FTI Consulting, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>FTI Consulting, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

FTI CONSULTING, INC (FCN) filed a Annual Report (10-K) with the SEC on February 22, 2024. FTI Consulting, Inc. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is management consulting services. FTI Consulting, Inc. is incorporated in Maryland. The company's headquarters are located at 555 12th Street NW, Washington, DC.

Why It Matters

For investors and stakeholders tracking FTI CONSULTING, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of FTI Consulting's financial health, operational strategies, and risk factors for the past fiscal year, which is crucial for investors to assess the company's performance and future outlook. As a management consulting services firm, the detailed financial and operational information in this report is essential for stakeholders to understand the company's market position, revenue streams, and any potential challenges or opportunities.

Risk Assessment

Risk Level: medium — FTI CONSULTING, INC shows moderate risk based on this filing. The company operates in the management consulting sector, which can be subject to economic downturns and shifts in client spending, as indicated by the general nature of its business and the need for detailed financial reporting.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand FTI Consulting's performance and strategic direction for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-22 — Filing Date (Date of submission)
• 001-14875 — SEC File Number (SEC registration number)
• 521261113 — IRS Number (Company's IRS identification number)

Key Players & Entities

• FTI CONSULTING, INC (company) — Filer name
• FCN (company) — Ticker symbol
• 2024-02-22 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 8742 (other) — Standard Industrial Classification code for Management Consulting Services
• MD (other) — State of incorporation
• 555 12TH STREET NW (other) — Business address street
• WASHINGTON (other) — Business address city

FAQ

Industry Context

FTI Consulting operates within the management consulting services industry, providing a range of advisory and solutions services to clients facing complex business challenges.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and management.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2024-02-22: 10-K Filing — Annual report submission for fiscal year 2023
• 2023-12-31: Fiscal Year End — End of the reporting period

Year-Over-Year Comparison

This is the initial filing analyzed for the 2023 fiscal year.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value FCN New York Stock Exchange

Filing Documents

• fcn-20231231.htm (10-K) — 2193KB
• fti-123123x10kex211.htm (EX-21.1) — 89KB
• fti-123123x10kex231.htm (EX-23.1) — 2KB
• fti-123123x10kex311.htm (EX-31.1) — 11KB
• fti-123123x10kex312.htm (EX-31.2) — 11KB
• fti-123123x10kex321.htm (EX-32.1) — 6KB
• fti-123123x10kex322.htm (EX-32.2) — 6KB
• fti-123123x10kex971.htm (EX-97.1) — 11KB
• 0000887936-24-000015.txt (&nbsp;) — 10503KB
• fcn-20231231.xsd (EX-101.SCH) — 64KB
• fcn-20231231_cal.xml (EX-101.CAL) — 115KB
• fcn-20231231_def.xml (EX-101.DEF) — 274KB
• fcn-20231231_lab.xml (EX-101.LAB) — 882KB
• fcn-20231231_pre.xml (EX-101.PRE) — 592KB
• fcn-20231231_htm.xml (XML) — 1538KB

Risk Factors 15

Item 1A. Risk Factors 15

Unresolved Staff Comments 28

Item 1B. Unresolved Staff Comments 28

Cybersecurity 28

Item 1C. Cybersecurity 28

Properties 30

Item 2. Properties 30

Legal Proceedings 30

Item 3. Legal Proceedings 30

Mine Safety Disclosures 30

Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

[Reserved] 32

Item 6. [Reserved] 32

Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures about Market Risk 51

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 51

Financial Statements and Supplementary Data 53

Item 8. Financial Statements and Supplementary Data 53

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86

Controls and Procedures 86

Item 9A. Controls and Procedures 86

Other Information 86

Item 9B. Other Information 86

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 86

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 86 PART III

Directors, Executive Officers and Corporate Governance 87

Item 10. Directors, Executive Officers and Corporate Governance 87

Executive Compensation 87

Item 11. Executive Compensation 87

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87

Certain Relationships and Related Transactions and Director Independence 87

Item 13. Certain Relationships and Related Transactions and Director Independence 87

Principal Accountant Fees and Services 87

Item 14. Principal Accountant Fees and Services 87 PART IV

Exhibits and Financial Statement Schedule 88

Item 15. Exhibits and Financial Statement Schedule 88

Form 10-K Summary 98

Item 16. Form 10-K Summary 98 FTI CONSULTING, INC. PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (the "Annual Report") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve uncertainties and risks. Forward-looking statements include statements concerning our plans, initiatives, projections, prospects, policies, processes and practices, objectives, goals, commitments, strategies, future events, future revenues, future results and performance, future capital allocations and expenditures, expectations, plans or intentions relating to acquisitions, share repurchases and other matters, business trends, new, or changes to, laws and regulations, including U.S. and foreign tax laws, environmental, social and governance ("ESG")-related issues, climate change-related matters, scientific or technological developments, including relating to new and emerging technologies, such as artificial intelligence ("AI") and machine learning and other information that is not historical. Forward-looking statements often contain words such as " estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "commits," "aspires," "forecasts," "future," "goal," "seeks" and variations of such words or similar expressions. All forward-looking statements, including, without limitation, management's financial guidance and examination of operating trends, are based upon our historical performance and our current plans, estimates, intentions and expectations at the time we make them, and various assumptions. Our actual financial results, performance or achievements and outcomes could differ materially from those expressed in, or implied by, any forward-looking statements. Any references to standards of measurement and performance made regarding our climate change-, ESG- or other sustainability-related plans, goals, commitments, intenti

BUSINESS

ITEM 1. BUSINESS Unless otherwise indicated or required by the context, when we use the terms "Company," "FTI Consulting," "we," "us" and "our," we mean FTI Consulting, Inc., a Maryland corporation, and its consolidated subsidiaries. Company Overview General 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 report financial results for the following five reportable segments: Corporate Finance & Restructuring ("Corporate Finance"); Forensic and Litigation Consulting ("FLC"); Economic Consulting; Technology; and 1 Strategic Communications. We work closely with our clients to help them anticipate and overcome complex business challenges and make the most of opportunities arising from factors such as the economy, financial and credit markets, governmental legislation and regulation, and litigation. We provide our clients with expert advice and solutions involving business transformation, strategy, transactions, turnaround & restructuring, construction, projects, assets & environmental solutions, data & analytics, disputes, healthcare risk management & advisory, risk and investigations, antitrust & competition economics, financial economics, international arbitration, corporate legal department consulting, electronic discovery (or "e-discovery") services and expertise, information governance, privacy & security services, corporate reputation, financial communications and public affairs. Our experienced professionals

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