FTI Consulting Reports Q1 2024 Results

TL;DR

<b>FTI Consulting, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

FTI CONSULTING, INC (FCN) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. FTI Consulting filed its 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business address is 555 12th Street NW, Washington, DC 20004. FTI Consulting, Inc. is incorporated in Maryland. The SIC code for FTI Consulting is 8742, Services-Management Consulting Services.

Why It Matters

For investors and stakeholders tracking FTI CONSULTING, INC, this filing contains several important signals. This 10-Q filing provides an update on FTI Consulting's financial performance and business operations for the first quarter of 2024. Investors and analysts will review this report for insights into revenue, expenses, and other key financial metrics to assess the company's current health and future prospects.

Risk Assessment

Risk Level: — FTI CONSULTING, INC shows moderate risk based on this filing. The filing is a standard quarterly report and does not contain immediate red flags, indicating a low level of immediate risk.

Analyst Insight

Monitor FTI Consulting's subsequent filings for detailed financial performance and segment-specific results to understand the impact of Q1 2024 operations.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-25 — Filing Date (FILED AS OF DATE)
• 8742 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 2024-01-01 — Quarter Start Date (2024 Q1)
• 2024-03-31 — Quarter End Date (2024 Q1)

Key Players & Entities

• FTI CONSULTING, INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-25 (date) — FILED AS OF DATE
• 555 12TH STREET NW (address) — BUSINESS ADDRESS
• WASHINGTON (location) — CITY
• DC (location) — STATE
• 20004 (postal_code) — ZIP
• MD (location) — STATE OF INCORPORATION

FAQ

Industry Context

FTI Consulting operates within the management consulting services industry, providing expertise in areas such as corporate finance, restructuring, forensic and litigation consulting, economic consulting, and strategic communications.

Regulatory Implications

The filing is a standard 10-Q, which is a quarterly report required by the SEC for publicly traded companies to provide updates on their financial condition.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for revenue, net income, and cash flow.
2. Analyze segment performance to identify growth drivers and areas of concern.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for FTI Consulting in 2024, providing an update following the previous annual report.

Key Financial Figures

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

Filing Documents

• fcn-20240331.htm (10-Q) — 1078KB
• fti33124-10qex311.htm (EX-31.1) — 14KB
• fti33124-10qex312.htm (EX-31.2) — 14KB
• fti33124-10qex321.htm (EX-32.1) — 8KB
• fti33124-10qex322.htm (EX-32.2) — 8KB
• 0000887936-24-000065.txt (&nbsp;) — 5181KB
• fcn-20240331.xsd (EX-101.SCH) — 36KB
• fcn-20240331_cal.xml (EX-101.CAL) — 73KB
• fcn-20240331_def.xml (EX-101.DEF) — 123KB
• fcn-20240331_lab.xml (EX-101.LAB) — 473KB
• fcn-20240331_pre.xml (EX-101.PRE) — 313KB
• fcn-20240331_htm.xml (XML) — 616KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets—March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Income—Three Months Ended March 3 1 , 202 4 and 20 23 4 Condensed Consolidated Statements of Stockholders' Equity—Three Months Ended March 3 1 , 202 4 and 202 3 5 Condensed Consolidated Statements of Cash Flows— T hree Months Ended March 3 1 , 202 4 and 202 3 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION FTI Consulting, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except per share data)

Financial Statements

Item 1. Financial Statements March 31, December 31, 2024 2023 (Unaudited) Assets Current assets Cash and cash equivalents $ 243,960 $ 303,222 Accounts receivable, net 1,157,465 1,102,142 Current portion of notes receivable 45,211 30,997 Prepaid expenses and other current assets 98,062 119,092 Total current assets 1,544,698 1,555,453 Property and equipment, net 152,949 159,662 Operating lease assets 199,596 208,910 Goodwill 1,230,645 1,234,569 Intangible assets, net 19,455 18,285 Notes receivable, net 96,806 75,431 Other assets 80,379 73,568 Total assets $ 3,324,528 $ 3,325,878 Liabilities and Stockholders' Equity Current liabilities Accounts payable, accrued expenses and other $ 226,787 $ 223,758 Accrued compensation 332,677 601,074 Billings in excess of services provided 68,236 67,937 Total current liabilities 627,700 892,769 Long-term debt, net 205,000 — Noncurrent operating lease liabilities 213,576 223,774 Deferred income taxes 136,065 140,976 Other liabilities 87,831 86,939 Total liabilities 1,270,172 1,344,458 Commitments and contingencies (Note 10) Stockholders' equity Preferred stock, $ 0.01 par value; shares authorized — 5,000 ; none outstanding — — Common stock, $ 0.01 par value; shares authorized — 75,000 ; shares issued and outstanding 35,697 (2024) and 35,521 (2023) 357 355 Additional paid-in capital 21,162 16,760 Retained earnings 2,194,730 2,114,765 Accumulated other comprehensive loss ( 161,893 ) ( 150,460 ) Total stockholders' equity 2,054,356 1,981,420 Total liabilities and stockholders' equity $ 3,324,528 $ 3,325,878 See accompanying notes to condensed consolidated financial statements 3 FTI Consulting, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenues $ 928,553 $ 806,706 Operating expenses Direct cost of revenues 626,034 553,509 Selling, general and administrativ

View Full Filing

View this 10-Q filing on SEC EDGAR