changes in Carrying Amount of Notes Receivable From Employees

The following table summarizes the components of “Accounts receivable, net” as presented on the Consolidated Balance Sheets:


	December 31,
	2023		2022
Accounts receivable:
Billed receivables	$	745,371	$	633,055
Unbilled receivables	421,488		308,873
Allowance for expected credit losses	(64,717)		(45,775)
Accounts receivable, net	$	1,102,142	$	896,153

The table below summarizes the changes in the carrying amount of our notes receivable from employees:


	December 31,
	2023		2022
Notes receivable from employees — beginning	$	83,270	$	83,795
Notes granted	58,649		35,575
Repayments	(6,054)		(4,200)
Amortization	(27,784)		(30,807)
Cumulative translation adjustment and other	(1,653)		(1,093)
Notes receivable from employees — ending	106,428		83,270
Less: current portion	(30,997)		(27,292)
Notes receivable from employees, net of current portion	$	75,431	$	55,978

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Foreign currency translation adjustments, tax expense	$ 0	$ 0	$ 0

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 3,489,242	$ 3,028,908	$ 2,776,222
Operating expenses
Direct cost of revenues	2,354,216	2,065,977	1,915,507
Selling, general and administrative expenses	751,306	641,070	537,844
Special charges	0	8,340	0
Amortization of intangible assets	6,159	9,643	10,823
Costs and Expenses	3,111,681	2,725,030	2,464,174
Operating income	377,561	303,878	312,048
Other income (expense)
Interest income and other	(4,867)	3,918	6,193
Interest expense	(14,331)	(10,047)	(20,294)
Other income (expense)	(19,198)	(6,129)	(14,101)
Income before income tax provision	358,363	297,749	297,947
Income tax provision	83,471	62,235	62,981
Net income	$ 274,892	$ 235,514	$ 234,966
Earnings per common share — basic (in dollars per share)	$ 8.10	$ 6.99	$ 7.02
Earnings per common share — diluted (in dollars per share)	$ 7.71	$ 6.58	$ 6.65
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax expense of $—, $— and $—	$ 26,262	$ (47,882)	$ (22,405)
Total other comprehensive income (loss), net of tax	26,262	(47,882)	(22,405)
Comprehensive income	$ 301,154	$ 187,632	$ 212,561

Special Charges - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Special charges	$ 0	$ 8,340	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 303,222	$ 491,688
Accounts receivable, net	1,102,142	896,153
Current portion of notes receivable	30,997	27,292
Prepaid expenses and other current assets	119,092	95,469
Total current assets	1,555,453	1,510,602
Property and equipment, net	159,662	153,466
Operating lease assets	208,910	203,764
Goodwill	1,234,569	1,227,593
Intangible assets, net	18,285	25,514
Notes receivable, net	75,431	55,978
Other assets	73,568	64,490
Total assets	3,325,878	3,241,407
Current liabilities
Accounts payable, accrued expenses and other	223,758	173,953
Accrued compensation	601,074	541,892
Billings in excess of services provided	67,937	53,646
Total current liabilities	892,769	769,491
Long-term debt, net	0	315,172
Noncurrent operating lease liabilities	223,774	221,604
Deferred income taxes	140,976	162,374
Other liabilities	86,939	91,045
Total liabilities	1,344,458	1,559,686
Commitments and contingencies (Note 16)
Stockholders’ equity
Preferred stock, $0.01 par value; shares authorized — 5,000; none outstanding	0	0
Common stock, $0.01 par value; shares authorized — 75,000; shares issued and outstanding —35,521 (2023) and 34,026 (2022)	355	340
Additional paid-in capital	16,760	0
Retained earnings	2,114,765	1,858,103
Accumulated other comprehensive loss	(150,460)	(176,722)
Total stockholders’ equity	1,981,420	1,681,721
Total liabilities and stockholders’ equity	$ 3,325,878	$ 3,241,407

Revenues	12 Months Ended
Revenues	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues We generate the majority of our revenues by providing consulting services to our clients. See Note 1, “Description of Business and Summary of Significant Accounting Policies” for additional information on our accounting policies for revenues. Revenues are recognized when we satisfy a performance obligation by transferring services promised in a contract to a customer and in an amount that reflects the consideration that we expect to receive in exchange for those services. Performance obligations in our contracts represent distinct or separate services that we provide to our customers. We estimate that approximately 77% of our revenues recognized during the year ended December 31, 2023 were generated from time and expense contract arrangements. If, at the outset of an arrangement, we determine that a contract with enforceable rights and obligations does not exist, revenues are deferred until all criteria for an enforceable contract are met. Revenues recognized during the current period may include revenues from performance obligations satisfied or partially satisfied in previous periods. This primarily occurs when the estimated transaction price has changed based on our current probability assessment over whether the agreed-upon outcome for our performance-based and contingent arrangements will be achieved. The aggregate amount of revenues recognized related to a change in the transaction price in the current period, which related to performance obligations satisfied or partially satisfied in a prior period, was $11.7 million, $24.4 million and $26.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Unfulfilled performance obligations primarily consist of fees not yet recognized on certain fixed-fee arrangements and performance-based and contingent arrangements. As of December 31, 2023 and 2022, the aggregate amount of the remaining contract transaction price allocated to unfulfilled performance obligations was $34.6 million and $3.6 million, respectively. We expect to recognize the majority of the related revenues over the next 36 months. We elected to utilize the optional exemption to exclude from this disclosure fixed-fee and performance-based and contingent arrangements with an original expected duration of one year or less and to exclude our time and expense arrangements for which revenues are recognized using the right-to-invoice practical expedient. Contract assets are defined as assets for which we have recorded revenues but are not yet entitled to receive our fees because certain events, such as completion of the measurement period or client approval, must occur. The contract asset balance was immaterial as of December 31, 2023 and 2022, respectively. Contract liabilities are defined as liabilities incurred when we have received consideration but have not yet performed the agreed-upon services. This may occur when clients pay fees before work begins. The contract liability balance was immaterial as of December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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+ Details

Notes Receivable from Employees

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Notes Receivable from Employees

The table below summarizes the changes in the carrying amount of our notes receivable from employees:


	December 31,
	2023		2022
Notes receivable from employees — beginning	$	83,270	$	83,795
Notes granted	58,649		35,575
Repayments	(6,054)		(4,200)
Amortization	(27,784)		(30,807)
Cumulative translation adjustment and other	(1,653)		(1,093)
Notes receivable from employees — ending	106,428		83,270
Less: current portion	(30,997)		(27,292)
Notes receivable from employees, net of current portion	$	75,431	$	55,978

As of December 31, 2023 and 2022, there were 413 and 365 notes outstanding, respectively. Total amortization expense for the years ended December 31, 2023, 2022 and 2021 was $27.8 million, $30.8 million and $34.4 million, respectively.

Goodwill and Intangible Assets - Intangible Assets by Major Class (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	8 years 7 months 6 days
Gross Carrying Amount	$ 37,600	$ 90,019
Accumulated Amortization	24,415	69,605
Net Carrying Amount	13,185	20,414
Intangible assets, gross carrying amount	42,700	95,119
Intangible assets, Net Carrying Amount	18,285	25,514
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount, non-amortizing intangible assets	$ 5,100	5,100
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	9 years 8 months 12 days
Gross Carrying Amount	$ 27,000	78,223
Accumulated Amortization	16,640	63,810
Net Carrying Amount	$ 10,360	14,413
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	6 years
Gross Carrying Amount	$ 9,712	10,950
Accumulated Amortization	7,129	5,554
Net Carrying Amount	$ 2,583	5,396
Acquired software and other
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life in Years	1 year 10 months 24 days
Gross Carrying Amount	$ 888	846
Accumulated Amortization	646	241
Net Carrying Amount	$ 242	$ 605

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-14875
Entity Registrant Name	FTI CONSULTING, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1261113
Entity Address, Address Line One	555 12th Street NW,
Entity Address, City or Town	Washington,
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20004
City Area Code	202
Local Phone Number	312-9100
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FCN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 5.0
Entity Common Stock, Shares Outstanding		35,533,336
Documents Incorporated by Reference	Portions of our definitive Proxy Statement to be filed with the U.S. Securities and Exchange Commission within 120 days after the end of our 2023 fiscal year are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000887936

Interest Income and Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income and other
Interest income	$ 5,210	$ 4,619	$ 3,493
Foreign exchange transaction gains (losses), net	(9,341)	57	2,426
Other	(736)	(758)	274
Total	$ (4,867)	$ 3,918	$ 6,193

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 3,646
2025	2,907
2026	1,740
2027	1,670
2028	1,265
Thereafter	1,957
Net Carrying Amount	$ 13,185	$ 20,414

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of Components of Debt Obligations

The table below summarizes the components of the Company’s debt:


	December 31,
	2023		2022
2023 Convertible Notes	$	—	$	316,219

Credit Facility	—		—
Total debt	—		316,219

Less: deferred debt issuance costs	—		(1,047)
Long-term debt, net (1)	$	—	$	315,172

(1)There were no current portions of long-term debt as of December 31, 2023 and 2022.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Leases - Maturity Analysis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 52,359
2025	47,610
2026	42,822
2027	41,711
2028	32,635
Thereafter	108,852
Total future lease payments	325,989
Less: imputed interest	(68,351)
Total lease liabilities	$ 257,638	$ 253,526

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S.
Defined Contribution Plan Disclosure [Line Items]
Employer contributions to plan	$ 36.6	$ 32.4	$ 29.1
Foreign Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions to plan	$ 15.3	$ 12.6	$ 11.6

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 274,892	$ 235,514	$ 234,966

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following:


	December 31,
	2023		2022
Leasehold improvements	$	149,132	$	129,036
Construction in progress	5,727		43,931
Furniture and equipment	38,827		32,975
Computer equipment and software	142,665		114,342
	336,351		320,284
Accumulated depreciation	(176,689)		(166,818)
Property and equipment, net	$	159,662	$	153,466

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Components of Deferred Tax Assets and Liabilities

The table below summarizes significant components of deferred tax assets and liabilities:


	December 31,
	2023		2022
Deferred tax assets
Allowance for expected credit losses	$	7,597	$	2,923
Accrued vacation and bonus	47,115		37,776

Share-based compensation	13,857		14,599
Notes receivable from employees	10,770		11,927
State net operating loss carryforward	172		537
Foreign net operating and capital loss carryforward	13,487		11,852


Foreign tax credit carryforward	14,384		4,199
Deferred compensation	3,550		3,049
Operating lease assets	64,649		64,465
Employee benefits obligations	568		519
Other, net	2,691		763
Total deferred tax assets	178,840		152,609
Deferred tax liabilities
Revenue recognition	(2,427)		(6,406)
Operating lease liabilities	(52,673)		(51,995)
Property and equipment, net	(13,216)		(12,956)

Goodwill and intangible assets	(207,131)		(204,634)
Total deferred tax liabilities	(275,447)		(275,991)
Foreign withholding tax	(2,178)		(1,921)
Valuation allowance	(6,773)		(6,459)
Net deferred tax liabilities	$	(105,558)	$	(131,762)

Summary of Components of Income Before Income Tax Provision from Continuing Operations

The table below summarizes the components of income before income tax provision from continuing operations:


	Year Ended December 31,
	2023		2022		2021
Domestic	$	247,381	$	165,553	$	136,008
Foreign	110,982		132,196		161,939
Total	$	358,363	$	297,749	$	297,947

Summary of Components of Income Tax Provision from Continuing Operations

The table below summarizes the components of income tax provision from continuing operations:


	Year Ended December 31,
	2023		2022		2021
Current
Federal	$	28,463	$	24,227	$	11,050
State	18,878		12,935		8,328
Foreign	38,029		34,917		37,656
	85,370		72,079		57,034
Deferred
Federal	6,363		(2,717)		10,766
State	(3,514)		(1,173)		3,458
Foreign	(4,748)		(5,954)		(8,277)
	(1,899)		(9,844)		5,947
Income tax provision	$	83,471	$	62,235	$	62,981

Summary of Income Tax Provision from Continuing Operations Resulted in Effective Tax Rates

Our income tax provision from continuing operations resulted in effective tax rates that varied from the federal statutory income tax rate as summarized below:


	Year Ended December 31,
	2023		2022		2021
Income tax expense at federal statutory rate	$	75,256	$	62,526	$	62,569
State income taxes, net of federal benefit	12,562		10,486		8,643
Detriment from foreign tax rates	9,418		5,811		4,375

Other expenses not deductible for tax purposes	5,793		3,365		2,819
Adjustment to reserve for uncertain tax positions	(797)		(609)		2,665



Share-based compensation	(5,422)		(9,372)		(6,167)
Release of valuation allowance on foreign tax credits	—		(3,536)		—
Income tax benefit related to the License Agreement, net	—		(2,034)		—
Release of valuation allowance on Australian deferred tax asset	—		—		(5,063)
U.S. foreign tax credits	(9,464)		(4,049)		(4,859)
Valuation allowance on U.S. foreign tax credit carryforwards	—		—		3,536
Deferred tax benefit of United Kingdom tax rate change	—		—		(3,167)
Other adjustments, net	(3,875)		(353)		(2,370)
Income tax provision	$	83,471	$	62,235	$	62,981

Accounts Receivable and Allowance for Expected Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Allowance For Doubtful Accounts And Unbilled Services [Abstract]

Schedule of Accounts Receivable

The following table summarizes the components of “Accounts receivable, net” as presented on the Consolidated Balance Sheets:


	December 31,
	2023		2022
Accounts receivable:
Billed receivables	$	745,371	$	633,055
Unbilled receivables	421,488		308,873
Allowance for expected credit losses	(64,717)		(45,775)
Accounts receivable, net	$	1,102,142	$	896,153

The table below summarizes the changes in the carrying amount of our notes receivable from employees:


	December 31,
	2023		2022
Notes receivable from employees — beginning	$	83,270	$	83,795
Notes granted	58,649		35,575
Repayments	(6,054)		(4,200)
Amortization	(27,784)		(30,807)
Cumulative translation adjustment and other	(1,653)		(1,093)
Notes receivable from employees — ending	106,428		83,270
Less: current portion	(30,997)		(27,292)
Notes receivable from employees, net of current portion	$	75,431	$	55,978

Schedule of Accounts Receivable, Writeoff

The following table summarizes the total provision for expected credit losses and write-offs:


	Year Ended December 31,
	2023		2022		2021
Provision for expected credit losses	$	35,149	$	19,684	$	16,151
Write-offs	$	24,441	$	13,085	$	23,641

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Revenues and Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization for Reportable Segments

The table below presents revenues and Adjusted Segment EBITDA for our reportable segments:


	Year Ended December 31,
	2023		2022		2021
Revenues
Corporate Finance (1)	$	1,346,678	$	1,147,118	$	979,350
FLC (1)	654,105		579,933		544,454
Economic Consulting	771,374		695,208		697,405
Technology	387,855		319,983		287,366
Strategic Communications	329,230		286,666		267,647
Total revenues	$	3,489,242	$	3,028,908	$	2,776,222
Adjusted Segment EBITDA
Corporate Finance (1)	$	230,837	$	214,809	$	158,019
FLC (1)	88,109		63,573		70,008
Economic Consulting	115,807		103,090		117,186
Technology	62,711		46,698		55,739
Strategic Communications	50,909		50,620		54,313
Total Adjusted Segment EBITDA	$	548,373	$	478,790	$	455,265

Schedule of Reconciliation of Net Income to Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization


	Year Ended December 31,
	2023		2022		2021
Net income	$	274,892	$	235,514	$	234,966
Add back:
Income tax provision	83,471		62,235		62,981
Interest income and other	4,867		(3,918)		(6,193)
Interest expense	14,331		10,047		20,294


Unallocated corporate expenses	125,420		124,830		104,457
Segment depreciation expense	39,233		32,876		31,072
Amortization of intangible assets	6,159		9,642		10,818
Segment special charges	—		7,564		—
Remeasurement of acquisition-related contingent consideration	—		—		(3,130)
Total Adjusted Segment EBITDA	$	548,373	$	478,790	$	455,265

Schedule of Assets by Segments


	December 31,
	2023		2022
Corporate Finance (1)	$	1,057,999	$	1,035,410
FLC (1)	445,289		468,114
Economic Consulting	592,985		540,133
Technology	256,077		211,218
Strategic Communications	232,279		205,464
Total segment assets	2,584,629		2,460,339
Unallocated corporate assets	741,249		781,068
Total assets	$	3,325,878	$	3,241,407

Schedule of Revenues Based on Location of Legal Entity Generating the Revenues

The table below details total revenues by country. Revenues have been attributed to locations based on the location of the legal entity generating the revenues.


	Year Ended December 31,
	2023		2022		2021
U.S.	$	2,209,276	$	1,922,337	$	1,708,673
U.K.	471,134		419,197		461,354
All other foreign countries (1)	808,832		687,374		606,195
Total revenues	$	3,489,242	$	3,028,908	$	2,776,222

(1) There are no countries included in these amounts that individually represented more than 10 percent of total revenues for the years ended December 31, 2023, 2022 and 2021.

Schedule of Long-Lived Assets Based on Location of Legal Entity Holding the Assets


	December 31,
	2023		2022
U.S.	$	224,467	$	237,090
U.K.	38,045		41,343
All other foreign countries (1)	106,060		78,797
Total long-lived assets	$	368,572	$	357,230

(1) There are no countries included in these amounts that individually represented more than 10 percent of long-lived assets as of December 31, 2023 and 2022.

Share-Based Compensation - Schedule of Unvested Restricted Share Activity (Details) - Restricted Shares shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Restricted stock units outstanding beginning of period (in shares) \| shares	684
Restricted share awards granted (in shares) \| shares	100
Restricted share awards vested (in shares) \| shares	(155)
Restricted share awards forfeited (in shares) \| shares	(9)
Restricted stock units outstanding ending of period (in shares) \| shares	620
Weighted Average Grant Date Fair Value
Restricted stock units outstanding beginning of period (in dollars per share) \| $ / shares	$ 106.63
Restricted stock units granted (in dollars per share) \| $ / shares	189.86
Restricted share awards vested, (in dollars per share) \| $ / shares	93.43
Restricted share awards forfeited (in dollars per share) \| $ / shares	142.50
Restricted stock units outstanding ending of period (in dollars per share) \| $ / shares	$ 122.88

Interest Income and Other

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Interest Income and Other

The table below presents the components of “Interest income and other” as shown on the Consolidated Statements of Comprehensive Income:


	Year Ended December 31,
	2023		2022		2021

Interest income and other
Interest income	$	5,210	$	4,619	$	3,493
Foreign exchange transaction gains (losses), net	(9,341)		57		2,426
Other	(736)		(758)		274
Total	$	(4,867)	$	3,918	$	6,193

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Share-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	0	0	0
Cash received from option exercises	$ 1,300,000	$ 2,300,000	$ 2,700,000
Intrinsic value of options exercised	6,000,000	8,800,000	8,300,000
Option, cost not yet recognized	0
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 48,200,000
Unrecognized compensation cost, recognition period (in years)	3 years 6 months
Fair value, vested	$ 29,000,000	42,100,000	25,300,000
Weighted average grant date fair value (in dollars per share)	$ 189.86
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 19,800,000
Unrecognized compensation cost, recognition period (in years)	4 years 7 months 6 days
Fair value, vested	$ 6,600,000	7,200,000	4,100,000
Weighted average grant date fair value (in dollars per share)	$ 178.13
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 8,400,000
Unrecognized compensation cost, recognition period (in years)	9 months 18 days
Fair value, vested	$ 11,700,000	$ 14,200,000	$ 17,200,000
Weighted average grant date fair value (in dollars per share)	$ 198.21
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payout potential	0.00%
Award vesting period	2 years
Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payout potential	150.00%	150.00%
Award vesting period	3 years
Restricted Stock units and Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 187.85	$ 157.65	$ 132.40
Omnibus Plan 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for grant (in shares)	875,277

Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Allowance for expected credit losses	$ 7,597	$ 2,923
Accrued vacation and bonus	47,115	37,776
Share-based compensation	13,857	14,599
Notes receivable from employees	10,770	11,927
State net operating loss carryforward	172	537
Foreign net operating and capital loss carryforward	13,487	11,852
Foreign tax credit carryforward	14,384	4,199
Deferred compensation	3,550	3,049
Operating lease assets	64,649	64,465
Employee benefits obligations	568	519
Other, net	2,691	763
Total deferred tax assets	178,840	152,609
Deferred tax liabilities
Revenue recognition	(2,427)	(6,406)
Operating lease liabilities	(52,673)	(51,995)
Property and equipment, net	(13,216)	(12,956)
Goodwill and intangible assets	(207,131)	(204,634)
Total deferred tax liabilities	(275,447)	(275,991)
Foreign withholding tax	(2,178)	(1,921)
Valuation allowance	(6,773)	(6,459)
Net deferred tax liabilities	$ (105,558)	$ (131,762)

Accounts Receivable and Allowance for Expected Credit Losses

12 Months Ended

Dec. 31, 2023

Allowance For Doubtful Accounts And Unbilled Services [Abstract]

Accounts Receivable and Allowance for Expected Credit Losses

The following table summarizes the components of “Accounts receivable, net” as presented on the Consolidated Balance Sheets:


	December 31,
	2023		2022
Accounts receivable:
Billed receivables	$	745,371	$	633,055
Unbilled receivables	421,488		308,873
Allowance for expected credit losses	(64,717)		(45,775)
Accounts receivable, net	$	1,102,142	$	896,153

The following table summarizes the total provision for expected credit losses and write-offs:


	Year Ended December 31,
	2023		2022		2021
Provision for expected credit losses	$	35,149	$	19,684	$	16,151
Write-offs	$	24,441	$	13,085	$	23,641

Our provision for expected credit losses includes recoveries, direct write-offs and charges to other accounts. Billed accounts receivables are written off when the potential for recovery is considered remote. See Note 1, “Description of Business and Summary of Significant Accounting Policies” for additional information on our accounting policies for the allowance for expected credit losses.

Financial Instruments - Additional Information (Details)	Dec. 31, 2023
Measurement Input, Price Volatility \| Monte Carlo \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.300
Measurement Input, Price Volatility \| Monte Carlo \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.325
Measurement Input, Discount Rate \| Monte Carlo \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.140
Measurement Input, Discount Rate \| Monte Carlo \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.165
Measurement Input, Discount Rate \| Probability Weighted
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.150

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We lease office space and equipment under non-cancelable operating leases. See Note 15, “Leases” for future minimum lease commitments. We are subject to legal actions arising in the ordinary course of business. In management’s opinion, we believe we have adequate legal defenses and/or insurance coverage with respect to the eventuality of such actions. We are not aware of any asserted or unasserted legal proceedings or claims that we believe would have a material adverse effect on our financial condition or results of our operations.

Share-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Options
Stock options outstanding beginning of period (in shares) \| shares	392
Stock options exercised (in shares) \| shares	(38)
Stock options outstanding and exercisable at end of period (in shares) \| shares	354
Weighted Average Exercise Price
Stock options outstanding and exercisable, beginning of period (in dollars per share) \| $ / shares	$ 36.89
Stock options exercised (in dollars per share) \| $ / shares	33.91
Stock options outstanding and exercisable, end of period (in dollars per share) \| $ / shares	$ 37.21
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Stock options outstanding and exercisable, weighted average remaining contractual term (in Years)	2 years
Stock options outstanding and exercisable, aggregate intrinsic value \| $	$ 57,313

Interest Income and Other (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Interest Income and Other

The table below presents the components of “Interest income and other” as shown on the Consolidated Statements of Comprehensive Income:


	Year Ended December 31,
	2023		2022		2021

Interest income and other
Interest income	$	5,210	$	4,619	$	3,493
Foreign exchange transaction gains (losses), net	(9,341)		57		2,426
Other	(736)		(758)		274
Total	$	(4,867)	$	3,918	$	6,193

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Carrying Amount of Operating Lease Assets and Liabilities

The table below summarizes the carrying amount of our operating lease assets and liabilities:


		December 31,
Leases	Classification	2023		2022
Assets
Operating lease assets	Operating lease assets	$	208,910	$	203,764
Total lease assets		$	208,910	$	203,764
Liabilities
Current
Operating lease liabilities	Accounts payable, accrued expenses and other	$	33,864	$	31,922
Noncurrent
Operating lease liabilities	Noncurrent operating lease liabilities	223,774		221,604
Total lease liabilities		$	257,638	$	253,526

Schedule of Lease Cost

The table below summarizes total lease costs:


	Year Ended December 31,
Lease Cost	2023		2022
Operating lease costs	$	53,136	$	48,550
Short-term lease costs	2,694		2,180
Variable leases and other	12,400		12,125

Total lease cost, net	$	68,230	$	62,855

The table below includes cash paid for our operating lease liabilities, other non-cash information, our weighted average remaining lease term and weighted average discount rate:


	Year Ended December 31,
	2023			2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	55,751		$	51,917

Operating lease assets obtained in exchange for lease liabilities	$	40,346		$	27,876

Weighted average remaining lease term (years)
Operating leases	7.9			8.3

Weighted average discount rate
Operating leases	5.8		%	5.6		%

Schedule of Future Minimum Lease Payments


	As of December 31, 2023
2024	$	52,359
2025	47,610
2026	42,822
2027	41,711
2028	32,635
Thereafter	108,852
Total future lease payments	325,989
Less: imputed interest	(68,351)
Total	$	257,638

Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule Of Balance Sheet Details

The table below presents the components of “Prepaid expenses and other current assets” and “Accounts payable, accrued expenses and other” as shown on the Consolidated Balance Sheets:


	December 31,
	2023		2022
Prepaid expenses and other current assets
Prepaid expenses	$	51,141	$	46,895
Short-term investment	25,461		—
Income tax receivable	15,062		10,965
Other current assets	27,428		37,609
Total	$	119,092	$	95,469
Accounts payable, accrued expenses and other
Accounts payable	$	21,719	$	20,265
Accrued expenses	74,712		65,231
Accrued interest payable	13		2,096
Accrued taxes payable	58,734		20,364
Current operating lease liabilities	33,864		31,922
Other current liabilities	34,716		34,075
Total	$	223,758	$	173,953

Debt - Summary of Components of Long-Term Debt Obligations (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 0	$ 316,219,000
Less: deferred debt issuance costs	0	(1,047,000)
Long-term debt, net	0	315,172,000
Long-term debt, current portion	0	0
2023 Convertible Notes
Debt Instrument [Line Items]
Total debt	0	316,219,000
Credit Facility
Debt Instrument [Line Items]
Total debt	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69C
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes - Summary of Components of Income Tax Provision from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 28,463	$ 24,227	$ 11,050
State	18,878	12,935	8,328
Foreign	38,029	34,917	37,656
Current, total	85,370	72,079	57,034
Deferred
Federal	6,363	(2,717)	10,766
State	(3,514)	(1,173)	3,458
Foreign	(4,748)	(5,954)	(8,277)
Deferred, total	(1,899)	(9,844)	5,947
Income tax provision	$ 83,471	$ 62,235	$ 62,981

Goodwill and Intangible Assets - Summary of Changes in Carrying Amounts of Goodwill by Operating Segment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill beginning of period	$ 1,227,593,000	$ 1,232,791,000
Acquisitions		11,332,000
Foreign currency translation adjustment	6,976,000	(16,530,000)
Intersegment transfers in/(out)	0
Goodwill end of period	1,234,569,000	1,227,593,000
Corporate Finance
Goodwill [Roll Forward]
Goodwill beginning of period	516,500,000	501,046,000
Acquisitions		11,332,000
Foreign currency translation adjustment	1,405,000	4,122,000
Intersegment transfers in/(out)	23,086,000
Goodwill end of period	540,991,000	516,500,000
Accumulated impairment loss	0	0	$ 0
FLC
Goodwill [Roll Forward]
Goodwill beginning of period	234,872,000	237,929,000
Acquisitions		0
Foreign currency translation adjustment	1,629,000	(3,057,000)
Intersegment transfers in/(out)	(23,086,000)
Goodwill end of period	213,415,000	234,872,000
Accumulated impairment loss	0	0	0
Economic Consulting
Goodwill [Roll Forward]
Goodwill beginning of period	268,055,000	268,858,000
Acquisitions		0
Foreign currency translation adjustment	427,000	(803,000)
Intersegment transfers in/(out)	0
Goodwill end of period	268,482,000	268,055,000
Accumulated impairment loss	0	0	0
Technology
Goodwill [Roll Forward]
Goodwill beginning of period	96,727,000	96,811,000
Acquisitions		0
Foreign currency translation adjustment	75,000	(84,000)
Intersegment transfers in/(out)	0
Goodwill end of period	96,802,000	96,727,000
Accumulated impairment loss	0	0	0
Strategic Communications
Goodwill [Roll Forward]
Goodwill beginning of period	111,439,000	128,147,000
Acquisitions		0
Foreign currency translation adjustment	3,440,000	(16,708,000)
Intersegment transfers in/(out)	0
Goodwill end of period	114,879,000	111,439,000
Accumulated impairment loss	194,100,000	194,100,000	194,100,000
Goodwill	$ 309,000,000	$ 305,600,000	$ 322,300,000

Earnings per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per Common Share

Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of potentially dilutive common shares. Potentially dilutive common shares include the dilutive effects of shares issuable under our equity compensation plans, including stock options and share-based awards (restricted share awards, restricted stock units and performance stock units), each using the treasury stock method.

For the years ended December 31, 2023 and 2022, we used the if-converted method for calculating the potential dilutive effect of the conversion feature of the principal amount of the 2023 Convertible Notes on earnings per common share, as required by the adoption of ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). For the year ended December 31, 2021, prior to the adoption of ASU 2020-06, we used the treasury stock method for calculating the potential dilutive effect of the conversion feature of the principal amount of the 2023 Convertible Notes on earnings per common share because we had the ability and intent to settle the principal amount of the outstanding 2023 Convertible Notes in cash. The conversion feature had a dilutive impact on earnings per common share for the years ended December 31, 2023, 2022 and 2021, as the average market price per share of our common stock for the periods exceeded the conversion price of $101.38 per share. On August 17, 2023, we issued a total of 1,460,740 shares of our common stock to holders in connection with the conversion of their 2023 Convertible Notes at maturity. As of December 31, 2023, there were no 2023 Convertible Notes outstanding. See Note 14, “Debt” for additional information about the 2023 Convertible Notes.


	Year Ended December 31,
	2023		2022		2021
Numerator — basic and diluted
Net income	$	274,892	$	235,514	$	234,966
Denominator
Weighted average number of common shares outstanding — basic	33,924		33,693		33,489
Effect of dilutive share-based awards	559		599		701
Effect of dilutive stock options	295		325		368
Effect of dilutive convertible notes	868		1,166		779
Weighted average number of common shares outstanding — diluted	35,646		35,783		35,337
Earnings per common share — basic	$	8.10	$	6.99	$	7.02
Earnings per common share — diluted	$	7.71	$	6.58	$	6.65
Antidilutive stock options and share-based awards	5		9		4

Segment Reporting - Additional Information (Details)		12 Months Ended
Segment Reporting - Additional Information (Details)	Jul. 01, 2023 segment	Dec. 31, 2023 segment numberOfProfessional
Segment Reporting Information [Line Items]
Number of reportable business segments \| segment		5
Number of modified reportable segments \| segment	2
Corporate Finance Segment
Segment Reporting Information [Line Items]
Number of billable professionals, transferred \| numberOfProfessional		127
FLC Segment
Segment Reporting Information [Line Items]
Number of billable professionals \| numberOfProfessional		83

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The table below summarizes the changes in the carrying amount of goodwill by reportable segment:


	Corporate Finance (1)		FLC (1)		Economic Consulting (1)		Technology (1)		Strategic Communications (2)		Total









Balance at December 31, 2021	$	501,046	$	237,929	$	268,858	$	96,811	$	128,147	$	1,232,791
Acquisitions (3)	11,332		—		—		—		—		11,332
Foreign currency translation adjustment	4,122		(3,057)		(803)		(84)		(16,708)		(16,530)



Balance at December 31, 2022	$	516,500	$	234,872	$	268,055	$	96,727	$	111,439	$	1,227,593

Foreign currency translation adjustment	1,405		1,629		427		75		3,440		6,976
Intersegment transfers in/(out) (4)	23,086		(23,086)		—		—		—		—
Balance at December 31, 2023	$	540,991	$	213,415	$	268,482	$	96,802	$	114,879	$	1,234,569

(1)There were no accumulated impairment losses for the Corporate Finance, FLC, Economic Consulting or Technology segments as of December 31, 2023, 2022 and 2021.

Intangible Assets

Intangible assets were as follows:


		December 31, 2023						December 31, 2022
	Weighted Average Useful Life in Years	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Customer relationships	9.7	$	27,000	$	16,640	$	10,360	$	78,223	$	63,810	$	14,413
Trademarks	6.0	9,712		7,129		2,583		10,950		5,554		5,396
Acquired software and other	1.9	888		646		242		846		241		605
	8.6	37,600		24,415		13,185		90,019		69,605		20,414
Non-amortizing intangible assets
Trademarks	Indefinite	5,100		—		5,100		5,100		—		5,100
Total		$	42,700	$	24,415	$	18,285	$	95,119	$	69,605	$	25,514

Intangible assets with finite lives are amortized over their estimated useful life. We recorded amortization expense of $6.2 million, $9.6 million and $10.8 million during the years ended December 31, 2023, 2022 and 2021, respectively. No impairment charges for intangible assets were recorded during the years ended December 31, 2023, 2022 and 2021.

We estimate our future amortization expense for our intangible assets with finite lives to be as follows:


	As of December 31, 2023 (1)
Year
2024	$	3,646
2025	2,907
2026	1,740
2027	1,670
2028	1,265
Thereafter	1,957
	$	13,185

Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Financial Instruments

The following tables present the carrying amounts and estimated fair values of our financial instruments by hierarchy level as of December 31, 2023 and 2022:


	December 31, 2023
			Hierarchy Level (Fair Value)
	Carrying Amount		Level 1		Level 2		Level 3
Liabilities
Acquisition-related contingent consideration (1)	$	12,801	$	—	$	—	$	12,801

Total	$	12,801	$	—	$	—	$	12,801


	December 31, 2022
			Hierarchy Level (Fair Value)
	Carrying Amount		Level 1		Level 2		Level 3
Liabilities
Acquisition-related contingent consideration (1)	$	14,988	$	—	$	—	$	14,988
2023 Convertible Notes (2)	315,172		—		509,682		—
Total	$	330,160	$	—	$	509,682	$	14,988

(1)The short-term portion is included in “Accounts payable, accrued expenses and other,” and the long-term portion is included in “Other liabilities” on the Consolidated Balance Sheets.

(2)The carrying amount includes unamortized deferred debt issuance costs.

The fair values of financial instruments not included in the tables above are estimated to be equal to their carrying values as of December 31, 2023 and December 31, 2022.

We estimated the fair value of our 2023 Convertible Notes based on their last actively traded prices. The fair value of our 2023 Convertible Notes was classified within Level 2 of the fair value hierarchy as of December 31, 2022 because they were traded in less active markets. As of December 31, 2023, no 2023 Convertible Notes remain outstanding.

We estimate the fair value of acquisition-related contingent consideration using either a probability-weighted discounted cash flow model or a Monte Carlo pricing model. These fair value estimates represent Level 3 measurements as they are based on significant inputs not observed in the market and reflect our own assumptions. We have multiple valuation models that use different inputs and assumptions based on the timing of the acquisitions. As a result, the significant unobservable inputs used in these models vary. The acquisition-related contingent consideration liabilities subject to the Monte Carlo pricing model were valued using significant unobservable inputs, including volatility rates between 30.0% and 32.5% and discount rates between 14.0% and 16.5%, which reflect the weighted average of our cost of debt and adjusted cost of equity of the acquired companies, and future cash flows. The acquisition-related contingent consideration subject to the probability-weighted discounted cash flow model was valued using significant unobservable inputs, including a discount rate of 15.0% and future cash flows. Significant increases (or decreases) in these unobservable inputs in isolation would result in significantly lower (or higher) fair values. We reassess the fair value of our acquisition-related contingent consideration at each reporting period based on additional information as it becomes available.

The change in our liability for acquisition-related contingent consideration for our Level 3 financial instruments is as follows:


	Contingent Consideration










Balance at December 31, 2020	$	20,118
Additions	$	1,093
Accretion expense (1)	2,771
Remeasurement gain (2)	(3,095)
Payments	(5,122)
Foreign currency translation adjustment (3)	(655)
Balance at December 31, 2021	$	15,110
Additions	$	5,370
Accretion expense (1)	2,396
Payments	(7,671)
Foreign currency translation adjustment and other (3)	(217)
Balance at December 31, 2022	$	14,988

Accretion expense (1)	$	3,818
Payments	$	(6,353)
Foreign currency translation adjustment (3)	$	348
Balance at December 31, 2023	$	12,801

(1)Accretion expense is included in SG&A expenses on the Consolidated Statements of Comprehensive Income.

(2)Remeasurement gain or loss resulting from a change in fair value of an acquisition's contingent consideration liability is recorded in SG&A expenses on the Consolidated Statements of Comprehensive Income.

(3)Foreign currency translation adjustments are included in “Other comprehensive income (loss), net of tax” on the Consolidated Statements of Comprehensive Income.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Reporting - Schedule of Assets by Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 3,325,878	$ 3,241,407
Operating Segments
Segment Reporting Information [Line Items]
Total assets	2,584,629	2,460,339
Operating Segments \| Corporate Finance
Segment Reporting Information [Line Items]
Total assets	1,057,999	1,035,410
Operating Segments \| FLC
Segment Reporting Information [Line Items]
Total assets	445,289	468,114
Operating Segments \| Economic Consulting
Segment Reporting Information [Line Items]
Total assets	592,985	540,133
Operating Segments \| Technology
Segment Reporting Information [Line Items]
Total assets	256,077	211,218
Operating Segments \| Strategic Communications
Segment Reporting Information [Line Items]
Total assets	232,279	205,464
Unallocated corporate assets
Segment Reporting Information [Line Items]
Total assets	$ 741,249	$ 781,068

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Financial Instruments - Carrying And Estimated Fair Value Of Other Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Acquisition-related contingent consideration	$ 12,801	$ 14,988
Long-term debt		315,172
Total	12,801	330,160
Level 1 \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Acquisition-related contingent consideration	0	0
Long-term debt		0
Total	0	0
Level 2 \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Acquisition-related contingent consideration	0	0
Long-term debt		509,682
Total	0	509,682
Level 3 \| Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Acquisition-related contingent consideration	12,801	14,988
Long-term debt		0
Total	$ 12,801	$ 14,988

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease Cost
Operating lease costs	$ 53,136	$ 48,550
Short-term lease costs	2,694	2,180
Variable leases and other	12,400	12,125
Total lease cost, net	$ 68,230	$ 62,855

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying and Estimated Fair Value of Other Financial Instruments

The following tables present the carrying amounts and estimated fair values of our financial instruments by hierarchy level as of December 31, 2023 and 2022:


	December 31, 2023
			Hierarchy Level (Fair Value)
	Carrying Amount		Level 1		Level 2		Level 3
Liabilities
Acquisition-related contingent consideration (1)	$	12,801	$	—	$	—	$	12,801

Total	$	12,801	$	—	$	—	$	12,801


	December 31, 2022
			Hierarchy Level (Fair Value)
	Carrying Amount		Level 1		Level 2		Level 3
Liabilities
Acquisition-related contingent consideration (1)	$	14,988	$	—	$	—	$	14,988
2023 Convertible Notes (2)	315,172		—		509,682		—
Total	$	330,160	$	—	$	509,682	$	14,988

(1)The short-term portion is included in “Accounts payable, accrued expenses and other,” and the long-term portion is included in “Other liabilities” on the Consolidated Balance Sheets.

(2)The carrying amount includes unamortized deferred debt issuance costs.

Schedule of Acquisition-Related Contingent Consideration

The change in our liability for acquisition-related contingent consideration for our Level 3 financial instruments is as follows:


	Contingent Consideration










Balance at December 31, 2020	$	20,118
Additions	$	1,093
Accretion expense (1)	2,771
Remeasurement gain (2)	(3,095)
Payments	(5,122)
Foreign currency translation adjustment (3)	(655)
Balance at December 31, 2021	$	15,110
Additions	$	5,370
Accretion expense (1)	2,396
Payments	(7,671)
Foreign currency translation adjustment and other (3)	(217)
Balance at December 31, 2022	$	14,988

Accretion expense (1)	$	3,818
Payments	$	(6,353)
Foreign currency translation adjustment (3)	$	348
Balance at December 31, 2023	$	12,801

(1)Accretion expense is included in SG&A expenses on the Consolidated Statements of Comprehensive Income.

(3)Foreign currency translation adjustments are included in “Other comprehensive income (loss), net of tax” on the Consolidated Statements of Comprehensive Income.

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of Business FTI Consulting, Inc., including its consolidated subsidiaries (collectively, the “Company,” “we,” “our” or “FTI Consulting”), 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. Individually, each of our segments and practices is staffed with experts recognized for the depth of their knowledge and a track record of making an impact. Collectively, FTI Consulting offers a comprehensive suite of services designed to assist clients across the business cycle, from proactive risk management to rapid response to unexpected events and dynamic environments. We operate through five reportable segments: Corporate Finance & Restructuring (“Corporate Finance”), Forensic and Litigation Consulting (“FLC”), Economic Consulting, Technology and Strategic Communications. Accounting Principles Our financial statements are prepared in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of FTI Consulting and all of our subsidiaries. All intercompany transactions and balances have been eliminated. Reclassifications of certain prior period amounts have been made to conform to the current period presentation. Foreign Currency Results of operations for our non-U.S. subsidiaries are translated from the designated functional currency to the reporting currency of the U.S. dollar (“USD”). Revenues and expenses are translated at average exchange rates for each month, while assets and liabilities are translated at balance sheet date exchange rates. Resulting net translation adjustments are recorded as a component of stockholders’ equity in “Accumulated other comprehensive income (loss).” Transaction gains and losses arising from currency exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in “Interest income and other” on the Consolidated Statements of Comprehensive Income. Such transaction gains and losses may be realized or unrealized depending upon whether the transaction settled during the period or remains outstanding at the balance sheet date. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Due to the inherent uncertainty involved in making those assumptions, actual results could differ from those estimates. Our most significant estimates relate to revenues and the assessment of the recoverability of goodwill and intangible assets. Other estimates include, but are not limited to, the realization of deferred tax assets and the fair value of acquisition-related contingent consideration. Management bases its estimates on historical trends, projections, current experience and other assumptions that it believes are reasonable. Concentrations of Risk We do not have a single customer that represents 10% or more of our consolidated revenues. We derive the majority of our revenues from providing professional services to clients in the U.S. For the year ended December 31, 2023, we derived approximately 37% of our consolidated revenues from the work of professionals who are assigned to locations outside the U.S. We believe that the geographic and industry diversity of our customer base throughout the U.S. and internationally minimizes the risk of incurring material losses due to concentrations of credit risk. Revenue Recognition Revenues are recognized when we satisfy a performance obligation by transferring services promised in a contract to a customer and in an amount that reflects the consideration that we expect to receive in exchange for those services. Performance obligations in our contracts represent distinct or separate services that we provide to our customers. If, at the outset of an arrangement, we determine that a contract with enforceable rights and obligations does not exist, revenues are deferred until all criteria for an enforceable contract are met. We generate the majority of our revenues by providing consulting services to our clients. Most of our consulting service contracts are based on one of the following types of contract arrangements: •Time and expense arrangements require the client to pay us based on the number of hours worked at contractually agreed-upon rates. We recognize revenues for these contract arrangements based on hours incurred and contracted rates utilizing a right-to-invoice practical expedient because we have a right to consideration for services completed to date. When a time and expense arrangement has a not-to-exceed or “cap” amount and we expect to perform work in excess of the cap, we recognize revenues up to the cap amount specified by the client. •Fixed-fee arrangements require the client to pay a fixed-fee in exchange for a predetermined set of professional services. We recognize revenues earned to date by applying the proportional performance method. Generally, these arrangements have one performance obligation. •Performance-based or contingent arrangements represent forms of variable consideration. In these arrangements, our fees are based on the attainment of contractually defined objectives with our client, such as completing a business transaction or assisting the client in achieving a specific business objective. We recognize revenues earned to date in an amount that is probable not to reverse and by applying the proportional performance method when the criteria for over time revenue recognition are met. Certain fees in our time and materials arrangements may be subject to approval by a third-party, such as a bankruptcy court and other regulatory agency. In such cases, we record revenues based on the amount we estimate we will be entitled to in exchange for our services and only to the extent a significant reversal of revenue is not likely to occur when the uncertainty associated with the estimate is subsequently resolved. Potential fee reductions imposed by bankruptcy courts and other regulatory agencies or negotiated with specific clients are estimated on a specific identification basis. Our estimates may vary depending on the nature of the engagement, client economics, historical experience and other appropriate factors. When there are changes in our estimates of potential fee reductions, we record such changes to revenues with a corresponding offset to our billed and unbilled accounts receivable. In our Technology segment, certain clients are billed based on the amount of data storage used or the volume of information processed. Unit-based revenues are defined as revenues billed on a per item, per page or another unit-based method and include revenues from data processing and hosting. Unit-based revenues include revenues associated with licensed software products made available to customers via a web browser (“on-demand”). On-demand revenues are charged on a unit or monthly basis and include, but are not limited to, processing and review related functions. Reimbursable expenses, including those relating to travel, out-of-pocket expenses, outside consultants and other outside service costs, are generally included in revenues, and an equivalent amount of reimbursable expenses is included in costs of services in the period in which the expense is incurred. Timing of revenue recognition often differs from the timing of billing to our customers. Generally, we transfer goods or services to a customer before the customer pays consideration or payment is due. If we have an unconditional right to invoice and receive payment for goods or services already provided, we record billed and unbilled receivables on our Consolidated Balance Sheets. Our contract terms generally include a requirement of payment within 30 days when no contingencies exist. Payment terms and conditions vary depending on the jurisdiction, market and type of service, and whether regulatory or other third-party approvals are required. At times, we may execute contracts in a form provided by customers that might include different payment terms and contracts may be negotiated at the client’s request. Direct Cost of Revenues Direct cost of revenues consists primarily of billable employee compensation and related payroll benefits, the cost of contractors assigned to revenue-generating activities and direct expenses billable to clients. Direct cost of revenues also includes expense for cloud-based computing and depreciation expense on licensed software used to host and process client information. Direct cost of revenues does not include an allocation of corporate overhead and non-billable segment costs. Share-Based Compensation Share-based compensation cost is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite service period or performance period of the award. The amount of share-based compensation expense recognized at any date must at least equal the portion of grant date value of the award that is vested at that date. The fair value of restricted share awards and restricted stock units is measured based on the closing price of the underlying stock on the date of grant. The fair value of performance stock units that contain market-based vesting conditions is measured using a Monte Carlo pricing model. The compensation cost of performance stock units with market-based vesting conditions is based on the grant date fair value and is not subsequently reversed if it is later determined that the market condition is unlikely to be met or is expected to be lower than originally anticipated. For performance stock units that contain performance-based vesting conditions, the compensation cost is adjusted each reporting period based on the probability of the awards vesting. For all of our share-based awards, we recognize forfeitures in compensation cost when they occur. Acquisition-Related Contingent Consideration The fair value of acquisition-related contingent consideration is estimated at the acquisition date utilizing either a Monte Carlo pricing model or the present value of our probability-weighted estimate of future cash flows. Subsequent to the acquisition date, on a quarterly basis, the contingent consideration liability is remeasured at current fair value with any changes recorded in earnings. Accretion expense is recorded to contingent consideration liabilities for changes in fair value due to the passage of time. Remeasurement gains or losses and accretion expense are included in “Selling, general and administrative” (“SG&A”) expenses on the Consolidated Statements of Comprehensive Income. Advertising Costs Advertising costs consist of marketing, advertising through print and other media, professional event sponsorship and public relations. These costs are expensed as incurred. Advertising costs totaled $23.0 million, $19.4 million and $13.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, and are included in SG&A expenses on the Consolidated Statements of Comprehensive Income. Income Taxes Our income tax provision consists principally of U.S. federal, state and international income taxes. We generate income in a significant number of states located throughout the U.S. and in foreign countries in which we conduct business. Our effective income tax rate may fluctuate due to a change in the mix of earnings between higher and lower state or country tax jurisdictions and the impact of non-deductible expenses. Additionally, we record deferred tax assets and liabilities using the asset and liability method of accounting, which requires us to measure these assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. In evaluating our ability to recover our deferred tax assets, we consider all available positive and negative evidence, including scheduled reversals of temporary differences, projected future taxable income, tax planning strategies and recent results of operations. Cash Equivalents Cash equivalents consist of money market funds, commercial paper and certificates of deposit with maturities of three months or less at the time of purchase. Short-term Investment The short-term investment represents an investment in a certificate of deposit with an original maturity of less than one year and is included in the “Prepaid expenses and other current assets” financial statement line item on the Consolidated Balance Sheets. We classified the short-term investment as held-to-maturity in accordance with Accounting Standards Codification Topic 320, Investments - Debt and Equity Securities. Short-term investments classified as held-to-maturity are financial instruments the Company has the intent and ability to hold until maturity and are reported net of amortized cost. Any interest earned on the short-term investment is recorded in “Interest income and other” on the Consolidated Statements of Comprehensive Income. Allowance for Expected Credit Losses We estimate the current-period provision for expected credit losses on a specific identification basis. Our judgments regarding a specific client’s credit risk considers factors such as the counterparty’s creditworthiness, knowledge of the specific client’s circumstances and historical collection experience for similar clients. Other factors include, but are not limited to, current economic conditions and forward-looking estimates. Our actual experience may vary from our estimates. If the financial condition of our clients were to deteriorate, resulting in their inability or unwillingness to pay our fees, we may need to record additional provisions for expected credit losses in future periods. The risk of credit losses may be mitigated to the extent that we received a retainer from some of our clients prior to performing services. We maintain an allowance for expected credit losses, which represents the estimated aggregate amount of credit risk arising from the inability or unwillingness of specific clients to pay our fees or disputes that may affect our ability to fully collect our billed accounts receivable. We record our estimate of lifetime expected credit losses concurrently with the initial recognition of the underlying receivable. Accounts receivable, net of the allowance for expected credit losses, represents the amount we expect to collect. At each reporting date, we adjust the allowance for expected credit losses to reflect our current estimate. Adjustments to the allowance for expected credit losses are recorded to SG&A expenses on the Consolidated Statements of Comprehensive Income. Our billed accounts receivables are written off when the potential for recovery is considered remote. Property and Equipment We record property and equipment, including improvements that extend useful life, at cost, while maintenance and repairs are expensed as incurred. We calculate depreciation using the straight-line method based on an estimated useful life ranging from less than one year to 11 years for furniture, equipment and software. We amortize leasehold improvements over the shorter of the estimated useful life of the asset or the lease term. We capitalize costs incurred during the application development stage of computer software developed or obtained for internal use. Capitalized software developed for internal use is classified within computer equipment and software and is amortized over the estimated useful life of the software, which ranges from three years to 10 years. Purchased software licenses to be sold to customers are capitalized and amortized over the license term. Notes Receivable from Employees Notes receivable from employees principally include unsecured general recourse forgivable loans and retention payments, which are provided to attract and retain certain of our senior employees and other professionals. Generally, all of the principal amount and accrued interest income of the forgivable loans we make to employees and other professionals will be forgiven according to the stated terms of the loan agreement, provided that the professional is providing services to the Company on the forgiveness date and upon other specified events, such as death or disability. For the year ended December 31, 2023, we have recorded accrued interest income as a reduction to operating expense on our Consolidated Statement of Comprehensive Income. Professionals who terminate their employment or services with us prior to the end of the forgiveness period are required to repay the outstanding, unforgiven loan balance and any accrued but unforgiven interest. The unforgiven interest is recorded to interest income and other on our Consolidated Statements of Comprehensive Income at the time of termination. If the termination was by the Company without “cause” or by the employee with “good reason,” or, subject to certain conditions, if the employee terminates his or her employment due to retirement or non-renewal of his or her employment agreement, the loan may be forgiven or continue to be forgivable, in whole or in part. We amortize forgivable loans straight-line over the requisite service period, which ranges from a period of one year to 10 years. The amount of expense recognized at any date must at least equal the portion of the principal forgiven on the forgiveness date. Goodwill and Intangible Assets Goodwill represents the purchase price of acquired businesses in excess of the fair market value of net assets acquired at the date of acquisition. Intangible assets may include customer relationships, trademarks and acquired software. We test our goodwill and indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. On a quarterly basis, we monitor the key drivers of fair value to detect events or other changes that would warrant an interim impairment test. Important factors we consider that could trigger an interim impairment review include, but are not limited to, the following: •significant underperformance relative to expected historical or projected future operating results; •a significant change in the manner of our use of the acquired asset or the strategy for our overall business; •a significant market decline related to negative industry or economic trends; and/or •our market capitalization relative to net carrying value. We assess our goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or a business one level below that operating segment if discrete financial information is available and regularly reviewed by the chief operating decision makers. Our annual goodwill impairment test may be conducted using a qualitative assessment or a quantitative assessment. Under GAAP, we have an option to bypass the qualitative assessment and perform a quantitative impairment test. We determine whether to perform a qualitative assessment first or to bypass the qualitative assessment and proceed with the quantitative goodwill impairment test for each of our reporting units based on the excess of fair value over carrying value from the most recent quantitative tests and other events or changes in circumstances that could impact the fair value of the reporting units. In the qualitative assessment, we consider various factors, events or circumstances, including macroeconomic conditions, industry and market considerations, cost factors, overall financial performance and other relevant reporting unit specific events. If, based on the qualitative assessment, we determine that it is not “more likely than not” that the fair value of a reporting unit is less than its carrying value, we do not prepare a quantitative impairment test. If we determine otherwise, we will prepare a quantitative assessment for potential goodwill impairment. In the quantitative assessment, we compare the estimated fair value of the reporting unit with the carrying amount of that reporting unit. We estimate fair value using a combination of an income approach (based on discounted cash flows) and market approaches, using appropriate weighting factors. If the fair value exceeds the carrying amount, goodwill is not impaired. However, if the carrying value exceeds the fair value of the reporting unit, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Intangible assets with finite lives are amortized over their estimated useful life and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We amortize our acquired finite-lived intangible assets on a straight-line basis over periods ranging from two to 15 years. Impairment of Long-Lived Assets We review long-lived assets such as property and equipment, operating lease assets and finite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans or changes in anticipated future cash flows. If an impairment indicator is present, we evaluate recoverability of assets to be held and used by a comparison of the carrying value of the assets with future undiscounted net cash flows expected to be generated by the assets. We group assets at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset group, we estimate the fair value of the asset group to determine whether an impairment loss should be recognized. Leases We determine if a contract is a leasing arrangement at inception. Operating lease assets represent our right to control the use of an identified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized on the Consolidated Balance Sheets at the commencement date based on the present value of lease payments over the lease term. We use the incremental borrowing rate on the commencement date in determining the present value of our lease payments. We recognize operating lease expense for our operating leases on a straight-line basis over the lease term. We lease office space and equipment under non-cancelable operating leases, which may include renewal or termination options that are reasonably certain of exercise. Most leases include one or more options to renew, with renewal terms that can extend the lease term up to seven years. The exercise of lease renewal options is at our sole discretion. Certain of our lease agreements include rental payments that are adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are expensed on a straight-line basis. Lease and non-lease components are accounted for together as a single lease component for operating leases associated with our office space. Billings in Excess of Services Provided Billings in excess of services provided represent amounts billed to clients, such as retainers, in advance of work being performed. Clients may make advance payments, which are held on deposit until completion of work or are applied at predetermined amounts or times. Excess payments are either applied to final billings or refunded to clients upon completion of work. Payments in excess of related accounts receivable and unbilled receivables are recorded as billings in excess of services provided within the liabilities section of the Consolidated Balance Sheets. Convertible Notes The carrying amount of our 2.0% convertible senior notes due 2023 (“2023 Convertible Notes”) is recognized as a liability as of December 31, 2022 on the Consolidated Balance Sheets. We recorded debt issuance costs as an adjustment to the carrying amount of our 2023 Convertible Notes liability and amortized the costs using the effective interest rate method over the expected life of the instrument. The principal amount of the 2023 Convertible Notes of $315.8 million was settled in cash at maturity on August 15, 2023 utilizing existing cash resources, including our senior secured bank revolving credit facility (“Credit Facility”).

Accounts Receivable and Allowance for Expected Credit Losses - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable:
Billed receivables	$ 745,371	$ 633,055
Unbilled receivables	421,488	308,873
Allowance for expected credit losses	(64,717)	(45,775)
Accounts receivable, net	$ 1,102,142	$ 896,153

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted


	Year Ended December 31,
	2023		2022		2021
Numerator — basic and diluted
Net income	$	274,892	$	235,514	$	234,966
Denominator
Weighted average number of common shares outstanding — basic	33,924		33,693		33,489
Effect of dilutive share-based awards	559		599		701
Effect of dilutive stock options	295		325		368
Effect of dilutive convertible notes	868		1,166		779
Weighted average number of common shares outstanding — diluted	35,646		35,783		35,337
Earnings per common share — basic	$	8.10	$	6.99	$	7.02
Earnings per common share — diluted	$	7.71	$	6.58	$	6.65
Antidilutive stock options and share-based awards	5		9		4

Share-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Restricted stock units outstanding beginning of period (in shares) \| shares	328
Restricted stock units granted (in shares) \| shares	105
Restricted stock units released (in shares) \| shares	(37)
Restricted share awards forfeited (in shares) \| shares	(5)
Restricted stock units outstanding ending of period (in shares) \| shares	391
Weighted Average Grant Date Fair Value
Restricted stock units outstanding beginning of period (in dollars per share) \| $ / shares	$ 77.66
Restricted stock units granted (in dollars per share) \| $ / shares	178.13
Restricted stock units released (in dollars per share) \| $ / shares	116.72
Restricted share awards forfeited (in dollars per share) \| $ / shares	137.12
Restricted stock units outstanding ending of period (in dollars per share) \| $ / shares	$ 100.28

Stockholders' Equity - Schedule of Stock Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Total cost	$ 17,799	$ 88,606	$ 46,132
2016 Stock Repurchase Program
Class of Stock [Line Items]
Shares of common stock repurchased and retired (in shares)	112	574	422
Average price paid per share (in dollars per share)	$ 158.70	$ 154.23	$ 109.37
Total cost	$ 17,797	$ 88,595	$ 46,124

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (h)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	December 31,
	2023		2022
Leasehold improvements	$	149,132	$	129,036
Construction in progress	5,727		43,931
Furniture and equipment	38,827		32,975
Computer equipment and software	142,665		114,342
	336,351		320,284
Accumulated depreciation	(176,689)		(166,818)
Property and equipment, net	$	159,662	$	153,466

Depreciation expense for property and equipment totaled $41.1 million, $35.9 million and $34.3 million during the years ended December 31, 2023, 2022 and 2021, respectively.

We capitalized certain eligible implementation costs for our enterprise resource planning (“ERP”) system during the application development stage to construction in progress. Implementation costs were reclassified to computer equipment and software when the ERP was placed into service during April 2023.

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Accounting Principles	Accounting Principles Our financial statements are prepared in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of FTI Consulting and all of our subsidiaries. All intercompany transactions and balances have been eliminated. Reclassifications of certain prior period amounts have been made to conform to the current period presentation.
Foreign Currency	Foreign Currency Results of operations for our non-U.S. subsidiaries are translated from the designated functional currency to the reporting currency of the U.S. dollar (“USD”). Revenues and expenses are translated at average exchange rates for each month, while assets and liabilities are translated at balance sheet date exchange rates. Resulting net translation adjustments are recorded as a component of stockholders’ equity in “Accumulated other comprehensive income (loss).” Transaction gains and losses arising from currency exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in “Interest income and other” on the Consolidated Statements of Comprehensive Income. Such transaction gains and losses may be realized or unrealized depending upon whether the transaction settled during the period or remains outstanding at the balance sheet date.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Due to the inherent uncertainty involved in making those assumptions, actual results could differ from those estimates. Our most significant estimates relate to revenues and the assessment of the recoverability of goodwill and intangible assets. Other estimates include, but are not limited to, the realization of deferred tax assets and the fair value of acquisition-related contingent consideration. Management bases its estimates on historical trends, projections, current experience and other assumptions that it believes are reasonable.
Concentrations of Risk	Concentrations of Risk We do not have a single customer that represents 10% or more of our consolidated revenues. We derive the majority of our revenues from providing professional services to clients in the U.S. For the year ended December 31, 2023, we derived approximately 37% of our consolidated revenues from the work of professionals who are assigned to locations outside the U.S. We believe that the geographic and industry diversity of our customer base throughout the U.S. and internationally minimizes the risk of incurring material losses due to concentrations of credit risk.
Revenue Recognition	Revenue Recognition Revenues are recognized when we satisfy a performance obligation by transferring services promised in a contract to a customer and in an amount that reflects the consideration that we expect to receive in exchange for those services. Performance obligations in our contracts represent distinct or separate services that we provide to our customers. If, at the outset of an arrangement, we determine that a contract with enforceable rights and obligations does not exist, revenues are deferred until all criteria for an enforceable contract are met. We generate the majority of our revenues by providing consulting services to our clients. Most of our consulting service contracts are based on one of the following types of contract arrangements: •Time and expense arrangements require the client to pay us based on the number of hours worked at contractually agreed-upon rates. We recognize revenues for these contract arrangements based on hours incurred and contracted rates utilizing a right-to-invoice practical expedient because we have a right to consideration for services completed to date. When a time and expense arrangement has a not-to-exceed or “cap” amount and we expect to perform work in excess of the cap, we recognize revenues up to the cap amount specified by the client. •Fixed-fee arrangements require the client to pay a fixed-fee in exchange for a predetermined set of professional services. We recognize revenues earned to date by applying the proportional performance method. Generally, these arrangements have one performance obligation. •Performance-based or contingent arrangements represent forms of variable consideration. In these arrangements, our fees are based on the attainment of contractually defined objectives with our client, such as completing a business transaction or assisting the client in achieving a specific business objective. We recognize revenues earned to date in an amount that is probable not to reverse and by applying the proportional performance method when the criteria for over time revenue recognition are met. Certain fees in our time and materials arrangements may be subject to approval by a third-party, such as a bankruptcy court and other regulatory agency. In such cases, we record revenues based on the amount we estimate we will be entitled to in exchange for our services and only to the extent a significant reversal of revenue is not likely to occur when the uncertainty associated with the estimate is subsequently resolved. Potential fee reductions imposed by bankruptcy courts and other regulatory agencies or negotiated with specific clients are estimated on a specific identification basis. Our estimates may vary depending on the nature of the engagement, client economics, historical experience and other appropriate factors. When there are changes in our estimates of potential fee reductions, we record such changes to revenues with a corresponding offset to our billed and unbilled accounts receivable. In our Technology segment, certain clients are billed based on the amount of data storage used or the volume of information processed. Unit-based revenues are defined as revenues billed on a per item, per page or another unit-based method and include revenues from data processing and hosting. Unit-based revenues include revenues associated with licensed software products made available to customers via a web browser (“on-demand”). On-demand revenues are charged on a unit or monthly basis and include, but are not limited to, processing and review related functions. Reimbursable expenses, including those relating to travel, out-of-pocket expenses, outside consultants and other outside service costs, are generally included in revenues, and an equivalent amount of reimbursable expenses is included in costs of services in the period in which the expense is incurred. Timing of revenue recognition often differs from the timing of billing to our customers. Generally, we transfer goods or services to a customer before the customer pays consideration or payment is due. If we have an unconditional right to invoice and receive payment for goods or services already provided, we record billed and unbilled receivables on our Consolidated Balance Sheets. Our contract terms generally include a requirement of payment within 30 days when no contingencies exist. Payment terms and conditions vary depending on the jurisdiction, market and type of service, and whether regulatory or other third-party approvals are required. At times, we may execute contracts in a form provided by customers that might include different payment terms and contracts may be negotiated at the client’s request. Direct Cost of Revenues Direct cost of revenues consists primarily of billable employee compensation and related payroll benefits, the cost of contractors assigned to revenue-generating activities and direct expenses billable to clients. Direct cost of revenues also includes expense for cloud-based computing and depreciation expense on licensed software used to host and process client information. Direct cost of revenues does not include an allocation of corporate overhead and non-billable segment costs.
Share-Based Compensation	Share-Based Compensation Share-based compensation cost is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite service period or performance period of the award. The amount of share-based compensation expense recognized at any date must at least equal the portion of grant date value of the award that is vested at that date. The fair value of restricted share awards and restricted stock units is measured based on the closing price of the underlying stock on the date of grant. The fair value of performance stock units that contain market-based vesting conditions is measured using a Monte Carlo pricing model. The compensation cost of performance stock units with market-based vesting conditions is based on the grant date fair value and is not subsequently reversed if it is later determined that the market condition is unlikely to be met or is expected to be lower than originally anticipated. For performance stock units that contain performance-based vesting conditions, the compensation cost is adjusted each reporting period based on the probability of the awards vesting. For all of our share-based awards, we recognize forfeitures in compensation cost when they occur.
Acquisition-Related Contingent Consideration	Acquisition-Related Contingent Consideration The fair value of acquisition-related contingent consideration is estimated at the acquisition date utilizing either a Monte Carlo pricing model or the present value of our probability-weighted estimate of future cash flows. Subsequent to the acquisition date, on a quarterly basis, the contingent consideration liability is remeasured at current fair value with any changes recorded in earnings. Accretion expense is recorded to contingent consideration liabilities for changes in fair value due to the passage of time. Remeasurement gains or losses and accretion expense are included in “Selling, general and administrative” (“SG&A”) expenses on the Consolidated Statements of Comprehensive Income.
Advertising Costs	Advertising Costs Advertising costs consist of marketing, advertising through print and other media, professional event sponsorship and public relations. These costs are expensed as incurred.
Income Taxes	Income Taxes Our income tax provision consists principally of U.S. federal, state and international income taxes. We generate income in a significant number of states located throughout the U.S. and in foreign countries in which we conduct business. Our effective income tax rate may fluctuate due to a change in the mix of earnings between higher and lower state or country tax jurisdictions and the impact of non-deductible expenses. Additionally, we record deferred tax assets and liabilities using the asset and liability method of accounting, which requires us to measure these assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. In evaluating our ability to recover our deferred tax assets, we consider all available positive and negative evidence, including scheduled reversals of temporary differences, projected future taxable income, tax planning strategies and recent results of operations.
Cash Equivalents	Cash Equivalents Cash equivalents consist of money market funds, commercial paper and certificates of deposit with maturities of three months or less at the time of purchase.
Short-term Investment	Short-term Investment The short-term investment represents an investment in a certificate of deposit with an original maturity of less than one year and is included in the “Prepaid expenses and other current assets” financial statement line item on the Consolidated Balance Sheets. We classified the short-term investment as held-to-maturity in accordance with Accounting Standards Codification Topic 320, Investments - Debt and Equity Securities. Short-term investments classified as held-to-maturity are financial instruments the Company has the intent and ability to hold until maturity and are reported net of amortized cost. Any interest earned on the short-term investment is recorded in “Interest income and other” on the Consolidated Statements of Comprehensive Income.
Allowance for Expected Credit Losses	Allowance for Expected Credit Losses We estimate the current-period provision for expected credit losses on a specific identification basis. Our judgments regarding a specific client’s credit risk considers factors such as the counterparty’s creditworthiness, knowledge of the specific client’s circumstances and historical collection experience for similar clients. Other factors include, but are not limited to, current economic conditions and forward-looking estimates. Our actual experience may vary from our estimates. If the financial condition of our clients were to deteriorate, resulting in their inability or unwillingness to pay our fees, we may need to record additional provisions for expected credit losses in future periods. The risk of credit losses may be mitigated to the extent that we received a retainer from some of our clients prior to performing services. We maintain an allowance for expected credit losses, which represents the estimated aggregate amount of credit risk arising from the inability or unwillingness of specific clients to pay our fees or disputes that may affect our ability to fully collect our billed accounts receivable. We record our estimate of lifetime expected credit losses concurrently with the initial recognition of the underlying receivable. Accounts receivable, net of the allowance for expected credit losses, represents the amount we expect to collect. At each reporting date, we adjust the allowance for expected credit losses to reflect our current estimate. Adjustments to the allowance for expected credit losses are recorded to SG&A expenses on the Consolidated Statements of Comprehensive Income. Our billed accounts receivables are written off when the potential for recovery is considered remote.
Property and Equipment	Property and Equipment We record property and equipment, including improvements that extend useful life, at cost, while maintenance and repairs are expensed as incurred. We calculate depreciation using the straight-line method based on an estimated useful life ranging from less than one year to 11 years for furniture, equipment and software. We amortize leasehold improvements over the shorter of the estimated useful life of the asset or the lease term. We capitalize costs incurred during the application development stage of computer software developed or obtained for internal use. Capitalized software developed for internal use is classified within computer equipment and software and is amortized over the estimated useful life of the software, which ranges from three years to 10 years. Purchased software licenses to be sold to customers are capitalized and amortized over the license term.
Notes Receivable from Employees	Notes Receivable from Employees Notes receivable from employees principally include unsecured general recourse forgivable loans and retention payments, which are provided to attract and retain certain of our senior employees and other professionals. Generally, all of the principal amount and accrued interest income of the forgivable loans we make to employees and other professionals will be forgiven according to the stated terms of the loan agreement, provided that the professional is providing services to the Company on the forgiveness date and upon other specified events, such as death or disability. For the year ended December 31, 2023, we have recorded accrued interest income as a reduction to operating expense on our Consolidated Statement of Comprehensive Income. Professionals who terminate their employment or services with us prior to the end of the forgiveness period are required to repay the outstanding, unforgiven loan balance and any accrued but unforgiven interest. The unforgiven interest is recorded to interest income and other on our Consolidated Statements of Comprehensive Income at the time of termination. If the termination was by the Company without “cause” or by the employee with “good reason,” or, subject to certain conditions, if the employee terminates his or her employment due to retirement or non-renewal of his or her employment agreement, the loan may be forgiven or continue to be forgivable, in whole or in part. We amortize forgivable loans straight-line over the requisite service period, which ranges from a period of one year to 10 years. The amount of expense recognized at any date must at least equal the portion of the principal forgiven on the forgiveness date.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the purchase price of acquired businesses in excess of the fair market value of net assets acquired at the date of acquisition. Intangible assets may include customer relationships, trademarks and acquired software. We test our goodwill and indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. On a quarterly basis, we monitor the key drivers of fair value to detect events or other changes that would warrant an interim impairment test. Important factors we consider that could trigger an interim impairment review include, but are not limited to, the following: •significant underperformance relative to expected historical or projected future operating results; •a significant change in the manner of our use of the acquired asset or the strategy for our overall business; •a significant market decline related to negative industry or economic trends; and/or •our market capitalization relative to net carrying value. We assess our goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or a business one level below that operating segment if discrete financial information is available and regularly reviewed by the chief operating decision makers. Our annual goodwill impairment test may be conducted using a qualitative assessment or a quantitative assessment. Under GAAP, we have an option to bypass the qualitative assessment and perform a quantitative impairment test. We determine whether to perform a qualitative assessment first or to bypass the qualitative assessment and proceed with the quantitative goodwill impairment test for each of our reporting units based on the excess of fair value over carrying value from the most recent quantitative tests and other events or changes in circumstances that could impact the fair value of the reporting units. In the qualitative assessment, we consider various factors, events or circumstances, including macroeconomic conditions, industry and market considerations, cost factors, overall financial performance and other relevant reporting unit specific events. If, based on the qualitative assessment, we determine that it is not “more likely than not” that the fair value of a reporting unit is less than its carrying value, we do not prepare a quantitative impairment test. If we determine otherwise, we will prepare a quantitative assessment for potential goodwill impairment. In the quantitative assessment, we compare the estimated fair value of the reporting unit with the carrying amount of that reporting unit. We estimate fair value using a combination of an income approach (based on discounted cash flows) and market approaches, using appropriate weighting factors. If the fair value exceeds the carrying amount, goodwill is not impaired. However, if the carrying value exceeds the fair value of the reporting unit, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Intangible assets with finite lives are amortized over their estimated useful life and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We amortize our acquired finite-lived intangible assets on a straight-line basis over periods ranging from two to 15 years.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We review long-lived assets such as property and equipment, operating lease assets and finite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans or changes in anticipated future cash flows. If an impairment indicator is present, we evaluate recoverability of assets to be held and used by a comparison of the carrying value of the assets with future undiscounted net cash flows expected to be generated by the assets. We group assets at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset group, we estimate the fair value of the asset group to determine whether an impairment loss should be recognized.
Leases	Leases We determine if a contract is a leasing arrangement at inception. Operating lease assets represent our right to control the use of an identified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized on the Consolidated Balance Sheets at the commencement date based on the present value of lease payments over the lease term. We use the incremental borrowing rate on the commencement date in determining the present value of our lease payments. We recognize operating lease expense for our operating leases on a straight-line basis over the lease term. We lease office space and equipment under non-cancelable operating leases, which may include renewal or termination options that are reasonably certain of exercise. Most leases include one or more options to renew, with renewal terms that can extend the lease term up to seven years. The exercise of lease renewal options is at our sole discretion. Certain of our lease agreements include rental payments that are adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are expensed on a straight-line basis. Lease and non-lease components are accounted for together as a single lease component for operating leases associated with our office space.
Billings in Excess of Services Provided	Billings in Excess of Services Provided Billings in excess of services provided represent amounts billed to clients, such as retainers, in advance of work being performed. Clients may make advance payments, which are held on deposit until completion of work or are applied at predetermined amounts or times. Excess payments are either applied to final billings or refunded to clients upon completion of work. Payments in excess of related accounts receivable and unbilled receivables are recorded as billings in excess of services provided within the liabilities section of the Consolidated Balance Sheets.
Convertible Notes	Convertible Notes The carrying amount of our 2.0% convertible senior notes due 2023 (“2023 Convertible Notes”) is recognized as a liability as of December 31, 2022 on the Consolidated Balance Sheets. We recorded debt issuance costs as an adjustment to the carrying amount of our 2023 Convertible Notes liability and amortized the costs using the effective interest rate method over the expected life of the instrument. The principal amount of the 2023 Convertible Notes of $315.8 million was settled in cash at maturity on August 15, 2023 utilizing existing cash resources, including our senior secured bank revolving credit facility (“Credit Facility”).
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands annual disclosures in an entity’s income tax rate reconciliation table and requires annual disclosures regarding cash taxes paid both in the U.S. (federal and state) and foreign jurisdictions. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, although early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated financial statements.