FTI Consulting Reports Q2 2024 Financials
Ticker: FCN · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 887936
Sentiment: neutral
Topics: 10-Q, financials, consulting
TL;DR
FTI Consulting's Q2 2024 10-Q is out - check financials for performance.
AI Summary
FTI Consulting, Inc. reported its financial results for the period ending June 30, 2024. The company's filing covers the second quarter of 2024, detailing its financial performance and position. Specific financial figures and operational details for the quarter are provided within the report.
Why It Matters
This 10-Q filing provides investors and stakeholders with a detailed look at FTI Consulting's financial health and operational performance during the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health indicators or potential risks.
Key Players & Entities
- FTI CONSULTING, INC (company) — Filer
- 20240630 (date) — Period of report
- 20240725 (date) — Filing date
- 555 12TH STREET NW (address) — Business and Mail Address
- WASHINGTON (location) — City
- DC (location) — State
- 20004 (zip_code) — Zip Code
FAQ
What is the reporting period for this 10-Q filing?
The conformed period of report is 20240630, indicating the second quarter of 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20240725.
What is FTI Consulting's primary business address?
FTI Consulting's business address is 555 12TH STREET NW, WASHINGTON, DC 20004.
What is the Standard Industrial Classification (SIC) code for FTI Consulting?
The SIC code for FTI Consulting is 8742, which corresponds to SERVICES-MANAGEMENT CONSULTING SERVICES.
What is the SEC file number for FTI Consulting?
The SEC file number for FTI Consulting is 001-14875.
Filing Stats: 4,715 words · 19 min read · ~16 pages · Grade level 15 · Accepted 2024-07-25 07:29:44
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value FCN New York Stock Exchange
Filing Documents
- fcn-20240630.htm (10-Q) — 1378KB
- fti63024-10qex311.htm (EX-31.1) — 14KB
- fti63024-10qex312.htm (EX-31.2) — 14KB
- fti63024-10qex321.htm (EX-32.1) — 8KB
- fti63024-10qex322.htm (EX-32.2) — 8KB
- 0000887936-24-000125.txt ( ) — 5793KB
- fcn-20240630.xsd (EX-101.SCH) — 35KB
- fcn-20240630_cal.xml (EX-101.CAL) — 69KB
- fcn-20240630_def.xml (EX-101.DEF) — 123KB
- fcn-20240630_lab.xml (EX-101.LAB) — 482KB
- fcn-20240630_pre.xml (EX-101.PRE) — 315KB
- fcn-20240630_htm.xml (XML) — 742KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 3 Condensed Consolidated Balance Sheets— June 3 0 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Income—Three and Six Months Ended June 3 0 , 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity—Three and Six Months Ended June 3 0 , 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows— Six Months Ended June 3 0 , 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 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 36 Item 4.
Controls and Procedures
Controls and Procedures 36
—OTHER INFORMATION
PART II—OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 37 Item 1A.
Risk Factors
Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39
—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 June 30, December 31, 2024 2023 (Unaudited) Assets Current assets Cash and cash equivalents $ 226,428 $ 303,222 Accounts receivable, net 1,190,521 1,102,142 Current portion of notes receivable 45,145 30,997 Prepaid expenses and other current assets 107,117 119,092 Total current assets 1,569,211 1,555,453 Property and equipment, net 152,307 159,662 Operating lease assets 202,511 208,910 Goodwill 1,230,932 1,234,569 Intangible assets, net 18,377 18,285 Notes receivable, net 106,201 75,431 Other assets 78,105 73,568 Total assets $ 3,357,644 $ 3,325,878 Liabilities and Stockholders' Equity Current liabilities Accounts payable, accrued expenses and other $ 182,667 $ 223,758 Accrued compensation 463,669 601,074 Billings in excess of services provided 67,558 67,937 Total current liabilities 713,894 892,769 Long-term debt 60,000 — Noncurrent operating lease liabilities 214,517 223,774 Deferred income taxes 136,374 140,976 Other liabilities 83,479 86,939 Total liabilities 1,208,264 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 35,902 (2024) and 35,521 (2023) 359 355 Additional paid-in capital 33,955 16,760 Retained earnings 2,278,677 2,114,765 Accumulated other comprehensive loss ( 163,611 ) ( 150,460 ) Total stockholders' equity 2,149,380 1,981,420 Total liabilities and stockholders' equity $ 3,357,644 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $ 949,156 $ 864,591 $ 1,877,709 $ 1,671,297 Operating expenses Direct cost of revenu