FTI Consulting Reports First Quarter 2023 Financial Results

Rhea-AI Summary

FTI Consulting (FCN) reported Q1 2023 revenues of $806.7 million, marking an 11.5% increase from $723.6 million in Q1 2022. When adjusted for foreign currency exchange impacts, revenues rose by 13.8%. The company's net income was $47.5 million, down from $59.3 million year-over-year, influenced by rising compensation costs, including an 11% increase in billable headcount, and higher operational expenses. The adjusted EBITDA was $78.4 million, representing 9.7% of revenues, a decrease from the previous year’s 12.5%.

FTI Consulting's cash and cash equivalents totaled $238.5 million at the end of March 2023, a decline from $491.7 million at the end of 2022. The company also repurchased 112,139 shares of common stock for approximately $17.8 million.

Positive

• Q1 2023 revenues increased by 11.5% year-over-year to $806.7 million.
• Excluding FX impacts, revenues rose by 13.8% compared to the prior year.
• Corporate Finance & Restructuring segment revenues grew by 18.4% to $300.0 million.

Negative

• Net income declined to $47.5 million from $59.3 million in the prior year.
• Adjusted EBITDA decreased to $78.4 million, or 9.7% of revenues, down from 12.5%.

• First Quarter 2023 Revenues of $806.7 Million, Up 11.5% Compared to $723.6 Million in Prior Year Quarter; Excluding Estimated Negative Impact of FX, First Quarter 2023 Revenues Up 13.8% Compared to Prior Year Quarter
• First Quarter 2023 EPS of $1.34 Compared to $1.66 in Prior Year Quarter

WASHINGTON, April 27, 2023 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today released financial results for the first quarter ended March 31, 2023.

First quarter 2023 revenues of $806.7 million increased $83.1 million, or 11.5%, compared to revenues of $723.6 million in the prior year quarter. Excluding the estimated negative impact from foreign currency translation (“FX”), revenues increased $99.7 million, or 13.8%, compared to the prior year quarter. The increase in revenues was primarily due to higher demand across the Corporate Finance & Restructuring, Forensic and Litigation Consulting and Technology segments. Net income of $47.5 million compared to $59.3 million in the prior year quarter. The decrease in net income was primarily due to an increase in compensation, including the impact of an 11.0% increase in billable headcount, higher selling, general and administrative (“SG&A”) expenses and FX remeasurement losses, which more than offset the increase in revenues compared to the prior year quarter. Adjusted EBITDA of $78.4 million, or 9.7% of revenues, compared to $90.5 million, or 12.5% of revenues, in the prior year quarter. First quarter 2023 earnings per diluted share (“EPS”) of $1.34 compared to $1.66 in the prior year quarter.

Steven H. Gunby, President and Chief Executive Officer of FTI Consulting, commented, “Our teams, once again, delivered record revenues this quarter, with revenues up 11.5%, or 13.8% excluding the impact of FX. Notwithstanding the strong top-line performance this quarter, our bottom line declined substantially compared to the prior year quarter. That shortfall was partially the result of a combination of factors that happened to cut negatively in the quarter but was also driven by major investments we have been making behind growth opportunities, which we believe will continue to support the powerful multi-year trajectory that our company has been on.”

Cash Position and Capital Allocation

Net cash used in operating activities of $254.2 million for the quarter ended March 31, 2023 compared to $203.8 million for the quarter ended March 31, 2022. The year-over-year increase in net cash used in operating activities was largely due to an increase in salaries primarily related to headcount growth, higher operating expenses and an increase in annual bonus payments, which was partially offset by an increase in cash collections.

Cash and cash equivalents of $238.5 million at March 31, 2023 compared to $271.1 million at March 31, 2022 and $491.7 million at December 31, 2022. Total debt, net of cash, of $122.7 million at March 31, 2023 compared to $60.1 million at March 31, 2022 and ($175.5) million at December 31, 2022. The sequential increase in total debt, net of cash, was primarily due to an increase in cash used in operating activities, which included annual bonus payments.

During the quarter ended March 31, 2023, the Company repurchased 112,139 shares of its common stock at an average price per share of $158.70 for a total cost of $17.8 million. As of March 31, 2023, approximately $460.7 million remained available for common stock repurchases under the Company’s stock repurchase program.

First Quarter 2023 Segment Results

Corporate Finance & Restructuring
Revenues in the Corporate Finance & Restructuring segment increased $46.7 million, or 18.4%, to $300.0 million in the quarter compared to $253.3 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $51.4 million, or 20.3%, compared to the prior year quarter. Acquisition-related revenues contributed $1.5 million in the quarter. The increase in revenues was due to higher demand for restructuring and business transformation services, which was partially offset by a decline in demand for transactions services. Adjusted Segment EBITDA of $55.0 million, or 18.3% of segment revenues, compared to $53.5 million, or 21.1% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was primarily due to higher revenues, which was partially offset by higher compensation, which includes the impact of a 13.9% increase in billable headcount, and higher SG&A expenses compared to the prior year quarter.

Forensic and Litigation Consulting
Revenues in the Forensic and Litigation Consulting segment increased $19.5 million, or 12.7%, to $173.4 million in the quarter compared to $153.9 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $22.0 million, or 14.3%, compared to the prior year quarter. The increase in revenues was primarily due to higher demand for data & analytics, investigations and health solutions services. Adjusted Segment EBITDA of $18.6 million, or 10.7% of segment revenues, compared to $17.3 million, or 11.2% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was primarily due to higher revenues, which was partially offset by an increase in compensation, which includes the impact of a 4.2% increase in billable headcount, an increase in as-needed contractor expenses and higher SG&A expenses compared to the prior year quarter.

Economic Consulting
Revenues in the Economic Consulting segment increased $3.6 million, or 2.2%, to $169.6 million in the quarter compared to $166.0 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $8.6 million, or 5.2%, compared to the prior year quarter. The increase in revenues was primarily due to higher demand for merger and acquisition (“M&A”)-related antitrust services and higher realization for non-M&A-related antitrust services, which was partially offset by lower demand for non-M&A-related antitrust services. Adjusted Segment EBITDA of $14.2 million, or 8.4% of segment revenues, compared to $21.2 million, or 12.8% of segment revenues, in the prior year quarter. The decrease in Adjusted Segment EBITDA was primarily due to higher compensation, which includes the impact of an 8.5% increase in billable headcount, and higher SG&A expenses compared to the prior year quarter.

Technology
Revenues in the Technology segment increased $10.1 million, or 12.6%, to $90.6 million in the quarter compared to $80.5 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $11.8 million, or 14.6%, compared to the prior year quarter. The increase in revenues was primarily due to higher demand for investigations and litigation services, which was partially offset by lower demand for information governance, privacy & security services. Adjusted Segment EBITDA of $15.4 million, or 17.0% of segment revenues, compared to $13.4 million, or 16.6% of segment revenues, in the prior year quarter. The increase in Adjusted Segment EBITDA was primarily due to higher revenues, which was partially offset by higher SG&A expenses and an increase in compensation, which includes the impact of a 17.1% increase in billable headcount, compared to the prior year quarter.

Strategic Communications
Revenues in the Strategic Communications segment increased $3.2 million, or 4.5%, to $73.1 million in the quarter compared to $69.9 million in the prior year quarter. Excluding the estimated negative impact from FX, revenues increased $6.0 million, or 8.6%, compared to the prior year quarter. The increase in revenues was primarily due to higher demand for corporate reputation services. Adjusted Segment EBITDA of $9.6 million, or 13.1% of segment revenues, compared to $15.7 million, or 22.5% of segment revenues, in the prior year quarter. The decrease in Adjusted Segment EBITDA was primarily due to higher compensation, which includes the impact of a 16.2% increase in billable headcount, and higher SG&A expenses, which more than offset the increase in revenues compared to the prior year quarter.

First Quarter 2023 Conference Call
FTI Consulting will host a conference call for analysts and investors to discuss first quarter 2023 financial results at 9:00 a.m. Eastern Time on Thursday, April 27, 2023. The call can be accessed live and will be available for replay over the internet for 90 days by logging onto the Company’s investor relations website here.

About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 7,700 employees located in 31 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated $3.03 billion in revenues during fiscal year 2022. More information can be found at www.fticonsulting.com.

Non-GAAP Financial Measures
In the accompanying analysis of financial information, we sometimes use information derived from consolidated and segment financial information that may not be presented in our financial statements or prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Certain of these financial measures are considered not in conformity with GAAP ("non-GAAP financial measures") under the United States Securities and Exchange Commission ("SEC") rules. Specifically, we have referred to the following non-GAAP financial measures:

• Total Segment Operating Income
• Adjusted EBITDA
• Total Adjusted Segment EBITDA
• Adjusted EBITDA Margin
• Adjusted Net Income
• Adjusted Earnings per Diluted Share
• Free Cash Flow
  

We have included the definitions of Segment Operating Income and Adjusted Segment EBITDA, which are GAAP financial measures, below in order to more fully define the components of certain non-GAAP financial measures presented in this press release. We define Segment Operating Income as a segment’s share of consolidated operating income. We define Total Segment Operating Income, which is a non-GAAP financial measure, as the total of Segment Operating Income for all segments, which excludes unallocated corporate expenses. We use Segment Operating Income for the purpose of calculating Adjusted Segment EBITDA. We define Adjusted Segment EBITDA as a segment’s share of consolidated operating income before depreciation, amortization of intangible assets, remeasurement of acquisition-related contingent consideration, special charges and goodwill impairment charges. We use Adjusted Segment EBITDA as a basis to internally evaluate the financial performance of our segments because we believe it reflects current core operating performance and provides an indicator of the segment’s ability to generate cash.

We define Total Adjusted Segment EBITDA, which is a non-GAAP financial measure, as the total of Adjusted Segment EBITDA for all segments, which excludes unallocated corporate expenses. We define Adjusted EBITDA, which is a non-GAAP financial measure, as consolidated net income before income tax provision, other non-operating income (expense), depreciation, amortization of intangible assets, remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges, gain or loss on sale of a business and losses on early extinguishment of debt. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with a more complete understanding of our operating results, including underlying trends. In addition, EBITDA is a common alternative measure of operating performance used by many of our competitors. It is used by investors, financial analysts, rating agencies and others to value and compare the financial performance of companies in our industry. Therefore, we also believe that these non-GAAP financial measures, considered along with corresponding GAAP financial measures, provide management and investors with additional information for comparison of our operating results with the operating results of other companies. We define Adjusted EBITDA Margin, which is a non-GAAP financial measure, as Adjusted EBITDA as a percentage of total revenues.

We define Adjusted Net Income and Adjusted Earnings per Diluted Share ("Adjusted EPS"), which are non-GAAP financial measures, as net income and EPS, respectively, excluding the impact of remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges, losses on early extinguishment of debt, non-cash interest expense on convertible notes and the gain or loss on sale of a business. We use Adjusted Net Income for the purpose of calculating Adjusted EPS. Management uses Adjusted EPS to assess total Company operating performance on a consistent basis. We believe that these non-GAAP financial measures, when considered together with our GAAP financial results and GAAP financial measures, provide management and investors with an additional understanding of our business operating results, including underlying trends.

We define Free Cash Flow, which is a non-GAAP financial measure, as net cash provided by (used in) operating activities less cash payments for purchases of property and equipment. We believe this non-GAAP financial measure, when considered together with our GAAP financial results, provides management and investors with an additional understanding of the Company’s ability to generate cash for ongoing business operations and other capital deployment.

Non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable with other similarly titled measures of other companies. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Cash Flows. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.

Safe Harbor Statement

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve uncertainties and risks. Forward-looking statements include statements concerning our plans, initiatives, projections, prospects, policies and practices, objectives, goals, commitments, strategies, future events, future revenues, future results and performance, 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 and technological developments, and other information that is not historical, including statements regarding estimates of our future financial results. When used in this press release, words such as "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "commits," "aspires," "forecasts," "future," "goal," "seeks" and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, estimates of our future financial results, are based upon our expectations at the time we make them and various assumptions. Our actual financial results, performance or achievements and outcomes could differ materially from those expressed in, or implied by, any forward-looking statements. Further, unaudited quarterly results are subject to normal year-end adjustments. The Company has experienced fluctuating revenues, operating income and cash flows in prior periods and expects that this will occur from time to time in the future. Any references to standards of measurement and performance made regarding our climate change-, ESG- or other sustainability-related plans, goals, commitments, intentions, aspirations, forecasts or projections, or expectations are developing and based on assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s plans, expectations, intentions, aspirations, beliefs, goals, estimates, forecasts and projections, including any that are ESG- or sustainability-related, will result or be achieved. Other factors that could cause such differences include declines in demand for, or changes in, the mix of services and products that we offer; the mix of the geographic locations where our clients are located or where services are performed; fluctuations in the price per share of our common stock; adverse financial, real estate or other market and general economic conditions; the impact of the COVID-19 pandemic or future public health crisis, and related events that are beyond our control, which could affect our segments, practices and the geographic regions in which we conduct business differently and adversely; and other future events, which could impact each of our segments, practices and the geographic regions in which we conduct business differently and could be outside of our control; the pace and timing of the consummation and integration of future acquisitions; the Company’s ability to realize cost savings and efficiencies; competitive and general economic conditions; retention of staff and clients; new laws and regulations or changes thereto; and other risks described under the heading "Item 1A, Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023 and in the Company’s other filings with the SEC. We are under no duty to update any of the forward-looking statements to conform such statements to actual results or events and do not intend to do so.

FINANCIAL TABLES FOLLOW

FTI CONSULTING, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
		March 31,				December 31,
			2023				2022
		(Unaudited)
Assets
Current assets
Cash and cash equivalents		$	238,539			$	491,688
Accounts receivable, net			988,144				896,153
Current portion of notes receivable			27,989				27,292
Prepaid expenses and other current assets			97,733				95,469
Total current assets			1,352,405				1,510,602
Property and equipment, net			163,051				153,466
Operating lease assets			208,894				203,764
Goodwill			1,230,067				1,227,593
Intangible assets, net			22,158				25,514
Notes receivable, net			62,268				55,978
Other assets			62,140				64,490
Total assets		$	3,100,983			$	3,241,407
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable, accrued expenses and other		$	177,223			$	173,953
Accrued compensation			308,762				541,892
Billings in excess of services provided			52,467				53,646
Total current liabilities			538,452				769,491
Long-term debt, net			360,583				315,172
Noncurrent operating lease liabilities			227,066				221,604
Deferred income taxes			158,315				162,374
Other liabilities			95,679				91,045
Total liabilities			1,380,095				1,559,686
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 — 33,983 (2023) and 34,026 (2022)			340				340
Additional paid-in capital			—				—
Retained earnings			1,887,420				1,858,103
Accumulated other comprehensive loss			(166,872	)			(176,722	)
Total stockholders’ equity			1,720,888				1,681,721
Total liabilities and stockholders’ equity		$	3,100,983			$	3,241,407

FTI CONSULTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands, except per share data)
		Three Months Ended
		March 31,
			2023				2022
		(Unaudited)
Revenues		$	806,706			$	723,620
Operating expenses
Direct cost of revenues			553,509				493,104
Selling, general and administrative expenses			184,213				148,971
Amortization of intangible assets			2,182				2,268
			739,904				644,343
Operating income			66,802				79,277
Other income (expense)
Interest income and other			(1,342	)			(347	)
Interest expense			(2,939	)			(2,642	)
			(4,281	)			(2,989	)
Income before income tax provision			62,521				76,288
Income tax provision			14,974				16,967
Net income		$	47,547			$	59,321
Earnings per common share ― basic		$	1.43			$	1.76
Weighted average common shares outstanding ― basic			33,301				33,619
Earnings per common share ― diluted		$	1.34			$	1.66
Weighted average common shares outstanding ― diluted			35,482				35,646
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax expense of $0		$	9,850			$	(6,191	)
Total other comprehensive income (loss), net of tax			9,850				(6,191	)
Comprehensive income		$	57,397			$	53,130

FTI CONSULTING, INC.
RECONCILIATION OF NET INCOME AND OPERATING INCOME TO ADJUSTED EBITDA
(in thousands)
Three Months Ended March 31, 2023 (Unaudited)		Corporate Finance & Restructuring			Forensic and Litigation Consulting			Economic Consulting			Technology			Strategic Communications			Unallocated Corporate				Total
Net income																					$	47,547
Interest income and other																						1,342
Interest expense																						2,939
Income tax provision																						14,974
Operating income		$	51,216		$	17,048		$	12,700		$	11,890		$	8,683		$	(34,735	)		$	66,802
Depreciation and amortization			1,892			1,379			1,493			3,476			787			416				9,443
Amortization of intangible assets			1,912			184			—			—			86			—				2,182
Adjusted EBITDA		$	55,020		$	18,611		$	14,193		$	15,366		$	9,556		$	(34,319	)		$	78,427

Three Months Ended March 31, 2022 (Unaudited)		Corporate Finance & Restructuring			Forensic and Litigation Consulting			Economic Consulting			Technology			Strategic Communications			Unallocated Corporate			Total
Net income																				$	59,321
Interest income and other																					347
Interest expense																					2,642
Income tax provision																					16,967
Operating income		$	50,053		$	15,542		$	19,943		$	10,243		$	14,834		$	31,338		$	79,277
Depreciation and amortization			1,666			1,467			1,252			3,120			679			723			8,907
Amortization of intangible assets			1,820			248			—			—			200			—			2,268
Adjusted EBITDA		$	53,539		$	17,257		$	21,195		$	13,363		$	15,713		$	30,615		$	90,452

FTI CONSULTING, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
		Segment Revenues			Adjusted EBITDA				Adjusted EBITDA Margin		Utilization			Average Billable Rate			Revenue- Generating Headcount
		(in thousands)															(at period end)
Three Months Ended March 31, 2023 (Unaudited)
Corporate Finance & Restructuring		$	299,987		$	55,020			18.3%		62%			$	460		2,002
Forensic and Litigation Consulting			173,404			18,611			10.7%		55%			$	376		1,577
Economic Consulting			169,595			14,193			8.4%		68%			$	458		1,031
Technology (1)			90,618			15,366			17.0%		N/M			N/M			581
Strategic Communications (1)			73,102			9,556			13.1%		N/M			N/M			995
		$	806,706		$	112,746			14.0%								6,186
Unallocated Corporate						(34,319	)
Adjusted EBITDA					$	78,427			9.7%
Three Months Ended March 31, 2022 (Unaudited)
Corporate Finance & Restructuring		$	253,329		$	53,539			21.1%		63%			$	450		1,757
Forensic and Litigation Consulting			153,896			17,257			11.2%		55%			$	357		1,513
Economic Consulting			165,977			21,195			12.8%		72%			$	484		950
Technology (1)			80,484			13,363			16.6%		N/M			N/M			496
Strategic Communications (1)			69,934			15,713			22.5%		N/M			N/M			856
		$	723,620		$	121,067			16.7%								5,572
Unallocated Corporate						(30,615	)
Adjusted EBITDA					$	90,452			12.5%

_______________________
N/M   Not meaningful

⁽¹⁾      The majority of the Technology and Strategic Communications segments' revenues are not generated based on billable hours. Accordingly, utilization and average billable rate metrics are not presented as they are not meaningful as a segment-wide metric.

FTI CONSULTING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
		Three Months Ended
		March 31,
			2023				2022
		(Unaudited)
Operating activities
Net income		$	47,547			$	59,321
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization			9,443				8,907
Amortization of intangible assets			2,182				2,268
Acquisition-related contingent consideration			1,284				(979	)
Provision for expected credit losses			7,012				4,859
Share-based compensation			6,365				5,967
Amortization of debt issuance costs and other			646				527
Deferred income taxes			(3,016	)			2,379
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, billed and unbilled			(93,739	)			(66,471	)
Notes receivable			(6,851	)			1,345
Prepaid expenses and other assets			321				(3,829	)
Accounts payable, accrued expenses and other			1,315				3,096
Income taxes			5,658				1,116
Accrued compensation			(230,967	)			(216,560	)
Billings in excess of services provided			(1,406	)			(5,724	)
Net cash used in operating activities			(254,206	)			(203,778	)
Investing activities
Payments for acquisition of businesses, net of cash received			—				(6,698	)
Purchases of property and equipment and other			(18,012	)			(12,607	)
Net cash used in investing activities			(18,012	)			(19,305	)
Financing activities
Borrowings under revolving line of credit			90,000				155,000
Repayments under revolving line of credit			(45,000	)			(140,000	)
Purchase and retirement of common stock			(20,982	)			(3,098	)
Share-based compensation tax withholdings and other			(9,064	)			(6,916	)
Payments for business acquisition liabilities			(847	)			(2,680	)
Deposits and other			1,660				1,855
Net cash provided by financing activities			15,767				4,161
Effect of exchange rate changes on cash and cash equivalents			3,302				(4,420	)
Net decrease in cash and cash equivalents			(253,149	)			(223,342	)
Cash and cash equivalents, beginning of period			491,688				494,485
Cash and cash equivalents, end of period		$	238,539			$	271,143

FTI CONSULTING, INC.
RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO FREE CASH FLOW
(in thousands)
		Three Months Ended  March 31,
			2023				2022
		(Unaudited)
Net cash used in operating activities		$	(254,206	)		$	(203,778	)
Purchases of property and equipment			(18,033	)			(12,607	)
Free Cash Flow		$	(272,239	)		$	(216,385	)

FTI Consulting, Inc.
555 12th Street NW
Washington, DC 20004
+1.202.312.9100

Investor & Media Contact:
Mollie Hawkes
+1.617.747.1791
mollie.hawkes@fticonsulting.com 

FAQ

What were FTI Consulting's Q1 2023 earnings results?

FTI Consulting reported Q1 2023 revenues of $806.7 million and net income of $47.5 million, with earnings per share (EPS) of $1.34.

How did FTI Consulting's revenue perform compared to Q1 2022?

Revenue increased by 11.5% from $723.6 million in Q1 2022 to $806.7 million in Q1 2023.

What is FTI Consulting's stock symbol?

FTI Consulting is traded under the stock symbol FCN.

What factors contributed to FTI Consulting's net income decline in Q1 2023?

The decline was primarily due to increased compensation costs and higher selling, general and administrative expenses.

What was FTI Consulting's adjusted EBITDA in Q1 2023?

The adjusted EBITDA for Q1 2023 was $78.4 million, representing 9.7% of total revenues.