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FY2019 Annual Report · FTI Consulting
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EXPERTS WITH IMPACTTM

2019 
(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)

2019 Highlights

We delivered(cid:1)(cid:45)(cid:32)(cid:30)(cid:42)(cid:45)(cid:31)(cid:1)(cid:43)(cid:32)(cid:45)(cid:33)(cid:42)(cid:45)(cid:40)(cid:28)(cid:41)(cid:30)(cid:32)(cid:1)(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)
(cid:28)(cid:41)(cid:31)(cid:1)(cid:50)(cid:32)(cid:45)(cid:32)(cid:1)(cid:32)(cid:41)(cid:34)(cid:28)(cid:34)(cid:32)(cid:31)(cid:1)(cid:42)(cid:41)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:39)(cid:28)(cid:45)(cid:34)(cid:32)(cid:46)(cid:47)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:40)(cid:42)(cid:46)(cid:47)(cid:1)
(cid:30)(cid:42)(cid:40)(cid:43)(cid:39)(cid:32)(cid:51)(cid:1)(cid:34)(cid:39)(cid:42)(cid:29)(cid:28)(cid:39)(cid:1)(cid:28)(cid:46)(cid:46)(cid:36)(cid:34)(cid:41)(cid:40)(cid:32)(cid:41)(cid:47)(cid:46)(cid:1102)(cid:1)(cid:1)

$2.35 Billion

4,424 Professionals

(cid:19)(cid:32)(cid:30)(cid:42)(cid:45)(cid:31)(cid:1)(cid:45)(cid:32)(cid:49)(cid:32)(cid:41)(cid:48)(cid:32)(cid:46)(cid:1)(cid:45)(cid:32)(cid:33)(cid:39)(cid:32)(cid:30)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)16%(cid:1)(cid:34)(cid:45)(cid:42)(cid:50)(cid:47)(cid:35)(cid:1)
(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:45)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)

(cid:3)(cid:36)(cid:39)(cid:39)(cid:28)(cid:29)(cid:39)(cid:32)(cid:1)(cid:35)(cid:32)(cid:28)(cid:31)(cid:30)(cid:42)(cid:48)(cid:41)(cid:47)(cid:1)(cid:36)(cid:41)(cid:30)(cid:45)(cid:32)(cid:28)(cid:46)(cid:32)(cid:31)(cid:1)18% 
(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:45)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)

$5.69 EPS

$105.9 Million

(cid:6)(cid:17)(cid:20)(cid:1)(cid:34)(cid:45)(cid:42)(cid:50)(cid:47)(cid:35)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)seven consecutive years; 
up 45%(cid:1)(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:45)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)

(cid:19)(cid:32)(cid:43)(cid:48)(cid:45)(cid:30)(cid:35)(cid:28)(cid:46)(cid:32)(cid:31) 1,258,420 shares at an  
(cid:28)(cid:49)(cid:32)(cid:45)(cid:28)(cid:34)(cid:32)(cid:1)(cid:43)(cid:45)(cid:36)(cid:30)(cid:32)(cid:1)(cid:42)(cid:33)(cid:1)$84.16 for a total of  
$105.9 million returned to shareholders

$216.7 Million

-$53.1 Million

(cid:15)(cid:32)(cid:47)(cid:1)(cid:36)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:36)(cid:41)(cid:30)(cid:45)(cid:32)(cid:28)(cid:46)(cid:32)(cid:31)(cid:1)44%  
(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:45)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)

(cid:21)(cid:42)(cid:47)(cid:28)(cid:39)(cid:1)(cid:5)(cid:32)(cid:29)(cid:47)(cid:1103)(cid:1)(cid:41)(cid:32)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:30)(cid:28)(cid:46)(cid:35)(cid:1103)(cid:1)(cid:42)(cid:33)(cid:1)-$53.1 million(cid:1103)(cid:1)
(cid:36)(cid:40)(cid:43)(cid:45)(cid:42)(cid:49)(cid:32)(cid:31)(cid:1)(cid:1660)(cid:1063)(cid:1065)(cid:1102)(cid:1061)(cid:1)(cid:40)(cid:36)(cid:39)(cid:39)(cid:36)(cid:42)(cid:41)(cid:1)(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:45)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)
(cid:5)(cid:32)(cid:30)(cid:32)(cid:40)(cid:29)(cid:32)(cid:45)(cid:1)(cid:1061)(cid:1059)(cid:1103)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)

$343.9 Million 

66% Increase

(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)(cid:1)(cid:36)(cid:41)(cid:30)(cid:45)(cid:32)(cid:28)(cid:46)(cid:32)(cid:31)(cid:1)29% 
(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:45)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)

(cid:7)(cid:4)(cid:15)(cid:1)(cid:46)(cid:47)(cid:42)(cid:30)(cid:38)(cid:1)(cid:43)(cid:45)(cid:36)(cid:30)(cid:32)(cid:1)(cid:36)(cid:41)(cid:30)(cid:45)(cid:32)(cid:28)(cid:46)(cid:32)(cid:31)(cid:1)66%(cid:1)(cid:33)(cid:45)(cid:42)(cid:40)(cid:1)
(cid:5)(cid:32)(cid:30)(cid:32)(cid:40)(cid:29)(cid:32)(cid:45)(cid:1)(cid:1061)(cid:1059)(cid:1103)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)(cid:1)(cid:47)(cid:42)(cid:1)(cid:5)(cid:32)(cid:30)(cid:32)(cid:40)(cid:29)(cid:32)(cid:45)(cid:1)(cid:1061)(cid:1059)(cid:1103)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)

(cid:15)(cid:42)(cid:47)(cid:32)(cid:1104)(cid:1)(cid:19)(cid:32)(cid:33)(cid:32)(cid:45)(cid:1)(cid:47)(cid:42)(cid:1)(cid:43)(cid:28)(cid:34)(cid:32)(cid:46)(cid:1)(cid:1066)(cid:1)(cid:47)(cid:35)(cid:45)(cid:42)(cid:48)(cid:34)(cid:35)(cid:1)(cid:1059)(cid:1060)(cid:1)(cid:42)(cid:33)(cid:1)(cid:47)(cid:35)(cid:36)(cid:46)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:31)(cid:32)(cid:1894)(cid:41)(cid:36)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1)(cid:42)(cid:33)(cid:1)(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:42)(cid:47)(cid:35)(cid:32)(cid:45)(cid:1)(cid:41)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:45)(cid:32)(cid:30)(cid:42)(cid:41)(cid:30)(cid:36)(cid:39)(cid:36)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1)(cid:42)(cid:33)(cid:1)(cid:41)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1)(cid:47)(cid:42)(cid:1)(cid:47)(cid:35)(cid:32)(cid:36)(cid:45)(cid:1)(cid:40)(cid:42)(cid:46)(cid:47)(cid:1)(cid:31)(cid:36)(cid:45)(cid:32)(cid:30)(cid:47)(cid:39)(cid:52)(cid:1)(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:45)(cid:28)(cid:29)(cid:39)(cid:32)(cid:1)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)

(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1102)

(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)  •  1

(cid:1115)(cid:1)(cid:21)(cid:35)(cid:32)(cid:1)(cid:39)(cid:32)(cid:49)(cid:32)(cid:39)(cid:1)(cid:42)(cid:33)(cid:1)(cid:41)(cid:42)(cid:47)(cid:28)(cid:29)(cid:39)(cid:32)(cid:1)(cid:34)(cid:45)(cid:42)(cid:50)(cid:47)(cid:35)(cid:1)(cid:50)(cid:32)(cid:1)(cid:35)(cid:28)(cid:49)(cid:32)(cid:1)(cid:28)(cid:30)(cid:35)(cid:36)(cid:32)(cid:49)(cid:32)(cid:31)(cid:1)
(cid:47)(cid:35)(cid:32)(cid:1)(cid:39)(cid:28)(cid:46)(cid:47)(cid:1)(cid:30)(cid:42)(cid:48)(cid:43)(cid:39)(cid:32)(cid:1)(cid:42)(cid:33)(cid:1)(cid:52)(cid:32)(cid:28)(cid:45)(cid:46)(cid:1)(cid:42)(cid:41)(cid:39)(cid:52)(cid:1)(cid:35)(cid:28)(cid:43)(cid:43)(cid:32)(cid:41)(cid:46)(cid:1)(cid:47)(cid:35)(cid:45)(cid:42)(cid:48)(cid:34)(cid:35)(cid:1)
(cid:36)(cid:41)(cid:47)(cid:32)(cid:41)(cid:46)(cid:32)(cid:1)(cid:30)(cid:42)(cid:40)(cid:40)(cid:36)(cid:47)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:29)(cid:52)(cid:1)(cid:42)(cid:48)(cid:45)(cid:1)(cid:43)(cid:32)(cid:42)(cid:43)(cid:39)(cid:32)(cid:1)(cid:36)(cid:41)(cid:1)(cid:46)(cid:48)(cid:43)(cid:43)(cid:42)(cid:45)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)
(cid:42)(cid:48)(cid:45)(cid:1)(cid:30)(cid:39)(cid:36)(cid:32)(cid:41)(cid:47)(cid:46)(cid:1103)(cid:1)(cid:47)(cid:42)(cid:34)(cid:32)(cid:47)(cid:35)(cid:32)(cid:45)(cid:1)(cid:50)(cid:36)(cid:47)(cid:35)(cid:1)(cid:40)(cid:28)(cid:37)(cid:42)(cid:45)(cid:1)(cid:32)(cid:514)(cid:42)(cid:45)(cid:47)(cid:46)(cid:1)(cid:47)(cid:42)(cid:1)(cid:28)(cid:47)(cid:47)(cid:45)(cid:28)(cid:30)(cid:47)(cid:1)
(cid:28)(cid:41)(cid:31)(cid:1)(cid:46)(cid:48)(cid:43)(cid:43)(cid:42)(cid:45)(cid:47)(cid:1)(cid:47)(cid:35)(cid:32)(cid:40)(cid:1)(cid:28)(cid:46)(cid:1)(cid:47)(cid:35)(cid:32)(cid:52)(cid:1)(cid:29)(cid:48)(cid:36)(cid:39)(cid:31)(cid:1)(cid:29)(cid:48)(cid:46)(cid:36)(cid:41)(cid:32)(cid:46)(cid:46)(cid:32)(cid:46)(cid:1102)(cid:1)
(cid:10)(cid:1)(cid:47)(cid:35)(cid:32)(cid:45)(cid:32)(cid:33)(cid:42)(cid:45)(cid:32)(cid:1)(cid:50)(cid:28)(cid:41)(cid:47)(cid:1)(cid:47)(cid:42)(cid:1)(cid:47)(cid:35)(cid:28)(cid:41)(cid:38)(cid:1)(cid:42)(cid:48)(cid:45)(cid:1)(cid:39)(cid:32)(cid:28)(cid:31)(cid:32)(cid:45)(cid:46)(cid:35)(cid:36)(cid:43)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)
(cid:47)(cid:32)(cid:28)(cid:40)(cid:46)(cid:1)(cid:28)(cid:30)(cid:45)(cid:42)(cid:46)(cid:46)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:34)(cid:39)(cid:42)(cid:29)(cid:32)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:28)(cid:47)(cid:1)(cid:30)(cid:42)(cid:40)(cid:40)(cid:36)(cid:47)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)
(cid:30)(cid:42)(cid:41)(cid:34)(cid:45)(cid:28)(cid:47)(cid:48)(cid:39)(cid:28)(cid:47)(cid:32)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:32)(cid:41)(cid:47)(cid:36)(cid:45)(cid:32)(cid:1)(cid:47)(cid:32)(cid:28)(cid:40)(cid:1)(cid:42)(cid:41)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:46)(cid:48)(cid:30)(cid:30)(cid:32)(cid:46)(cid:46)(cid:1102)(cid:1116)

Steven H. Gunby
(cid:17)(cid:45)(cid:32)(cid:46)(cid:36)(cid:31)(cid:32)(cid:41)(cid:47)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:4)(cid:35)(cid:36)(cid:32)(cid:33)(cid:1)(cid:6)(cid:51)(cid:32)(cid:30)(cid:48)(cid:47)(cid:36)(cid:49)(cid:32)(cid:1)(cid:16)(cid:514)(cid:36)(cid:30)(cid:32)(cid:45)

(cid:5)(cid:32)(cid:28)(cid:45)(cid:1)(cid:7)(cid:32)(cid:39)(cid:39)(cid:42)(cid:50)(cid:1)(cid:20)(cid:35)(cid:28)(cid:45)(cid:32)(cid:35)(cid:42)(cid:39)(cid:31)(cid:32)(cid:45)(cid:46)(cid:1103)(cid:1)

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Steven H. Gunby
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2  •  (cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)

Who We Are

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(cid:43)(cid:42)(cid:46)(cid:36)(cid:47)(cid:36)(cid:49)(cid:32)(cid:1)(cid:36)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:41)(cid:1)(cid:35)(cid:42)(cid:50)(cid:1)(cid:42)(cid:48)(cid:45)(cid:1)(cid:30)(cid:39)(cid:36)(cid:32)(cid:41)(cid:47)(cid:46)(cid:1)(cid:30)(cid:42)(cid:41)(cid:33)(cid:45)(cid:42)(cid:41)(cid:47)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:40)(cid:28)(cid:41)(cid:28)(cid:34)(cid:32)(cid:1)(cid:30)(cid:35)(cid:28)(cid:41)(cid:34)(cid:32)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:45)(cid:36)(cid:46)(cid:38)(cid:1102)

(cid:7)(cid:36)(cid:49)(cid:32)(cid:1)(cid:20)(cid:32)(cid:34)(cid:40)(cid:32)(cid:41)(cid:47)(cid:46)(cid:1103)(cid:1)(cid:16)(cid:41)(cid:32)(cid:1)(cid:17)(cid:48)(cid:45)(cid:43)(cid:42)(cid:46)(cid:32)

CORPORATE  
FINANCE &  
RESTRUCTURING

FORENSIC AND  
LITIGATION  
CONSULTING 

ECONOMIC 
CONSULTING

TECHNOLOGY

STRATEGIC
COMMUNICATIONS

FTI Consulting 2019 Annual Report  •  3

(cid:7)(cid:36)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:16)(cid:49)(cid:32)(cid:45)(cid:49)(cid:36)(cid:32)(cid:50)

FINANCIAL METRICS  
(cid:1136)(cid:36)(cid:41)(cid:1)(cid:40)(cid:36)(cid:39)(cid:39)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1103)(cid:1)(cid:32)(cid:51)(cid:30)(cid:32)(cid:43)(cid:47)(cid:1)(cid:43)(cid:32)(cid:45)(cid:1)(cid:46)(cid:35)(cid:28)(cid:45)(cid:32)(cid:1)(cid:31)(cid:28)(cid:47)(cid:28)(cid:1137)

Revenues 

(cid:16)(cid:43)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)

(cid:15)(cid:32)(cid:47)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)

Adjusted EBITDA (1)

GAAP Earnings Per Diluted Share

Adjusted Earnings Per Diluted Share (1)

Free Cash Flow (1)

Total Debt 

Cash and Cash Equivalents

2017

(cid:1660)(cid:1059)(cid:1103)(cid:1066)(cid:1058)(cid:1066)

(cid:1660)(cid:1059)(cid:1058)(cid:1066)(cid:1102)(cid:1065)

(cid:1660)(cid:1059)(cid:1058)(cid:1066)(cid:1102)(cid:1058)

(cid:1660)(cid:1059)(cid:1067)(cid:1060)(cid:1102)(cid:1058)

(cid:1660)(cid:1060)(cid:1102)(cid:1065)(cid:1063)

(cid:1660)(cid:1060)(cid:1102)(cid:1061)(cid:1060)

(cid:1660)(cid:1059)(cid:1059)(cid:1063)(cid:1102)(cid:1064)

(cid:1660)(cid:1062)(cid:1058)(cid:1058)(cid:1102)(cid:1058)

(cid:1660)(cid:1059)(cid:1067)(cid:1058)(cid:1102)(cid:1058)

2018

(cid:1660)(cid:1060)(cid:1103)(cid:1058)(cid:1060)(cid:1066)

(cid:1660)(cid:1060)(cid:1060)(cid:1064)(cid:1102)(cid:1058)

(cid:1660)(cid:1059)(cid:1063)(cid:1058)(cid:1102)(cid:1064)

(cid:1660)(cid:1060)(cid:1064)(cid:1063)(cid:1102)(cid:1065)

(cid:1660)(cid:1061)(cid:1102)(cid:1067)(cid:1061)

(cid:1660)(cid:1062)(cid:1102)(cid:1058)(cid:1058)

(cid:1660)(cid:1059)(cid:1067)(cid:1066)(cid:1102)(cid:1062)

(cid:1660)(cid:1061)(cid:1059)(cid:1064)(cid:1102)(cid:1061)

(cid:1660)(cid:1061)(cid:1059)(cid:1060)(cid:1102)(cid:1059)

2019

(cid:1660)(cid:1060)(cid:1103)(cid:1061)(cid:1063)(cid:1061)

(cid:1660)(cid:1061)(cid:1058)(cid:1063)(cid:1102)(cid:1064)

(cid:1660)(cid:1060)(cid:1059)(cid:1064)(cid:1102)(cid:1065)

(cid:1660)(cid:1061)(cid:1062)(cid:1061)(cid:1102)(cid:1067)

(cid:1660)(cid:1063)(cid:1102)(cid:1064)(cid:1067)

(cid:1660)(cid:1063)(cid:1102)(cid:1066)(cid:1058)

(cid:1660)(cid:1059)(cid:1065)(cid:1063)(cid:1102)(cid:1066)

(cid:1660)(cid:1061)(cid:1059)(cid:1064)(cid:1102)(cid:1061)

(cid:1660)(cid:1061)(cid:1064)(cid:1067)(cid:1102)(cid:1062)

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(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1102)

REVENUES AND GAAP EARNINGS PER DILUTED SHARE
(cid:1136)(cid:36)(cid:41)(cid:1)(cid:40)(cid:36)(cid:39)(cid:39)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1103)(cid:1)(cid:32)(cid:51)(cid:30)(cid:32)(cid:43)(cid:47)(cid:1)(cid:43)(cid:32)(cid:45)(cid:1)(cid:46)(cid:35)(cid:28)(cid:45)(cid:32)(cid:1)(cid:31)(cid:28)(cid:47)(cid:28)(cid:1137)

$2,500

$5.69

$6.00

2019 REVENUES BY SEGMENT (2) 

Strategic
Communications

Technology

9%

10%

Corporate 
Finance &
Restructuring

31%

$2,028

$2,353

$2,000

$1,808

$3.93

$2.75

$1,500

$1,000

$500

$0

$4.50

$3.00

$1.50

$0.00

2017

2018

2019

Revenues

GAAP Earnings Per Diluted Share

4  •  (cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)

25%

Economic
Consulting

2019 REVENUES BY REGION (2) 

25%

Forensic and 
Litigation 
Consulting

Asia Pacific

7%

25%

Europe, 
the Middle East 
and Africa

North 
America

67%

2%

Latin 
America

(cid:1136)(cid:1060)(cid:1137)(cid:1)(cid:17)(cid:32)(cid:45)(cid:30)(cid:32)(cid:41)(cid:47)(cid:28)(cid:34)(cid:32)(cid:46)(cid:1)(cid:40)(cid:28)(cid:52)(cid:1)(cid:41)(cid:42)(cid:47)(cid:1)(cid:28)(cid:31)(cid:31)(cid:1)(cid:48)(cid:43)(cid:1)(cid:47)(cid:42)(cid:1)(cid:1059)(cid:1058)(cid:1058)(cid:1)(cid:43)(cid:32)(cid:45)(cid:30)(cid:32)(cid:41)(cid:47)(cid:1)(cid:31)(cid:48)(cid:32)(cid:1)(cid:47)(cid:42)(cid:1)(cid:45)(cid:42)(cid:48)(cid:41)(cid:31)(cid:36)(cid:41)(cid:34)(cid:1102)

 
 
 
(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:2)(cid:50)(cid:28)(cid:45)(cid:31)(cid:46)(cid:1)(cid:1057)(cid:1)(cid:19)(cid:32)(cid:30)(cid:42)(cid:34)(cid:41)(cid:36)(cid:47)(cid:36)(cid:42)(cid:41)

(cid:1125)(cid:1)(cid:1)(cid:15)(cid:28)(cid:40)(cid:32)(cid:31)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:7)(cid:36)(cid:45)(cid:40)(cid:1)(cid:42)(cid:33)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:26)(cid:32)(cid:28)(cid:45)(cid:1)(cid:29)(cid:52)(cid:1)Who’s Who Legal(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:47)(cid:35)(cid:36)(cid:45)(cid:31)(cid:1)(cid:30)(cid:42)(cid:41)(cid:46)(cid:32)(cid:30)(cid:48)(cid:47)(cid:36)(cid:49)(cid:32)(cid:1)(cid:52)(cid:32)(cid:28)(cid:45)(cid:1102)

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(cid:1125)(cid:1)(cid:1)(cid:15)(cid:28)(cid:40)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)Forbes(cid:1)(cid:40)(cid:28)(cid:34)(cid:28)(cid:53)(cid:36)(cid:41)(cid:32)(cid:1114)(cid:46)(cid:1)(cid:39)(cid:36)(cid:46)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:2)(cid:40)(cid:32)(cid:45)(cid:36)(cid:30)(cid:28)(cid:1114)(cid:46)(cid:1)(cid:3)(cid:32)(cid:46)(cid:47)(cid:1)(cid:14)(cid:28)(cid:41)(cid:28)(cid:34)(cid:32)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:7)(cid:36)(cid:45)(cid:40)(cid:46)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:33)(cid:42)(cid:48)(cid:45)(cid:47)(cid:35)(cid:1)

(cid:30)(cid:42)(cid:41)(cid:46)(cid:32)(cid:30)(cid:48)(cid:47)(cid:36)(cid:49)(cid:32)(cid:1)(cid:52)(cid:32)(cid:28)(cid:45)(cid:1103)(cid:1)(cid:45)(cid:32)(cid:30)(cid:42)(cid:34)(cid:41)(cid:36)(cid:53)(cid:32)(cid:31)(cid:1)(cid:36)(cid:41)(cid:1)(cid:1059)(cid:1064)(cid:1)(cid:46)(cid:32)(cid:30)(cid:47)(cid:42)(cid:45)(cid:46)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:33)(cid:48)(cid:41)(cid:30)(cid:47)(cid:36)(cid:42)(cid:41)(cid:28)(cid:39)(cid:1)(cid:28)(cid:45)(cid:32)(cid:28)(cid:46)(cid:1102)

(cid:1125)(cid:1)(cid:1)(cid:20)(cid:32)(cid:39)(cid:32)(cid:30)(cid:47)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)(cid:37)(cid:42)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:20)(cid:1057)(cid:17)(cid:1)(cid:14)(cid:36)(cid:31)(cid:4)(cid:28)(cid:43)(cid:1)(cid:1062)(cid:1058)(cid:1058)(cid:1169)(cid:1)(cid:10)(cid:41)(cid:31)(cid:32)(cid:51)(cid:1102)

(cid:1125)(cid:1)(cid:1)(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:4)(cid:42)(cid:40)(cid:43)(cid:28)(cid:46)(cid:46)(cid:1)(cid:13)(cid:32)(cid:51)(cid:32)(cid:30)(cid:42)(cid:41)(cid:1)(cid:46)(cid:48)(cid:29)(cid:46)(cid:36)(cid:31)(cid:36)(cid:28)(cid:45)(cid:52)(cid:1)(cid:39)(cid:32)(cid:31)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)Who’s Who Legal(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:6)(cid:51)(cid:43)(cid:32)(cid:45)(cid:47)(cid:46)(cid:1)(cid:8)(cid:48)(cid:36)(cid:31)(cid:32)(cid:1)

(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:33)(cid:42)(cid:48)(cid:45)(cid:47)(cid:35)(cid:1)(cid:30)(cid:42)(cid:41)(cid:46)(cid:32)(cid:30)(cid:48)(cid:47)(cid:36)(cid:49)(cid:32)(cid:1)(cid:52)(cid:32)(cid:28)(cid:45)(cid:1)(cid:50)(cid:36)(cid:47)(cid:35)(cid:1)(cid:1059)(cid:1062)(cid:1067)(cid:1)(cid:32)(cid:51)(cid:43)(cid:32)(cid:45)(cid:47)(cid:46)(cid:1)(cid:45)(cid:32)(cid:30)(cid:42)(cid:34)(cid:41)(cid:36)(cid:53)(cid:32)(cid:31)(cid:1102)(cid:1)

(cid:1125)(cid:1)(cid:1)(cid:19)(cid:28)(cid:41)(cid:38)(cid:32)(cid:31)(cid:1)(cid:1176)(cid:1059)(cid:1)(cid:22)(cid:1102)(cid:20)(cid:1102)(cid:1)(cid:19)(cid:32)(cid:46)(cid:47)(cid:45)(cid:48)(cid:30)(cid:47)(cid:48)(cid:45)(cid:36)(cid:41)(cid:34)(cid:1)(cid:2)(cid:31)(cid:49)(cid:36)(cid:46)(cid:42)(cid:45)(cid:1)(cid:29)(cid:52)(cid:1)The Deal(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:1059)(cid:1060)(cid:47)(cid:35)(cid:1)(cid:30)(cid:42)(cid:41)(cid:46)(cid:32)(cid:30)(cid:48)(cid:47)(cid:36)(cid:49)(cid:32)(cid:1)(cid:52)(cid:32)(cid:28)(cid:45)(cid:1102)(cid:1)

(cid:1125)(cid:1)(cid:1)(cid:4)(cid:42)(cid:40)(cid:43)(cid:28)(cid:46)(cid:46)(cid:1)(cid:13)(cid:32)(cid:51)(cid:32)(cid:30)(cid:42)(cid:41)(cid:1)(cid:46)(cid:48)(cid:29)(cid:46)(cid:36)(cid:31)(cid:36)(cid:28)(cid:45)(cid:52)(cid:1)(cid:45)(cid:28)(cid:41)(cid:38)(cid:32)(cid:31)(cid:1)(cid:1176)(cid:1059)(cid:1)(cid:42)(cid:41)(cid:1)Global Arbitration Review(cid:1114)(cid:46)(cid:1)(cid:8)(cid:2)(cid:19)(cid:1)(cid:1059)(cid:1058)(cid:1058)(cid:1)(cid:6)(cid:51)(cid:43)(cid:32)(cid:45)(cid:47)(cid:1)(cid:24)(cid:36)(cid:47)(cid:41)(cid:32)(cid:46)(cid:46)(cid:1)(cid:7)(cid:36)(cid:45)(cid:40)(cid:46)(cid:1114)(cid:1)

(cid:17)(cid:42)(cid:50)(cid:32)(cid:45)(cid:1)(cid:10)(cid:41)(cid:31)(cid:32)(cid:51)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:46)(cid:32)(cid:30)(cid:42)(cid:41)(cid:31)(cid:1)(cid:30)(cid:42)(cid:41)(cid:46)(cid:32)(cid:30)(cid:48)(cid:47)(cid:36)(cid:49)(cid:32)(cid:1)(cid:52)(cid:32)(cid:28)(cid:45)(cid:1102)(cid:1)

(cid:1125)(cid:1)(cid:1)(cid:19)(cid:28)(cid:41)(cid:38)(cid:32)(cid:31)(cid:1)(cid:1176)(cid:1059)(cid:1)(cid:4)(cid:52)(cid:29)(cid:32)(cid:45)(cid:46)(cid:32)(cid:30)(cid:48)(cid:45)(cid:36)(cid:47)(cid:52)(cid:1)(cid:17)(cid:45)(cid:42)(cid:49)(cid:36)(cid:31)(cid:32)(cid:45)(cid:1)(cid:29)(cid:52)(cid:1)(cid:45)(cid:32)(cid:28)(cid:31)(cid:32)(cid:45)(cid:46)(cid:1)(cid:42)(cid:33)(cid:1)The National Law Journal(cid:1102)

(cid:1125)(cid:1)(cid:1)(cid:15)(cid:28)(cid:40)(cid:32)(cid:31)(cid:1)(cid:4)(cid:42)(cid:40)(cid:40)(cid:48)(cid:41)(cid:36)(cid:30)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1)(cid:7)(cid:36)(cid:45)(cid:40)(cid:1)(cid:42)(cid:33)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:26)(cid:32)(cid:28)(cid:45)(cid:1)(cid:29)(cid:52)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)M&A Advisor(cid:1)(cid:28)(cid:47)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:1059)(cid:1066)(cid:47)(cid:35)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:14)(cid:1057)(cid:2)(cid:1)(cid:2)(cid:50)(cid:28)(cid:45)(cid:31)(cid:46)(cid:1102)

(cid:1125)(cid:1)(cid:1)(cid:19)(cid:28)(cid:41)(cid:38)(cid:32)(cid:31)(cid:1)(cid:1176)(cid:1059)(cid:1)(cid:6)(cid:41)(cid:31)(cid:1123)(cid:47)(cid:42)(cid:1123)(cid:6)(cid:41)(cid:31)(cid:1)(cid:32)(cid:5)(cid:36)(cid:46)(cid:30)(cid:42)(cid:49)(cid:32)(cid:45)(cid:52)(cid:1)(cid:17)(cid:45)(cid:42)(cid:49)(cid:36)(cid:31)(cid:32)(cid:45)(cid:1)(cid:29)(cid:52)(cid:1)The Recorder(cid:1102)

(cid:1125)(cid:1)(cid:1)(cid:15)(cid:28)(cid:40)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)Consulting(cid:1)(cid:40)(cid:28)(cid:34)(cid:28)(cid:53)(cid:36)(cid:41)(cid:32)(cid:1114)(cid:46)(cid:1)(cid:3)(cid:32)(cid:46)(cid:47)(cid:1)(cid:7)(cid:36)(cid:45)(cid:40)(cid:46)(cid:1)(cid:47)(cid:42)(cid:1)(cid:24)(cid:42)(cid:45)(cid:38)(cid:1)(cid:7)(cid:42)(cid:45)(cid:1)(cid:39)(cid:36)(cid:46)(cid:47)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:46)(cid:32)(cid:30)(cid:42)(cid:41)(cid:31)(cid:1)(cid:30)(cid:42)(cid:41)(cid:46)(cid:32)(cid:30)(cid:48)(cid:47)(cid:36)(cid:49)(cid:32)(cid:1)(cid:52)(cid:32)(cid:28)(cid:45)(cid:1102)

(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:43)(cid:45)(cid:42)(cid:33)(cid:32)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:28)(cid:39)(cid:46)(cid:1)(cid:28)(cid:47)(cid:47)(cid:32)(cid:41)(cid:31)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:3)(cid:32)(cid:46)(cid:47)(cid:1)(cid:7)(cid:36)(cid:45)(cid:40)(cid:46)(cid:1)(cid:47)(cid:42)(cid:1)(cid:24)(cid:42)(cid:45)(cid:38)(cid:1)(cid:7)(cid:42)(cid:45)(cid:1)(cid:28)(cid:50)(cid:28)(cid:45)(cid:31)(cid:46)(cid:1)(cid:45)(cid:32)(cid:30)(cid:32)(cid:43)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:36)(cid:41)(cid:1)(cid:4)(cid:35)(cid:36)(cid:30)(cid:28)(cid:34)(cid:42)(cid:1)(cid:50)(cid:36)(cid:47)(cid:35)(cid:1)(cid:9)(cid:42)(cid:39)(cid:39)(cid:52)(cid:1)(cid:17)(cid:28)(cid:48)(cid:39)(cid:1103)(cid:1)(cid:4)(cid:35)(cid:36)(cid:32)(cid:33)(cid:1)(cid:9)(cid:48)(cid:40)(cid:28)(cid:41)(cid:1)(cid:19)(cid:32)(cid:46)(cid:42)(cid:48)(cid:45)(cid:30)(cid:32)(cid:46)(cid:1)(cid:16)(cid:514)(cid:36)(cid:30)(cid:32)(cid:45)(cid:1)(cid:1136)(cid:47)(cid:42)(cid:43)(cid:1)(cid:45)(cid:36)(cid:34)(cid:35)(cid:47)(cid:1137)(cid:1102)

(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)  •  5

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(cid:8)(cid:42)(cid:49)(cid:32)(cid:45)(cid:41)(cid:28)(cid:41)(cid:30)(cid:32)(cid:1)(cid:17)(cid:45)(cid:28)(cid:30)(cid:47)(cid:36)(cid:30)(cid:32)(cid:46)(cid:1)

(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1114)(cid:46)(cid:1)(cid:32)(cid:41)(cid:49)(cid:36)(cid:45)(cid:42)(cid:41)(cid:40)(cid:32)(cid:41)(cid:47)(cid:28)(cid:39)(cid:1103)(cid:1)(cid:46)(cid:42)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:34)(cid:42)(cid:49)(cid:32)(cid:45)(cid:41)(cid:28)(cid:41)(cid:30)(cid:32)(cid:1)(cid:1136)(cid:1115)(cid:6)(cid:20)(cid:8)(cid:1116)(cid:1137)(cid:1)(cid:43)(cid:45)(cid:28)(cid:30)(cid:47)(cid:36)(cid:30)(cid:32)(cid:46)(cid:1)
(cid:48)(cid:41)(cid:31)(cid:32)(cid:45)(cid:46)(cid:30)(cid:42)(cid:45)(cid:32)(cid:1)(cid:42)(cid:48)(cid:45)(cid:1)(cid:30)(cid:42)(cid:40)(cid:40)(cid:36)(cid:47)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:47)(cid:42)(cid:1)(cid:29)(cid:32)(cid:36)(cid:41)(cid:34)(cid:1)(cid:6)(cid:51)(cid:43)(cid:32)(cid:45)(cid:47)(cid:46)(cid:1)(cid:24)(cid:36)(cid:47)(cid:35)(cid:1)(cid:10)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:21)(cid:14)(cid:1)(cid:50)(cid:35)(cid:42)(cid:1)(cid:40)(cid:28)(cid:38)(cid:32)(cid:1)(cid:28)(cid:1)
(cid:31)(cid:36)(cid:514)(cid:32)(cid:45)(cid:32)(cid:41)(cid:30)(cid:32)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:42)(cid:48)(cid:45)(cid:1)(cid:30)(cid:39)(cid:36)(cid:32)(cid:41)(cid:47)(cid:46)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:30)(cid:42)(cid:40)(cid:40)(cid:48)(cid:41)(cid:36)(cid:47)(cid:36)(cid:32)(cid:46)(cid:1)(cid:36)(cid:41)(cid:1)(cid:50)(cid:35)(cid:36)(cid:30)(cid:35)(cid:1)(cid:50)(cid:32)(cid:1)(cid:31)(cid:42)(cid:1)(cid:29)(cid:48)(cid:46)(cid:36)(cid:41)(cid:32)(cid:46)(cid:46)(cid:1102)(cid:1)

(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:3)(cid:8)(cid:2)(cid:3)(cid:9)(cid:10)(cid:11)

(cid:12)(cid:7)(cid:4)(cid:2)(cid:6)(cid:3)(cid:10)(cid:3)(cid:25)(cid:2)

(cid:12)(cid:13)(cid:14)(cid:15)(cid:16)(cid:13)(cid:17)(cid:2)(cid:18)(cid:19)(cid:20)(cid:21)(cid:14)(cid:18)(cid:22)(cid:23)(cid:18)(cid:24)(cid:16)(cid:13)(cid:17)(cid:25)(cid:14)(cid:22)(cid:22)(cid:20)(cid:24)(cid:22)(cid:23)(cid:18)(cid:24)

"(cid:14)(cid:16)(cid:21)(cid:30)(cid:17)(cid:7)(cid:19)(cid:23)(cid:21)(cid:28)(cid:20)(cid:27)#(cid:24)

 — (cid:17)(cid:48)(cid:29)(cid:39)(cid:36)(cid:46)(cid:35)(cid:32)(cid:31)(cid:1)(cid:6)(cid:41)(cid:49)(cid:36)(cid:45)(cid:42)(cid:41)(cid:40)(cid:32)(cid:41)(cid:47)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:46)(cid:43)(cid:42)(cid:41)(cid:46)(cid:36)(cid:29)(cid:36)(cid:39)(cid:36)(cid:47)(cid:52)(cid:1)(cid:1057)(cid:1)
(cid:4)(cid:39)(cid:36)(cid:40)(cid:28)(cid:47)(cid:32)(cid:1)(cid:4)(cid:35)(cid:28)(cid:41)(cid:34)(cid:32)(cid:1)(cid:5)(cid:36)(cid:46)(cid:30)(cid:39)(cid:42)(cid:46)(cid:48)(cid:45)(cid:32)(cid:1)(cid:17)(cid:42)(cid:39)(cid:36)(cid:30)(cid:52)(cid:1)(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1102)(cid:1)

(cid:26)(cid:21)(cid:14)(cid:27)(cid:21)(cid:23)(cid:28)(cid:28)(cid:17)(cid:9)(cid:14)(cid:29)(cid:16)(cid:21)(cid:30)(cid:17)(cid:6)(cid:23)(cid:30)(cid:31) (cid:20)(cid:18)(cid:27)(cid:17)(cid:2)(cid:18)(cid:19)(cid:20)(cid:21)(cid:14)(cid:18)(cid:22)(cid:23)(cid:18)(cid:24)(cid:16)(cid:13)(cid:17)(cid:5)(cid:22)!(cid:16) (cid:24)

 — (cid:10)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1103)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:4)(cid:42)(cid:40)(cid:43)(cid:28)(cid:41)(cid:52)(cid:1114)(cid:46)(cid:1)(cid:4)(cid:16)(cid:1060)(cid:1)(cid:32)(cid:40)(cid:36)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1)(cid:33)(cid:45)(cid:42)(cid:40)(cid:1) 

(cid:28)(cid:36)(cid:45)(cid:1103)(cid:1)(cid:45)(cid:28)(cid:36)(cid:39)(cid:1103)(cid:1)(cid:30)(cid:28)(cid:45)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:35)(cid:42)(cid:47)(cid:32)(cid:39)(cid:46)(cid:1)(cid:43)(cid:32)(cid:45)(cid:1)(cid:32)(cid:40)(cid:43)(cid:39)(cid:42)(cid:52)(cid:32)(cid:32)(cid:1)(cid:31)(cid:32)(cid:30)(cid:39)(cid:36)(cid:41)(cid:32)(cid:31)(cid:1)
(cid:1059)(cid:1102)(cid:1063)(cid:1684)(cid:1)(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:45)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)(cid:4)(cid:16)(cid:1060)(cid:1)(cid:32)(cid:40)(cid:36)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1)(cid:43)(cid:32)(cid:45)(cid:1)(cid:32)(cid:40)(cid:43)(cid:39)(cid:42)(cid:52)(cid:32)(cid:32)(cid:1)
(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)(cid:1102)

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(cid:32)(cid:40)(cid:43)(cid:39)(cid:42)(cid:52)(cid:32)(cid:32)(cid:46)(cid:1)(cid:50)(cid:42)(cid:45)(cid:39)(cid:31)(cid:50)(cid:36)(cid:31)(cid:32)(cid:1)(cid:50)(cid:32)(cid:45)(cid:32)(cid:1)(cid:29)(cid:28)(cid:46)(cid:32)(cid:31)(cid:1)(cid:42)(cid:48)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:13)(cid:6)(cid:6)(cid:5)(cid:1123)
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(cid:36)(cid:41)(cid:33)(cid:45)(cid:28)(cid:46)(cid:47)(cid:45)(cid:48)(cid:30)(cid:47)(cid:48)(cid:45)(cid:32)(cid:1)(cid:50)(cid:28)(cid:46)(cid:1)(cid:42)(cid:49)(cid:32)(cid:45)(cid:1)(cid:1067)(cid:1058)(cid:1684)(cid:1)(cid:49)(cid:36)(cid:45)(cid:47)(cid:48)(cid:28)(cid:39)(cid:36)(cid:53)(cid:32)(cid:31)(cid:1102)

 — (cid:17)(cid:28)(cid:43)(cid:32)(cid:45)(cid:1)(cid:48)(cid:46)(cid:28)(cid:34)(cid:32)(cid:1)(cid:31)(cid:32)(cid:30)(cid:45)(cid:32)(cid:28)(cid:46)(cid:32)(cid:31)(cid:1)(cid:29)(cid:52)(cid:1)(cid:1059)(cid:1063)(cid:1684)(cid:1)(cid:42)(cid:49)(cid:32)(cid:45)(cid:28)(cid:39)(cid:39)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:1060)(cid:1065)(cid:1684)(cid:1)

(cid:43)(cid:32)(cid:45)(cid:1)(cid:30)(cid:28)(cid:43)(cid:36)(cid:47)(cid:28)(cid:1)(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:45)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)(cid:1102)

 — (cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1114)(cid:46)(cid:1)(cid:4)(cid:35)(cid:36)(cid:32)(cid:33)(cid:1)(cid:9)(cid:48)(cid:40)(cid:28)(cid:41)(cid:1)(cid:19)(cid:32)(cid:46)(cid:42)(cid:48)(cid:45)(cid:30)(cid:32)(cid:46)(cid:1)(cid:16)(cid:33)(cid:33)(cid:36)(cid:30)(cid:32)(cid:45)(cid:1)
(cid:43)(cid:45)(cid:32)(cid:46)(cid:32)(cid:41)(cid:47)(cid:46)(cid:1)(cid:28)(cid:41)(cid:1)(cid:28)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:6)(cid:20)(cid:8)(cid:1)(cid:45)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)(cid:1)(cid:47)(cid:42)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:3)(cid:42)(cid:28)(cid:45)(cid:31)(cid:1)(cid:42)(cid:33)(cid:1)
(cid:5)(cid:36)(cid:45)(cid:32)(cid:30)(cid:47)(cid:42)(cid:45)(cid:46)(cid:1102)

"(cid:23)(cid:28)(cid:24)(cid:17)(cid:26)(cid:21)(cid:16) (cid:24)(cid:20) (cid:23)(cid:17)"(cid:14)(cid:16)(cid:21)(cid:30)(cid:17)(cid:11)(cid:23)(cid:16)(cid:30)(cid:23)(cid:21)(cid:28)#(cid:20)!

 — (cid:1066)(cid:1065)(cid:1102)(cid:1063)(cid:1684)(cid:1)(cid:42)(cid:33)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:3)(cid:42)(cid:28)(cid:45)(cid:31)(cid:1)(cid:45)(cid:32)(cid:43)(cid:45)(cid:32)(cid:46)(cid:32)(cid:41)(cid:47)(cid:46)(cid:1)(cid:36)(cid:41)(cid:31)(cid:32)(cid:43)(cid:32)(cid:41)(cid:31)(cid:32)(cid:41)(cid:47)(cid:1)

(cid:31)(cid:36)(cid:45)(cid:32)(cid:30)(cid:47)(cid:42)(cid:45)(cid:46)(cid:1102)

 — (cid:20)(cid:47)(cid:45)(cid:42)(cid:41)(cid:34)(cid:1)(cid:36)(cid:41)(cid:31)(cid:32)(cid:43)(cid:32)(cid:41)(cid:31)(cid:32)(cid:41)(cid:47)(cid:1)(cid:41)(cid:42)(cid:41)(cid:1123)(cid:32)(cid:40)(cid:43)(cid:39)(cid:42)(cid:52)(cid:32)(cid:32)(cid:1)(cid:4)(cid:35)(cid:28)(cid:36)(cid:45)(cid:40)(cid:28)(cid:41)(cid:1)(cid:42)(cid:33)(cid:1)

(cid:47)(cid:35)(cid:32)(cid:1)(cid:3)(cid:42)(cid:28)(cid:45)(cid:31)(cid:1102)

 — (cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:32)(cid:39)(cid:32)(cid:30)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:42)(cid:33)(cid:1)(cid:31)(cid:36)(cid:45)(cid:32)(cid:30)(cid:47)(cid:42)(cid:45)(cid:46)(cid:1)(cid:29)(cid:52)(cid:1)(cid:40)(cid:28)(cid:37)(cid:42)(cid:45)(cid:36)(cid:47)(cid:52)(cid:1)(cid:36)(cid:41)(cid:1)

(cid:48)(cid:41)(cid:30)(cid:42)(cid:41)(cid:47)(cid:32)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:32)(cid:39)(cid:32)(cid:30)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1103)(cid:1)(cid:50)(cid:36)(cid:47)(cid:35)(cid:1)(cid:31)(cid:36)(cid:45)(cid:32)(cid:30)(cid:47)(cid:42)(cid:45)(cid:1)(cid:45)(cid:32)(cid:46)(cid:36)(cid:34)(cid:41)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)
(cid:43)(cid:42)(cid:39)(cid:36)(cid:30)(cid:52)(cid:1102)

 — (cid:10)(cid:41)(cid:31)(cid:32)(cid:43)(cid:32)(cid:41)(cid:31)(cid:32)(cid:41)(cid:47)(cid:1)(cid:4)(cid:42)(cid:40)(cid:40)(cid:36)(cid:47)(cid:47)(cid:32)(cid:32)(cid:1)(cid:40)(cid:32)(cid:40)(cid:29)(cid:32)(cid:45)(cid:46)(cid:35)(cid:36)(cid:43)(cid:1102)

 — (cid:1060)(cid:1063)(cid:1684)(cid:1)(cid:42)(cid:33)(cid:1)(cid:31)(cid:36)(cid:45)(cid:32)(cid:30)(cid:47)(cid:42)(cid:45)(cid:46)(cid:1)(cid:28)(cid:45)(cid:32)(cid:1)(cid:33)(cid:32)(cid:40)(cid:28)(cid:39)(cid:32)(cid:1102)

 — (cid:1060)(cid:1063)(cid:1684)(cid:1)(cid:42)(cid:33)(cid:1)(cid:31)(cid:36)(cid:45)(cid:32)(cid:30)(cid:47)(cid:42)(cid:45)(cid:46)(cid:1)(cid:28)(cid:45)(cid:32)(cid:1)(cid:29)(cid:28)(cid:46)(cid:32)(cid:31)(cid:1)(cid:42)(cid:48)(cid:47)(cid:46)(cid:36)(cid:31)(cid:32)(cid:1)(cid:42)(cid:33)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:22)(cid:1102)(cid:20)(cid:1102)(cid:1)

$#(cid:16)(cid:21)(cid:23)#(cid:14)(cid:13)(cid:30)(cid:23)(cid:21)(cid:17)(cid:6)(cid:20)(cid:27)#(cid:24)(cid:28)

 — (cid:15)(cid:42)(cid:1)(cid:43)(cid:42)(cid:36)(cid:46)(cid:42)(cid:41)(cid:1)(cid:43)(cid:36)(cid:39)(cid:39)(cid:1102)

 — (cid:15)(cid:42)(cid:1)(cid:32)(cid:41)(cid:35)(cid:28)(cid:41)(cid:30)(cid:32)(cid:31)(cid:1)(cid:49)(cid:42)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:45)(cid:36)(cid:34)(cid:35)(cid:47)(cid:46)(cid:1)(cid:46)(cid:35)(cid:28)(cid:45)(cid:32)(cid:46)(cid:1102)

6  •  (cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)

$(cid:7)(cid:25)(cid:5)(cid:10)(cid:11)

(cid:25)(cid:14)(cid:21)!(cid:14)(cid:21)(cid:16)(cid:24)(cid:23)(cid:17)(cid:25)(cid:20)(cid:24)(cid:20)%(cid:23)(cid:18)(cid:28)#(cid:20)!

 — (cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:43)(cid:45)(cid:42)(cid:33)(cid:32)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:28)(cid:39)(cid:46)(cid:1)(cid:46)(cid:48)(cid:43)(cid:43)(cid:42)(cid:45)(cid:47)(cid:1)(cid:40)(cid:42)(cid:45)(cid:32)(cid:1)(cid:47)(cid:35)(cid:28)(cid:41)(cid:1)
(cid:1064)(cid:1058)(cid:1058)(cid:1)(cid:30)(cid:35)(cid:28)(cid:45)(cid:36)(cid:47)(cid:36)(cid:32)(cid:46)(cid:1)(cid:28)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:39)(cid:52)(cid:1)(cid:47)(cid:35)(cid:45)(cid:42)(cid:48)(cid:34)(cid:35)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:4)(cid:42)(cid:40)(cid:43)(cid:28)(cid:41)(cid:52)(cid:1114)(cid:46)(cid:1)
(cid:4)(cid:42)(cid:45)(cid:43)(cid:42)(cid:45)(cid:28)(cid:47)(cid:32)(cid:1)(cid:4)(cid:36)(cid:47)(cid:36)(cid:53)(cid:32)(cid:41)(cid:46)(cid:35)(cid:36)(cid:43)(cid:1)(cid:17)(cid:45)(cid:42)(cid:34)(cid:45)(cid:28)(cid:40)(cid:1102)(cid:1)

 — (cid:20)(cid:36)(cid:41)(cid:30)(cid:32)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1064)(cid:1103)(cid:1)(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:43)(cid:45)(cid:42)(cid:33)(cid:32)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:28)(cid:39)(cid:46)(cid:1)(cid:35)(cid:28)(cid:49)(cid:32)(cid:1)
(cid:43)(cid:45)(cid:42)(cid:49)(cid:36)(cid:31)(cid:32)(cid:31)(cid:1)(cid:40)(cid:42)(cid:45)(cid:32)(cid:1)(cid:47)(cid:35)(cid:28)(cid:41)(cid:1)(cid:1059)(cid:1067)(cid:1103)(cid:1058)(cid:1058)(cid:1058)(cid:1)(cid:35)(cid:42)(cid:48)(cid:45)(cid:46)(cid:1)(cid:42)(cid:33)(cid:1)(cid:49)(cid:42)(cid:39)(cid:48)(cid:41)(cid:47)(cid:32)(cid:32)(cid:45)(cid:1)
(cid:46)(cid:32)(cid:45)(cid:49)(cid:36)(cid:30)(cid:32)(cid:1)(cid:36)(cid:41)(cid:1)(cid:42)(cid:48)(cid:45)(cid:1)(cid:30)(cid:42)(cid:40)(cid:40)(cid:48)(cid:41)(cid:36)(cid:47)(cid:36)(cid:32)(cid:46)(cid:1102)(cid:1)

 — (cid:20)(cid:36)(cid:41)(cid:30)(cid:32)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1064)(cid:1103)(cid:1)(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:43)(cid:45)(cid:42)(cid:33)(cid:32)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:28)(cid:39)(cid:46)(cid:1)(cid:35)(cid:28)(cid:49)(cid:32)(cid:1)

(cid:31)(cid:42)(cid:41)(cid:28)(cid:47)(cid:32)(cid:31)(cid:1)(cid:40)(cid:42)(cid:45)(cid:32)(cid:1)(cid:47)(cid:35)(cid:28)(cid:41)(cid:1)(cid:1660)(cid:1063)(cid:1102)(cid:1062)(cid:1)(cid:40)(cid:36)(cid:39)(cid:39)(cid:36)(cid:42)(cid:41)(cid:1)(cid:36)(cid:41)(cid:1)(cid:43)(cid:45)(cid:42)(cid:1)(cid:29)(cid:42)(cid:41)(cid:42)(cid:1)(cid:46)(cid:32)(cid:45)(cid:49)(cid:36)(cid:30)(cid:32)(cid:46)(cid:1)
(cid:47)(cid:42)(cid:1)(cid:30)(cid:42)(cid:40)(cid:40)(cid:48)(cid:41)(cid:36)(cid:47)(cid:52)(cid:1123)(cid:29)(cid:28)(cid:46)(cid:32)(cid:31)(cid:1)(cid:42)(cid:45)(cid:34)(cid:28)(cid:41)(cid:36)(cid:53)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1102)(cid:1)

 — (cid:14)(cid:42)(cid:45)(cid:32)(cid:1)(cid:47)(cid:35)(cid:28)(cid:41)(cid:1)(cid:1061)(cid:1058)(cid:1684)(cid:1)(cid:42)(cid:33)(cid:1)(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:43)(cid:45)(cid:42)(cid:33)(cid:32)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:28)(cid:39)(cid:46)(cid:1)

(cid:43)(cid:28)(cid:45)(cid:47)(cid:36)(cid:30)(cid:36)(cid:43)(cid:28)(cid:47)(cid:32)(cid:31)(cid:1)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:4)(cid:42)(cid:45)(cid:43)(cid:42)(cid:45)(cid:28)(cid:47)(cid:32)(cid:1)(cid:4)(cid:36)(cid:47)(cid:36)(cid:53)(cid:32)(cid:41)(cid:46)(cid:35)(cid:36)(cid:43)(cid:1)(cid:17)(cid:45)(cid:42)(cid:34)(cid:45)(cid:28)(cid:40)(cid:1)
(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1102)

 — (cid:14)(cid:42)(cid:45)(cid:32)(cid:1)(cid:47)(cid:35)(cid:28)(cid:41)(cid:1)(cid:1065)(cid:1063)(cid:1)(cid:4)(cid:42)(cid:45)(cid:43)(cid:42)(cid:45)(cid:28)(cid:47)(cid:32)(cid:1)(cid:4)(cid:36)(cid:47)(cid:36)(cid:53)(cid:32)(cid:41)(cid:46)(cid:35)(cid:36)(cid:43)(cid:1)(cid:4)(cid:35)(cid:28)(cid:40)(cid:43)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1)

(cid:28)(cid:30)(cid:45)(cid:42)(cid:46)(cid:46)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:34)(cid:39)(cid:42)(cid:29)(cid:32)(cid:1)(cid:46)(cid:32)(cid:45)(cid:49)(cid:32)(cid:1)(cid:28)(cid:46)(cid:1)(cid:28)(cid:31)(cid:49)(cid:42)(cid:30)(cid:28)(cid:47)(cid:32)(cid:46)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:30)(cid:42)(cid:45)(cid:43)(cid:42)(cid:45)(cid:28)(cid:47)(cid:32)(cid:1)
(cid:30)(cid:36)(cid:47)(cid:36)(cid:53)(cid:32)(cid:41)(cid:46)(cid:35)(cid:36)(cid:43)(cid:1)(cid:28)(cid:47)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:39)(cid:42)(cid:30)(cid:28)(cid:39)(cid:1)(cid:42)(cid:33)(cid:33)(cid:36)(cid:30)(cid:32)(cid:1)(cid:39)(cid:32)(cid:49)(cid:32)(cid:39)(cid:1102)

&(cid:20)(cid:19)(cid:23)(cid:21)(cid:28)(cid:20)(cid:24)’((cid:17)(cid:5)(cid:18) (cid:13)(cid:31)(cid:28)(cid:20)(cid:14)(cid:18)(cid:17))(cid:17)"(cid:23)(cid:13)(cid:14)(cid:18)(cid:27)(cid:20)(cid:18)(cid:27)

 — (cid:17)(cid:48)(cid:29)(cid:39)(cid:36)(cid:46)(cid:35)(cid:32)(cid:31)(cid:1)(cid:8)(cid:39)(cid:42)(cid:29)(cid:28)(cid:39)(cid:1)(cid:5)(cid:36)(cid:49)(cid:32)(cid:45)(cid:46)(cid:36)(cid:47)(cid:52)(cid:1103)(cid:1)(cid:10)(cid:41)(cid:30)(cid:39)(cid:48)(cid:46)(cid:36)(cid:42)(cid:41)(cid:1)(cid:1057)(cid:1)(cid:3)(cid:32)(cid:39)(cid:42)(cid:41)(cid:34)(cid:36)(cid:41)(cid:34)(cid:1)

(cid:20)(cid:47)(cid:45)(cid:28)(cid:47)(cid:32)(cid:34)(cid:52)(cid:1)(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1102)(cid:1)

 — (cid:10)(cid:41)(cid:36)(cid:47)(cid:36)(cid:28)(cid:47)(cid:32)(cid:31)(cid:1)(cid:34)(cid:35)(cid:42)(cid:46)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:45)(cid:32)(cid:46)(cid:48)(cid:40)(cid:32)(cid:46)(cid:1)(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)(cid:1)(cid:47)(cid:42)(cid:1)(cid:28)(cid:49)(cid:42)(cid:36)(cid:31)(cid:1)
(cid:48)(cid:41)(cid:30)(cid:42)(cid:41)(cid:46)(cid:30)(cid:36)(cid:42)(cid:48)(cid:46)(cid:1)(cid:29)(cid:36)(cid:28)(cid:46)(cid:1)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:35)(cid:36)(cid:45)(cid:36)(cid:41)(cid:34)(cid:1)(cid:43)(cid:45)(cid:42)(cid:30)(cid:32)(cid:46)(cid:46)(cid:1102)

 — (cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:32)(cid:51)(cid:32)(cid:30)(cid:48)(cid:47)(cid:36)(cid:49)(cid:32)(cid:46)(cid:1)(cid:50)(cid:36)(cid:39)(cid:39)(cid:1)(cid:41)(cid:42)(cid:47)(cid:1)(cid:28)(cid:43)(cid:43)(cid:32)(cid:28)(cid:45)(cid:1)(cid:42)(cid:41)(cid:1)(cid:28)(cid:1)

(cid:43)(cid:28)(cid:41)(cid:32)(cid:39)(cid:1)(cid:28)(cid:47)(cid:1)(cid:28)(cid:1)(cid:43)(cid:48)(cid:29)(cid:39)(cid:36)(cid:30)(cid:1)(cid:32)(cid:49)(cid:32)(cid:41)(cid:47)(cid:1)(cid:47)(cid:35)(cid:28)(cid:47)(cid:1)(cid:31)(cid:42)(cid:32)(cid:46)(cid:1)(cid:41)(cid:42)(cid:47)(cid:1)(cid:35)(cid:28)(cid:49)(cid:32)(cid:1)(cid:31)(cid:36)(cid:49)(cid:32)(cid:45)(cid:46)(cid:32)(cid:1)
(cid:45)(cid:32)(cid:43)(cid:45)(cid:32)(cid:46)(cid:32)(cid:41)(cid:47)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1102)

 — (cid:14)(cid:42)(cid:45)(cid:32)(cid:1)(cid:47)(cid:35)(cid:28)(cid:41)(cid:1)(cid:1064)(cid:1058)(cid:1684)(cid:1)(cid:42)(cid:33)(cid:1)(cid:31)(cid:36)(cid:45)(cid:32)(cid:30)(cid:47)(cid:42)(cid:45)(cid:1)(cid:39)(cid:32)(cid:49)(cid:32)(cid:39)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:28)(cid:29)(cid:42)(cid:49)(cid:32)(cid:1)
(cid:43)(cid:45)(cid:42)(cid:33)(cid:32)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:28)(cid:39)(cid:46)(cid:1)(cid:35)(cid:28)(cid:49)(cid:32)(cid:1)(cid:30)(cid:42)(cid:40)(cid:43)(cid:39)(cid:32)(cid:47)(cid:32)(cid:31)(cid:1)(cid:28)(cid:41)(cid:1)(cid:36)(cid:41)(cid:1123)(cid:43)(cid:32)(cid:45)(cid:46)(cid:42)(cid:41)(cid:1)
(cid:36)(cid:41)(cid:30)(cid:39)(cid:48)(cid:46)(cid:36)(cid:49)(cid:32)(cid:1)(cid:30)(cid:48)(cid:39)(cid:47)(cid:48)(cid:45)(cid:32)(cid:1)(cid:47)(cid:45)(cid:28)(cid:36)(cid:41)(cid:36)(cid:41)(cid:34)(cid:1)(cid:46)(cid:32)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:1102)

*(cid:31)(cid:22)(cid:16)(cid:18)(cid:17)(cid:25)(cid:16)!(cid:20)(cid:24)(cid:16)(cid:13)

 — (cid:6)(cid:40)(cid:43)(cid:39)(cid:42)(cid:52)(cid:32)(cid:32)(cid:1)(cid:47)(cid:48)(cid:45)(cid:41)(cid:42)(cid:49)(cid:32)(cid:45)(cid:1)(cid:45)(cid:28)(cid:47)(cid:32)(cid:1)(cid:42)(cid:33)(cid:1)(cid:39)(cid:32)(cid:46)(cid:46)(cid:1)(cid:47)(cid:35)(cid:28)(cid:41)(cid:1)(cid:1059)(cid:1063)(cid:1684)(cid:1)(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1103)(cid:1)
(cid:40)(cid:28)(cid:45)(cid:38)(cid:36)(cid:41)(cid:34)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:39)(cid:42)(cid:50)(cid:32)(cid:46)(cid:47)(cid:1)(cid:47)(cid:48)(cid:45)(cid:41)(cid:42)(cid:49)(cid:32)(cid:45)(cid:1)(cid:45)(cid:28)(cid:47)(cid:32)(cid:1)(cid:36)(cid:41)(cid:1)(cid:4)(cid:42)(cid:40)(cid:43)(cid:28)(cid:41)(cid:52)(cid:1)
(cid:35)(cid:36)(cid:46)(cid:47)(cid:42)(cid:45)(cid:52)(cid:1102)

 — (cid:2)(cid:30)(cid:35)(cid:36)(cid:32)(cid:49)(cid:32)(cid:31)(cid:1)(cid:35)(cid:36)(cid:34)(cid:35)(cid:32)(cid:46)(cid:47)(cid:1123)(cid:32)(cid:49)(cid:32)(cid:45)(cid:1)(cid:28)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:32)(cid:40)(cid:43)(cid:39)(cid:42)(cid:52)(cid:32)(cid:32)(cid:1)
(cid:32)(cid:41)(cid:34)(cid:28)(cid:34)(cid:32)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:46)(cid:30)(cid:42)(cid:45)(cid:32)(cid:46)(cid:1103)(cid:1)(cid:50)(cid:36)(cid:47)(cid:35)(cid:1)(cid:1066)(cid:1058)(cid:1684)(cid:1)(cid:42)(cid:49)(cid:32)(cid:45)(cid:28)(cid:39)(cid:39)(cid:1)(cid:37)(cid:42)(cid:29)(cid:1)
(cid:46)(cid:28)(cid:47)(cid:36)(cid:46)(cid:33)(cid:28)(cid:30)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1102)(cid:1)

(cid:26)(cid:21)(cid:14)+(cid:23)(cid:28)(cid:28)(cid:20)(cid:14)(cid:18)(cid:16)(cid:13)(cid:17)&(cid:23)(cid:19)(cid:23)(cid:13)(cid:14)!(cid:22)(cid:23)(cid:18)(cid:24)

 — (cid:21)(cid:45)(cid:28)(cid:36)(cid:41)(cid:32)(cid:31)(cid:1)(cid:28)(cid:43)(cid:43)(cid:45)(cid:42)(cid:51)(cid:36)(cid:40)(cid:28)(cid:47)(cid:32)(cid:39)(cid:52)(cid:1)(cid:1062)(cid:1103)(cid:1058)(cid:1058)(cid:1058)(cid:1)(cid:43)(cid:45)(cid:42)(cid:33)(cid:32)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:28)(cid:39)(cid:46)(cid:1)

(cid:47)(cid:35)(cid:45)(cid:42)(cid:48)(cid:34)(cid:35)(cid:1)(cid:36)(cid:41)(cid:1123)(cid:43)(cid:32)(cid:45)(cid:46)(cid:42)(cid:41)(cid:1)(cid:47)(cid:45)(cid:28)(cid:36)(cid:41)(cid:36)(cid:41)(cid:34)(cid:1103)(cid:1)(cid:32)(cid:1123)(cid:39)(cid:32)(cid:28)(cid:45)(cid:41)(cid:36)(cid:41)(cid:34)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:50)(cid:32)(cid:29)(cid:36)(cid:41)(cid:28)(cid:45)(cid:1)
(cid:43)(cid:45)(cid:42)(cid:34)(cid:45)(cid:28)(cid:40)(cid:46)(cid:1)(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1102)

 — (cid:1062)(cid:1058)(cid:1684)(cid:1)(cid:42)(cid:33)(cid:1)(cid:42)(cid:48)(cid:45)(cid:1)(cid:6)(cid:51)(cid:32)(cid:30)(cid:48)(cid:47)(cid:36)(cid:49)(cid:32)(cid:1)(cid:4)(cid:42)(cid:40)(cid:40)(cid:36)(cid:47)(cid:47)(cid:32)(cid:32)(cid:1)(cid:45)(cid:32)(cid:43)(cid:45)(cid:32)(cid:46)(cid:32)(cid:41)(cid:47)(cid:46)(cid:1)(cid:31)(cid:36)(cid:49)(cid:32)(cid:45)(cid:46)(cid:32)(cid:1)

 — (cid:1066)(cid:1065)(cid:1063)(cid:1)(cid:43)(cid:45)(cid:42)(cid:33)(cid:32)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:28)(cid:39)(cid:46)(cid:1)(cid:43)(cid:45)(cid:42)(cid:40)(cid:42)(cid:47)(cid:32)(cid:31)(cid:1)(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1103)(cid:1)(cid:28)(cid:1)(cid:45)(cid:32)(cid:30)(cid:42)(cid:45)(cid:31)(cid:1)

(cid:34)(cid:45)(cid:42)(cid:48)(cid:43)(cid:46)(cid:1103)(cid:1)(cid:28)(cid:46)(cid:1)(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:45)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)(cid:42)(cid:41)(cid:39)(cid:52)(cid:1)(cid:1065)(cid:1684)(cid:1)(cid:36)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1062)(cid:1102)

(cid:41)(cid:48)(cid:40)(cid:29)(cid:32)(cid:45)(cid:1102)

 — (cid:10)(cid:41)(cid:30)(cid:45)(cid:32)(cid:28)(cid:46)(cid:32)(cid:31)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:43)(cid:32)(cid:45)(cid:30)(cid:32)(cid:41)(cid:47)(cid:28)(cid:34)(cid:32)(cid:1)(cid:42)(cid:33)(cid:1)(cid:33)(cid:32)(cid:40)(cid:28)(cid:39)(cid:32)(cid:1)(cid:46)(cid:32)(cid:41)(cid:36)(cid:42)(cid:45)(cid:1)
(cid:40)(cid:28)(cid:41)(cid:28)(cid:34)(cid:36)(cid:41)(cid:34)(cid:1)(cid:31)(cid:36)(cid:45)(cid:32)(cid:30)(cid:47)(cid:42)(cid:45)(cid:46)(cid:1)(cid:29)(cid:52)(cid:1)(cid:1061)(cid:1064)(cid:1684)(cid:1)(cid:46)(cid:36)(cid:41)(cid:30)(cid:32)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1065)(cid:1102)

(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)  •  7

(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1559)(cid:1)(cid:10)(cid:41)(cid:30)(cid:1102)(cid:1)(cid:1) 
(cid:15)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:7)(cid:36)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:14)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)

(cid:10)(cid:41)(cid:1)(cid:47)(cid:35)(cid:36)(cid:46)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)(cid:1103)(cid:1)(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1103)(cid:1)(cid:10)(cid:41)(cid:30)(cid:1102)(cid:1)(cid:1136)(cid:30)(cid:42)(cid:39)(cid:39)(cid:32)(cid:30)(cid:47)(cid:36)(cid:49)(cid:32)(cid:39)(cid:52)(cid:1103)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:1115)(cid:4)(cid:42)(cid:40)(cid:43)(cid:28)(cid:41)(cid:52)(cid:1103)(cid:1116)(cid:1)(cid:1115)(cid:50)(cid:32)(cid:1103)(cid:1116)(cid:1)(cid:1115)(cid:42)(cid:48)(cid:45)(cid:1116)(cid:1)(cid:42)(cid:45)(cid:1)(cid:1115)(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1116)(cid:1137)(cid:1)(cid:36)(cid:41)(cid:30)(cid:39)(cid:48)(cid:31)(cid:32)(cid:46)(cid:1)
(cid:36)(cid:41)(cid:33)(cid:42)(cid:45)(cid:40)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:31)(cid:32)(cid:45)(cid:36)(cid:49)(cid:32)(cid:31)(cid:1)(cid:33)(cid:45)(cid:42)(cid:40)(cid:1)(cid:30)(cid:42)(cid:41)(cid:46)(cid:42)(cid:39)(cid:36)(cid:31)(cid:28)(cid:47)(cid:32)(cid:31)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:46)(cid:32)(cid:34)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:36)(cid:41)(cid:33)(cid:42)(cid:45)(cid:40)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:47)(cid:35)(cid:28)(cid:47)(cid:1)(cid:40)(cid:28)(cid:52)(cid:1)(cid:41)(cid:42)(cid:47)(cid:1)(cid:29)(cid:32)(cid:1)(cid:43)(cid:45)(cid:32)(cid:43)(cid:28)(cid:45)(cid:32)(cid:31)(cid:1)(cid:36)(cid:41)(cid:1)(cid:28)(cid:30)(cid:30)(cid:42)(cid:45)(cid:31)(cid:28)(cid:41)(cid:30)(cid:32)(cid:1)
(cid:50)(cid:36)(cid:47)(cid:35)(cid:1)(cid:8)(cid:32)(cid:41)(cid:32)(cid:45)(cid:28)(cid:39)(cid:39)(cid:52)(cid:1)(cid:2)(cid:30)(cid:30)(cid:32)(cid:43)(cid:47)(cid:32)(cid:31)(cid:1)(cid:2)(cid:30)(cid:30)(cid:42)(cid:48)(cid:41)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:17)(cid:45)(cid:36)(cid:41)(cid:30)(cid:36)(cid:43)(cid:39)(cid:32)(cid:46)(cid:1)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:22)(cid:41)(cid:36)(cid:47)(cid:32)(cid:31)(cid:1)(cid:20)(cid:47)(cid:28)(cid:47)(cid:32)(cid:46)(cid:1)(cid:1136)(cid:1115)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1116)(cid:1137)(cid:1102)(cid:1)(cid:4)(cid:32)(cid:45)(cid:47)(cid:28)(cid:36)(cid:41)(cid:1)(cid:42)(cid:33)(cid:1)(cid:47)(cid:35)(cid:32)(cid:46)(cid:32)(cid:1)(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1)(cid:28)(cid:45)(cid:32)(cid:1)
(cid:30)(cid:42)(cid:41)(cid:46)(cid:36)(cid:31)(cid:32)(cid:45)(cid:32)(cid:31)(cid:1)(cid:41)(cid:42)(cid:47)(cid:1)(cid:36)(cid:41)(cid:1)(cid:30)(cid:42)(cid:41)(cid:33)(cid:42)(cid:45)(cid:40)(cid:36)(cid:47)(cid:52)(cid:1)(cid:50)(cid:36)(cid:47)(cid:35)(cid:1)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:1136)(cid:1115)(cid:41)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1116)(cid:1137)(cid:1)(cid:48)(cid:41)(cid:31)(cid:32)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:45)(cid:48)(cid:39)(cid:32)(cid:46)(cid:1)(cid:43)(cid:45)(cid:42)(cid:40)(cid:48)(cid:39)(cid:34)(cid:28)(cid:47)(cid:32)(cid:31)(cid:1)(cid:29)(cid:52)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:20)(cid:32)(cid:30)(cid:48)(cid:45)(cid:36)(cid:47)(cid:36)(cid:32)(cid:46)(cid:1)
(cid:28)(cid:41)(cid:31)(cid:1)(cid:6)(cid:51)(cid:30)(cid:35)(cid:28)(cid:41)(cid:34)(cid:32)(cid:1)(cid:4)(cid:42)(cid:40)(cid:40)(cid:36)(cid:46)(cid:46)(cid:36)(cid:42)(cid:41)(cid:1)(cid:1136)(cid:1115)(cid:20)(cid:6)(cid:4)(cid:1116)(cid:1137)(cid:1102)(cid:1)(cid:20)(cid:43)(cid:32)(cid:30)(cid:36)(cid:1894)(cid:30)(cid:28)(cid:39)(cid:39)(cid:52)(cid:1103)(cid:1)(cid:50)(cid:32)(cid:1)(cid:35)(cid:28)(cid:49)(cid:32)(cid:1)(cid:45)(cid:32)(cid:33)(cid:32)(cid:45)(cid:45)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:33)(cid:42)(cid:39)(cid:39)(cid:42)(cid:50)(cid:36)(cid:41)(cid:34)(cid:1)(cid:41)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1104)(cid:1)

(cid:1)

(cid:1)

(cid:1)

(cid:1)

(cid:1)

(cid:1)

(cid:1)

(cid:21)(cid:42)(cid:47)(cid:28)(cid:39)(cid:1)(cid:20)(cid:32)(cid:34)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:16)(cid:43)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)

(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)(cid:1)

(cid:21)(cid:42)(cid:47)(cid:28)(cid:39)(cid:1)(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:20)(cid:32)(cid:34)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)(cid:1)

(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)(cid:1)(cid:14)(cid:28)(cid:45)(cid:34)(cid:36)(cid:41)(cid:1)

(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:15)(cid:32)(cid:47)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)

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(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1102)(cid:1)(cid:19)(cid:32)(cid:30)(cid:42)(cid:41)(cid:30)(cid:36)(cid:39)(cid:36)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1)(cid:42)(cid:33)(cid:1)(cid:41)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1)(cid:47)(cid:42)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:40)(cid:42)(cid:46)(cid:47)(cid:1)(cid:31)(cid:36)(cid:45)(cid:32)(cid:30)(cid:47)(cid:39)(cid:52)(cid:1)(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:45)(cid:28)(cid:29)(cid:39)(cid:32)(cid:1)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1)(cid:28)(cid:45)(cid:32)(cid:1)
(cid:36)(cid:41)(cid:30)(cid:39)(cid:48)(cid:31)(cid:32)(cid:31)(cid:1)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:36)(cid:46)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)(cid:1102)
(cid:36)(cid:41)(cid:30)(cid:39)(cid:48)(cid:31)(cid:32)(cid:31)(cid:1)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:36)(cid:46)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)(cid:1102)

(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)  •  9

(cid:1060)(cid:1058)(cid:1059)(cid:1065)(cid:1)(cid:1125)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:19)(cid:32)(cid:30)(cid:42)(cid:41)(cid:30)(cid:36)(cid:39)(cid:36)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1)(cid:42)(cid:33)(cid:1)(cid:15)(cid:32)(cid:47)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:47)(cid:42)(cid:1)(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:15)(cid:32)(cid:47)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1) 
and Earnings Per Share to Adjusted Earnings Per Diluted Share

(cid:1136)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:42)(cid:48)(cid:46)(cid:28)(cid:41)(cid:31)(cid:46)(cid:1103)(cid:1)(cid:32)(cid:51)(cid:30)(cid:32)(cid:43)(cid:47)(cid:1)(cid:43)(cid:32)(cid:45)(cid:1)(cid:46)(cid:35)(cid:28)(cid:45)(cid:32)(cid:1)(cid:31)(cid:28)(cid:47)(cid:28)(cid:1137)

(cid:15)(cid:32)(cid:47)(cid:1)(cid:36)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)

(cid:2)(cid:31)(cid:31)(cid:1)(cid:29)(cid:28)(cid:30)(cid:38)(cid:1104)

(cid:20)(cid:43)(cid:32)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:30)(cid:35)(cid:28)(cid:45)(cid:34)(cid:32)(cid:46)

(cid:21)(cid:28)(cid:51)(cid:1)(cid:36)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:46)(cid:43)(cid:32)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:30)(cid:35)(cid:28)(cid:45)(cid:34)(cid:32)(cid:46)

(cid:13)(cid:42)(cid:46)(cid:46)(cid:1)(cid:42)(cid:41)(cid:1)(cid:32)(cid:28)(cid:45)(cid:39)(cid:52)(cid:1)(cid:32)(cid:51)(cid:47)(cid:36)(cid:41)(cid:34)(cid:48)(cid:36)(cid:46)(cid:35)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:31)(cid:32)(cid:29)(cid:47)

(cid:21)(cid:28)(cid:51)(cid:1)(cid:36)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:39)(cid:42)(cid:46)(cid:46)(cid:1)(cid:42)(cid:41)(cid:1)(cid:32)(cid:28)(cid:45)(cid:39)(cid:52)(cid:1)(cid:32)(cid:51)(cid:47)(cid:36)(cid:41)(cid:34)(cid:48)(cid:36)(cid:46)(cid:35)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:31)(cid:32)(cid:29)(cid:47)

(cid:19)(cid:32)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:28)(cid:30)(cid:44)(cid:48)(cid:36)(cid:46)(cid:36)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1123)(cid:45)(cid:32)(cid:39)(cid:28)(cid:47)(cid:32)(cid:31)(cid:1)(cid:30)(cid:42)(cid:41)(cid:47)(cid:36)(cid:41)(cid:34)(cid:32)(cid:41)(cid:47)(cid:1)(cid:30)(cid:42)(cid:41)(cid:46)(cid:36)(cid:31)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)

(cid:21)(cid:28)(cid:51)(cid:1)(cid:36)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:45)(cid:32)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:28)(cid:30)(cid:44)(cid:48)(cid:36)(cid:46)(cid:36)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1123)(cid:45)(cid:32)(cid:39)(cid:28)(cid:47)(cid:32)(cid:31)(cid:1)(cid:30)(cid:42)(cid:41)(cid:47)(cid:36)(cid:41)(cid:34)(cid:32)(cid:41)(cid:47)(cid:1)(cid:30)(cid:42)(cid:41)(cid:46)(cid:36)(cid:31)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)

(cid:15)(cid:42)(cid:41)(cid:1123)(cid:30)(cid:28)(cid:46)(cid:35)(cid:1)(cid:36)(cid:41)(cid:47)(cid:32)(cid:45)(cid:32)(cid:46)(cid:47)(cid:1)(cid:32)(cid:51)(cid:43)(cid:32)(cid:41)(cid:46)(cid:32)(cid:1)(cid:42)(cid:41)(cid:1)(cid:30)(cid:42)(cid:41)(cid:49)(cid:32)(cid:45)(cid:47)(cid:36)(cid:29)(cid:39)(cid:32)(cid:1)(cid:41)(cid:42)(cid:47)(cid:32)(cid:46)

(cid:21)(cid:28)(cid:51)(cid:1)(cid:36)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:41)(cid:42)(cid:41)(cid:1123)(cid:30)(cid:28)(cid:46)(cid:35)(cid:1)(cid:36)(cid:41)(cid:47)(cid:32)(cid:45)(cid:32)(cid:46)(cid:47)(cid:1)(cid:32)(cid:51)(cid:43)(cid:32)(cid:41)(cid:46)(cid:32)(cid:1)(cid:42)(cid:41)(cid:1)(cid:30)(cid:42)(cid:41)(cid:49)(cid:32)(cid:45)(cid:47)(cid:36)(cid:29)(cid:39)(cid:32)(cid:1)(cid:41)(cid:42)(cid:47)(cid:32)(cid:46)

(cid:8)(cid:28)(cid:36)(cid:41)(cid:1)(cid:42)(cid:41)(cid:1)(cid:46)(cid:28)(cid:39)(cid:32)(cid:1)(cid:42)(cid:33)(cid:1)(cid:29)(cid:48)(cid:46)(cid:36)(cid:41)(cid:32)(cid:46)(cid:46)

(cid:21)(cid:28)(cid:51)(cid:1)(cid:36)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:34)(cid:28)(cid:36)(cid:41)(cid:1)(cid:42)(cid:41)(cid:1)(cid:46)(cid:28)(cid:39)(cid:32)(cid:1)(cid:42)(cid:33)(cid:1)(cid:29)(cid:48)(cid:46)(cid:36)(cid:41)(cid:32)(cid:46)(cid:46)(cid:1)(cid:1136)(cid:1059)(cid:1137)

(cid:10)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1065)(cid:1)(cid:21)(cid:28)(cid:51)(cid:1)(cid:2)(cid:30)(cid:47)

(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:15)(cid:32)(cid:47)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:1136)(cid:1060)(cid:1137)

(cid:6)(cid:28)(cid:45)(cid:41)(cid:36)(cid:41)(cid:34)(cid:46)(cid:1)(cid:43)(cid:32)(cid:45)(cid:1)(cid:30)(cid:42)(cid:40)(cid:40)(cid:42)(cid:41)(cid:1)(cid:46)(cid:35)(cid:28)(cid:45)(cid:32)(cid:1)(cid:1125)(cid:1)(cid:31)(cid:36)(cid:39)(cid:48)(cid:47)(cid:32)(cid:31)

(cid:2)(cid:31)(cid:31)(cid:1)(cid:29)(cid:28)(cid:30)(cid:38)(cid:1104)

(cid:20)(cid:43)(cid:32)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:30)(cid:35)(cid:28)(cid:45)(cid:34)(cid:32)(cid:46)

(cid:21)(cid:28)(cid:51)(cid:1)(cid:36)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:46)(cid:43)(cid:32)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:30)(cid:35)(cid:28)(cid:45)(cid:34)(cid:32)(cid:46)

(cid:13)(cid:42)(cid:46)(cid:46)(cid:1)(cid:42)(cid:41)(cid:1)(cid:32)(cid:28)(cid:45)(cid:39)(cid:52)(cid:1)(cid:32)(cid:51)(cid:47)(cid:36)(cid:41)(cid:34)(cid:48)(cid:36)(cid:46)(cid:35)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:31)(cid:32)(cid:29)(cid:47)

(cid:21)(cid:28)(cid:51)(cid:1)(cid:36)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:39)(cid:42)(cid:46)(cid:46)(cid:1)(cid:42)(cid:41)(cid:1)(cid:32)(cid:28)(cid:45)(cid:39)(cid:52)(cid:1)(cid:32)(cid:51)(cid:47)(cid:36)(cid:41)(cid:34)(cid:48)(cid:36)(cid:46)(cid:35)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:31)(cid:32)(cid:29)(cid:47)

(cid:19)(cid:32)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:28)(cid:30)(cid:44)(cid:48)(cid:36)(cid:46)(cid:36)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1123)(cid:45)(cid:32)(cid:39)(cid:28)(cid:47)(cid:32)(cid:31)(cid:1)(cid:30)(cid:42)(cid:41)(cid:47)(cid:36)(cid:41)(cid:34)(cid:32)(cid:41)(cid:47)(cid:1)(cid:30)(cid:42)(cid:41)(cid:46)(cid:36)(cid:31)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)

(cid:21)(cid:28)(cid:51)(cid:1)(cid:36)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:45)(cid:32)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:28)(cid:30)(cid:44)(cid:48)(cid:36)(cid:46)(cid:36)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1123)(cid:45)(cid:32)(cid:39)(cid:28)(cid:47)(cid:32)(cid:31)(cid:1)(cid:30)(cid:42)(cid:41)(cid:47)(cid:36)(cid:41)(cid:34)(cid:32)(cid:41)(cid:47)(cid:1)(cid:30)(cid:42)(cid:41)(cid:46)(cid:36)(cid:31)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)

(cid:15)(cid:42)(cid:41)(cid:1123)(cid:30)(cid:28)(cid:46)(cid:35)(cid:1)(cid:36)(cid:41)(cid:47)(cid:32)(cid:45)(cid:32)(cid:46)(cid:47)(cid:1)(cid:32)(cid:51)(cid:43)(cid:32)(cid:41)(cid:46)(cid:32)(cid:1)(cid:42)(cid:41)(cid:1)(cid:30)(cid:42)(cid:41)(cid:49)(cid:32)(cid:45)(cid:47)(cid:36)(cid:29)(cid:39)(cid:32)(cid:1)(cid:41)(cid:42)(cid:47)(cid:32)(cid:46)

(cid:21)(cid:28)(cid:51)(cid:1)(cid:36)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:41)(cid:42)(cid:41)(cid:1123)(cid:30)(cid:28)(cid:46)(cid:35)(cid:1)(cid:36)(cid:41)(cid:47)(cid:32)(cid:45)(cid:32)(cid:46)(cid:47)(cid:1)(cid:32)(cid:51)(cid:43)(cid:32)(cid:41)(cid:46)(cid:32)(cid:1)(cid:42)(cid:41)(cid:1)(cid:30)(cid:42)(cid:41)(cid:49)(cid:32)(cid:45)(cid:47)(cid:36)(cid:29)(cid:39)(cid:32)(cid:1)(cid:41)(cid:42)(cid:47)(cid:32)(cid:46)

(cid:8)(cid:28)(cid:36)(cid:41)(cid:1)(cid:42)(cid:41)(cid:1)(cid:46)(cid:28)(cid:39)(cid:32)(cid:1)(cid:42)(cid:33)(cid:1)(cid:29)(cid:48)(cid:46)(cid:36)(cid:41)(cid:32)(cid:46)(cid:46)

(cid:21)(cid:28)(cid:51)(cid:1)(cid:36)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:34)(cid:28)(cid:36)(cid:41)(cid:1)(cid:42)(cid:41)(cid:1)(cid:46)(cid:28)(cid:39)(cid:32)(cid:1)(cid:42)(cid:33)(cid:1)(cid:29)(cid:48)(cid:46)(cid:36)(cid:41)(cid:32)(cid:46)(cid:46)(cid:1)(cid:1136)(cid:1059)(cid:1137)

(cid:10)(cid:40)(cid:43)(cid:28)(cid:30)(cid:47)(cid:1)(cid:42)(cid:33)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1065)(cid:1)(cid:21)(cid:28)(cid:51)(cid:1)(cid:2)(cid:30)(cid:47)

(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:32)(cid:28)(cid:45)(cid:41)(cid:36)(cid:41)(cid:34)(cid:46)(cid:1)(cid:43)(cid:32)(cid:45)(cid:1)(cid:30)(cid:42)(cid:40)(cid:40)(cid:42)(cid:41)(cid:1)(cid:46)(cid:35)(cid:28)(cid:45)(cid:32)(cid:1)(cid:1125)(cid:1)(cid:31)(cid:36)(cid:39)(cid:48)(cid:47)(cid:32)(cid:31)(cid:1)(cid:1136)(cid:1060)(cid:1137) 

(cid:24)(cid:32)(cid:36)(cid:34)(cid:35)(cid:47)(cid:32)(cid:31)(cid:1)(cid:28)(cid:49)(cid:32)(cid:45)(cid:28)(cid:34)(cid:32)(cid:1)(cid:41)(cid:48)(cid:40)(cid:29)(cid:32)(cid:45)(cid:1)(cid:42)(cid:33)(cid:1)(cid:30)(cid:42)(cid:40)(cid:40)(cid:42)(cid:41)(cid:1)(cid:46)(cid:35)(cid:28)(cid:45)(cid:32)(cid:46)(cid:1)(cid:42)(cid:48)(cid:47)(cid:46)(cid:47)(cid:28)(cid:41)(cid:31)(cid:36)(cid:41)(cid:34)(cid:1)(cid:1125)(cid:1)(cid:31)(cid:36)(cid:39)(cid:48)(cid:47)(cid:32)(cid:31)

2017

2018

2019

(cid:1660)(cid:1059)(cid:1058)(cid:1065)(cid:1103)(cid:1067)(cid:1064)(cid:1060)(cid:1)

(cid:1660)(cid:1059)(cid:1063)(cid:1058)(cid:1103)(cid:1064)(cid:1059)(cid:1059)(cid:1)

(cid:1660)(cid:1060)(cid:1059)(cid:1064)(cid:1103)(cid:1065)(cid:1060)(cid:1064)(cid:1)

(cid:1062)(cid:1058)(cid:1103)(cid:1066)(cid:1066)(cid:1063)

(cid:1136)(cid:1059)(cid:1061)(cid:1103)(cid:1063)(cid:1065)(cid:1058)(cid:1137)

–

–

(cid:1065)(cid:1058)(cid:1060)(cid:1)

(cid:1136)(cid:1060)(cid:1064)(cid:1067)(cid:1137)

–

–

–

–

–

–

(cid:1067)(cid:1103)(cid:1058)(cid:1065)(cid:1060)

(cid:1136)(cid:1060)(cid:1103)(cid:1061)(cid:1063)(cid:1067)(cid:1137)

–

–

(cid:1061)(cid:1103)(cid:1058)(cid:1059)(cid:1067)(cid:1)

(cid:1136)(cid:1065)(cid:1065)(cid:1063)(cid:1137)

(cid:1136)(cid:1059)(cid:1061)(cid:1103)(cid:1058)(cid:1061)(cid:1059)(cid:1137)

–

–

–

–

–

–

(cid:1066)(cid:1103)(cid:1064)(cid:1058)(cid:1064)(cid:1)

(cid:1136)(cid:1060)(cid:1103)(cid:1060)(cid:1061)(cid:1065)(cid:1137)

–

(cid:1064)(cid:1103)(cid:1065)(cid:1067)(cid:1066)(cid:1)

(cid:1136)(cid:1060)(cid:1103)(cid:1058)(cid:1067)(cid:1065)(cid:1137)

(cid:1136)(cid:1062)(cid:1062)(cid:1103)(cid:1066)(cid:1065)(cid:1058)(cid:1137)

–

–

(cid:1660)(cid:1067)(cid:1058)(cid:1103)(cid:1066)(cid:1062)(cid:1058)(cid:1)

(cid:1660)(cid:1059)(cid:1063)(cid:1061)(cid:1103)(cid:1061)(cid:1061)(cid:1063)(cid:1)

(cid:1660)(cid:1060)(cid:1060)(cid:1058)(cid:1103)(cid:1067)(cid:1067)(cid:1066)(cid:1)

(cid:1660)(cid:1060)(cid:1102)(cid:1065)(cid:1063)

(cid:1660)(cid:1061)(cid:1102)(cid:1067)(cid:1061)

(cid:1660)(cid:1063)(cid:1102)(cid:1064)(cid:1067)

(cid:1059)(cid:1102)(cid:1058)(cid:1062)(cid:1)

(cid:1136)(cid:1058)(cid:1102)(cid:1061)(cid:1062)(cid:1137)

–

–

(cid:1058)(cid:1102)(cid:1058)(cid:1060)(cid:1)

(cid:1136)(cid:1058)(cid:1102)(cid:1058)(cid:1059)(cid:1137)

–

–

–

–

(cid:1136)(cid:1059)(cid:1102)(cid:1059)(cid:1062)(cid:1137)

(cid:1660)(cid:1060)(cid:1102)(cid:1061)(cid:1060)(cid:1)

(cid:1061)(cid:1067)(cid:1103)(cid:1059)(cid:1067)(cid:1060)(cid:1)

–

–

(cid:1058)(cid:1102)(cid:1060)(cid:1061)(cid:1)

(cid:1136)(cid:1058)(cid:1102)(cid:1058)(cid:1064)(cid:1137)

–

–

(cid:1058)(cid:1102)(cid:1058)(cid:1066)(cid:1)

(cid:1136)(cid:1058)(cid:1102)(cid:1058)(cid:1060)(cid:1137)

(cid:1136)(cid:1058)(cid:1102)(cid:1061)(cid:1062)(cid:1137)

(cid:1058)(cid:1102)(cid:1059)(cid:1066)(cid:1)

–

(cid:1660)(cid:1062)(cid:1102)(cid:1058)(cid:1058)(cid:1)

(cid:1061)(cid:1066)(cid:1103)(cid:1061)(cid:1059)(cid:1066)(cid:1)

–

–

–

–

–

–

(cid:1058)(cid:1102)(cid:1060)(cid:1061)(cid:1)

(cid:1136)(cid:1058)(cid:1102)(cid:1058)(cid:1064)(cid:1137)

–

(cid:1136)(cid:1058)(cid:1102)(cid:1058)(cid:1064)(cid:1137)

–

(cid:1660)(cid:1063)(cid:1102)(cid:1066)(cid:1058)(cid:1)

(cid:1061)(cid:1066)(cid:1103)(cid:1059)(cid:1059)(cid:1059)(cid:1)

(cid:1136)(cid:1059)(cid:1137)(cid:1)(cid:10)(cid:41)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1103)(cid:1)(cid:45)(cid:32)(cid:43)(cid:45)(cid:32)(cid:46)(cid:32)(cid:41)(cid:47)(cid:46)(cid:1)(cid:28)(cid:1)(cid:31)(cid:36)(cid:46)(cid:30)(cid:45)(cid:32)(cid:47)(cid:32)(cid:1)(cid:47)(cid:28)(cid:51)(cid:1)(cid:28)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)(cid:45)(cid:32)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:33)(cid:45)(cid:42)(cid:40)(cid:1)(cid:28)(cid:1)(cid:30)(cid:35)(cid:28)(cid:41)(cid:34)(cid:32)(cid:1)(cid:36)(cid:41)(cid:1)(cid:32)(cid:46)(cid:47)(cid:36)(cid:40)(cid:28)(cid:47)(cid:32)(cid:1)(cid:45)(cid:32)(cid:39)(cid:28)(cid:47)(cid:32)(cid:31)(cid:1)(cid:47)(cid:42)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:28)(cid:30)(cid:30)(cid:42)(cid:48)(cid:41)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:46)(cid:28)(cid:39)(cid:32)(cid:1)(cid:42)(cid:33)(cid:1)(cid:19)(cid:36)(cid:41)(cid:34)(cid:47)(cid:28)(cid:36)(cid:39)(cid:1)(cid:32)(cid:1123)(cid:31)(cid:36)(cid:46)(cid:30)(cid:42)(cid:49)(cid:32)(cid:45)(cid:52)(cid:1)(cid:46)(cid:42)(cid:517)(cid:50)(cid:28)(cid:45)(cid:32)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:45)(cid:32)(cid:39)(cid:28)(cid:47)(cid:32)(cid:31)(cid:1)(cid:29)(cid:48)(cid:46)(cid:36)(cid:41)(cid:32)(cid:46)(cid:46)(cid:1)(cid:36)(cid:41)(cid:1)(cid:15)(cid:42)(cid:49)(cid:32)(cid:40)(cid:29)(cid:32)(cid:45)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)(cid:1102)(cid:1)

(cid:1136)(cid:1060)(cid:1137)(cid:1)(cid:20)(cid:32)(cid:32)(cid:1)(cid:1115)(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1103)(cid:1)(cid:10)(cid:41)(cid:30)(cid:1102)(cid:1)(cid:15)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:7)(cid:36)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:14)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1116)(cid:1)(cid:42)(cid:41)(cid:1)(cid:43)(cid:28)(cid:34)(cid:32)(cid:46)(cid:1)(cid:1066)(cid:1)(cid:47)(cid:35)(cid:45)(cid:42)(cid:48)(cid:34)(cid:35)(cid:1)(cid:1067)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:31)(cid:32)(cid:1894)(cid:41)(cid:36)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1)(cid:42)(cid:33)(cid:1)(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:15)(cid:32)(cid:47)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:28)(cid:45)(cid:41)(cid:36)(cid:41)(cid:34)(cid:46)(cid:1)(cid:17)(cid:32)(cid:45)(cid:1)(cid:5)(cid:36)(cid:39)(cid:48)(cid:47)(cid:32)(cid:31)(cid:1)(cid:20)(cid:35)(cid:28)(cid:45)(cid:32)(cid:1103)(cid:1)(cid:50)(cid:35)(cid:36)(cid:30)(cid:35)(cid:1)(cid:28)(cid:45)(cid:32)(cid:1)(cid:41)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1102)(cid:1)(cid:1)

10  •  (cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)

(cid:19)(cid:32)(cid:30)(cid:42)(cid:41)(cid:30)(cid:36)(cid:39)(cid:36)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:42)(cid:33)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1065)(cid:1)(cid:15)(cid:32)(cid:47)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:16)(cid:43)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:47)(cid:42)(cid:1)(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)

(cid:1136)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:42)(cid:48)(cid:46)(cid:28)(cid:41)(cid:31)(cid:46)(cid:1137) 
(cid:26)(cid:32)(cid:28)(cid:45)(cid:1)(cid:6)(cid:41)(cid:31)(cid:32)(cid:31)(cid:1)(cid:5)(cid:32)(cid:30)(cid:32)(cid:40)(cid:29)(cid:32)(cid:45)(cid:1)(cid:1061)(cid:1059)(cid:1103)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1065)

(cid:15)(cid:32)(cid:47)(cid:1)(cid:36)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)

(cid:10)(cid:41)(cid:47)(cid:32)(cid:45)(cid:32)(cid:46)(cid:47)(cid:1)(cid:36)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:42)(cid:47)(cid:35)(cid:32)(cid:45)

(cid:10)(cid:41)(cid:47)(cid:32)(cid:45)(cid:32)(cid:46)(cid:47)(cid:1)(cid:32)(cid:51)(cid:43)(cid:32)(cid:41)(cid:46)(cid:32)

(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:47)(cid:28)(cid:51)(cid:1)(cid:43)(cid:45)(cid:42)(cid:49)(cid:36)(cid:46)(cid:36)(cid:42)(cid:41)

(cid:4)(cid:42)(cid:45)(cid:43)(cid:42)(cid:45)(cid:28)(cid:47)(cid:32)(cid:1)
Finance & 
Restructuring 

Forensic and 
Litigation 
Consulting

(cid:6)(cid:30)(cid:42)(cid:41)(cid:42)(cid:40)(cid:36)(cid:30)(cid:1)
Consulting

Technology

Strategic 
(cid:4)(cid:42)(cid:40)(cid:40)(cid:48)(cid:41)(cid:36)(cid:30)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)

Unallocated 
(cid:4)(cid:42)(cid:45)(cid:43)(cid:42)(cid:45)(cid:28)(cid:47)(cid:32)

Total

(cid:1660)(cid:1059)(cid:1058)(cid:1065)(cid:1103)(cid:1067)(cid:1064)(cid:1060)(cid:1)

(cid:1136)(cid:1061)(cid:1103)(cid:1065)(cid:1063)(cid:1060)(cid:1137)

(cid:1060)(cid:1063)(cid:1103)(cid:1061)(cid:1063)(cid:1066)(cid:1)

(cid:1136)(cid:1060)(cid:1058)(cid:1103)(cid:1066)(cid:1063)(cid:1065)(cid:1137)

(cid:16)(cid:43)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:36)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)

(cid:1660)(cid:1065)(cid:1058)(cid:1103)(cid:1060)(cid:1061)(cid:1062)(cid:1)

(cid:1660)(cid:1063)(cid:1062)(cid:1103)(cid:1063)(cid:1060)(cid:1058)(cid:1)

(cid:1660)(cid:1062)(cid:1067)(cid:1103)(cid:1059)(cid:1063)(cid:1062)(cid:1)

(cid:1660)(cid:1062)(cid:1103)(cid:1065)(cid:1067)(cid:1063)(cid:1)

(cid:1660)(cid:1059)(cid:1061)(cid:1103)(cid:1059)(cid:1062)(cid:1066)(cid:1)

(cid:1136)(cid:1660)(cid:1066)(cid:1061)(cid:1103)(cid:1059)(cid:1062)(cid:1058)(cid:1137)

(cid:1660)(cid:1059)(cid:1058)(cid:1066)(cid:1103)(cid:1065)(cid:1059)(cid:1059)(cid:1)

(cid:5)(cid:32)(cid:43)(cid:45)(cid:32)(cid:30)(cid:36)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:28)(cid:40)(cid:42)(cid:45)(cid:47)(cid:36)(cid:53)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)

(cid:2)(cid:40)(cid:42)(cid:45)(cid:47)(cid:36)(cid:53)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:42)(cid:33)(cid:1)(cid:42)(cid:47)(cid:35)(cid:32)(cid:45)(cid:1)(cid:36)(cid:41)(cid:47)(cid:28)(cid:41)(cid:34)(cid:36)(cid:29)(cid:39)(cid:32)(cid:1)
assets

(cid:1061)(cid:1103)(cid:1059)(cid:1065)(cid:1063)(cid:1)

(cid:1062)(cid:1103)(cid:1058)(cid:1059)(cid:1062)(cid:1)

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(cid:1063)(cid:1067)(cid:1065)(cid:1)

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(cid:1064)(cid:1061)(cid:1063)(cid:1)

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(cid:1063)(cid:1103)(cid:1062)(cid:1062)(cid:1058)(cid:1)

(cid:1059)(cid:1060)(cid:1103)(cid:1061)(cid:1061)(cid:1062)(cid:1)

(cid:1064)(cid:1103)(cid:1064)(cid:1060)(cid:1062)(cid:1)

(cid:1063)(cid:1103)(cid:1058)(cid:1063)(cid:1065)(cid:1)

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(cid:1123)

(cid:1123)

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(cid:1065)(cid:1058)(cid:1060)(cid:1)

(cid:1062)(cid:1103)(cid:1058)(cid:1064)(cid:1063)(cid:1)

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(cid:1123)

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(cid:1123)

(cid:1065)(cid:1058)(cid:1060)(cid:1)

(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)(cid:1)(cid:1136)(cid:1059)(cid:1137)

(cid:1660)(cid:1066)(cid:1060)(cid:1103)(cid:1066)(cid:1064)(cid:1061)(cid:1)

(cid:1660)(cid:1065)(cid:1060)(cid:1103)(cid:1065)(cid:1058)(cid:1063)(cid:1)

(cid:1660)(cid:1064)(cid:1059)(cid:1103)(cid:1067)(cid:1064)(cid:1062)(cid:1)

(cid:1660)(cid:1060)(cid:1060)(cid:1103)(cid:1059)(cid:1065)(cid:1059)(cid:1)

(cid:1660)(cid:1060)(cid:1065)(cid:1103)(cid:1065)(cid:1061)(cid:1060)(cid:1)

(cid:1136)(cid:1660)(cid:1065)(cid:1063)(cid:1103)(cid:1061)(cid:1067)(cid:1065)(cid:1137)

(cid:1660)(cid:1059)(cid:1067)(cid:1060)(cid:1103)(cid:1058)(cid:1061)(cid:1066)(cid:1)

(cid:19)(cid:32)(cid:30)(cid:42)(cid:41)(cid:30)(cid:36)(cid:39)(cid:36)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:42)(cid:33)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)(cid:1)(cid:15)(cid:32)(cid:47)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:16)(cid:43)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:47)(cid:42)(cid:1)(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)

(cid:1136)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:42)(cid:48)(cid:46)(cid:28)(cid:41)(cid:31)(cid:46)(cid:1137) 
(cid:26)(cid:32)(cid:28)(cid:45)(cid:1)(cid:6)(cid:41)(cid:31)(cid:32)(cid:31)(cid:1)(cid:5)(cid:32)(cid:30)(cid:32)(cid:40)(cid:29)(cid:32)(cid:45)(cid:1)(cid:1061)(cid:1059)(cid:1103)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1066)

(cid:15)(cid:32)(cid:47)(cid:1)(cid:36)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)

(cid:10)(cid:41)(cid:47)(cid:32)(cid:45)(cid:32)(cid:46)(cid:47)(cid:1)(cid:36)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:42)(cid:47)(cid:35)(cid:32)(cid:45)

(cid:10)(cid:41)(cid:47)(cid:32)(cid:45)(cid:32)(cid:46)(cid:47)(cid:1)(cid:32)(cid:51)(cid:43)(cid:32)(cid:41)(cid:46)(cid:32)

(cid:8)(cid:28)(cid:36)(cid:41)(cid:1)(cid:42)(cid:41)(cid:1)(cid:46)(cid:28)(cid:39)(cid:32)(cid:1)(cid:42)(cid:33)(cid:1)(cid:29)(cid:48)(cid:46)(cid:36)(cid:41)(cid:32)(cid:46)(cid:46)

(cid:13)(cid:42)(cid:46)(cid:46)(cid:1)(cid:42)(cid:41)(cid:1)(cid:32)(cid:28)(cid:45)(cid:39)(cid:52)(cid:1)(cid:32)(cid:51)(cid:47)(cid:36)(cid:41)(cid:34)(cid:48)(cid:36)(cid:46)(cid:35)(cid:40)(cid:32)(cid:41)(cid:47)(cid:1)
(cid:42)(cid:33)(cid:1)(cid:31)(cid:32)(cid:29)(cid:47)

(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:47)(cid:28)(cid:51)(cid:1)(cid:43)(cid:45)(cid:42)(cid:49)(cid:36)(cid:46)(cid:36)(cid:42)(cid:41)

(cid:4)(cid:42)(cid:45)(cid:43)(cid:42)(cid:45)(cid:28)(cid:47)(cid:32)(cid:1)
Finance & 
Restructuring 

Forensic and 
Litigation 
Consulting

(cid:6)(cid:30)(cid:42)(cid:41)(cid:42)(cid:40)(cid:36)(cid:30)(cid:1)
Consulting

Technology

Strategic 
(cid:4)(cid:42)(cid:40)(cid:40)(cid:48)(cid:41)(cid:36)(cid:30)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)

Unallocated 
(cid:4)(cid:42)(cid:45)(cid:43)(cid:42)(cid:45)(cid:28)(cid:47)(cid:32)

Total

(cid:1660)(cid:1059)(cid:1063)(cid:1058)(cid:1103)(cid:1064)(cid:1059)(cid:1059)(cid:1)

(cid:1136)(cid:1062)(cid:1103)(cid:1067)(cid:1065)(cid:1065)(cid:1137)

(cid:1060)(cid:1065)(cid:1103)(cid:1059)(cid:1062)(cid:1067)(cid:1)

(cid:1136)(cid:1059)(cid:1061)(cid:1103)(cid:1058)(cid:1061)(cid:1059)(cid:1137)

(cid:1067)(cid:1103)(cid:1058)(cid:1065)(cid:1060)(cid:1)

(cid:1063)(cid:1065)(cid:1103)(cid:1059)(cid:1066)(cid:1059)(cid:1)

(cid:16)(cid:43)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:36)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)

(cid:1660)(cid:1059)(cid:1059)(cid:1063)(cid:1103)(cid:1059)(cid:1060)(cid:1062)(cid:1)

(cid:1660)(cid:1067)(cid:1059)(cid:1103)(cid:1060)(cid:1064)(cid:1060)(cid:1)

(cid:1660)(cid:1064)(cid:1062)(cid:1103)(cid:1058)(cid:1063)(cid:1060)(cid:1)

(cid:1660)(cid:1059)(cid:1062)(cid:1103)(cid:1067)(cid:1059)(cid:1060)(cid:1)

(cid:1660)(cid:1061)(cid:1065)(cid:1103)(cid:1060)(cid:1063)(cid:1058)(cid:1)

(cid:1136)(cid:1660)(cid:1067)(cid:1064)(cid:1103)(cid:1063)(cid:1067)(cid:1063)(cid:1137)

(cid:1660)(cid:1060)(cid:1060)(cid:1064)(cid:1103)(cid:1058)(cid:1058)(cid:1063)(cid:1)

(cid:5)(cid:32)(cid:43)(cid:45)(cid:32)(cid:30)(cid:36)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:28)(cid:40)(cid:42)(cid:45)(cid:47)(cid:36)(cid:53)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)

(cid:2)(cid:40)(cid:42)(cid:45)(cid:47)(cid:36)(cid:53)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:42)(cid:33)(cid:1)(cid:42)(cid:47)(cid:35)(cid:32)(cid:45)(cid:1)(cid:36)(cid:41)(cid:47)(cid:28)(cid:41)(cid:34)(cid:36)(cid:29)(cid:39)(cid:32)(cid:1)
assets

(cid:1061)(cid:1103)(cid:1062)(cid:1060)(cid:1066)(cid:1)

(cid:1061)(cid:1103)(cid:1059)(cid:1058)(cid:1066)(cid:1)

(cid:1062)(cid:1103)(cid:1060)(cid:1061)(cid:1065)(cid:1)

(cid:1059)(cid:1103)(cid:1061)(cid:1060)(cid:1060)(cid:1)

(cid:1063)(cid:1103)(cid:1064)(cid:1058)(cid:1065)(cid:1)

(cid:1060)(cid:1067)(cid:1064)(cid:1)

(cid:1059)(cid:1060)(cid:1103)(cid:1062)(cid:1058)(cid:1063)(cid:1)

(cid:1065)(cid:1058)(cid:1)

(cid:1060)(cid:1103)(cid:1061)(cid:1058)(cid:1060)(cid:1)

(cid:1061)(cid:1103)(cid:1061)(cid:1064)(cid:1064)(cid:1)

(cid:1061)(cid:1103)(cid:1063)(cid:1063)(cid:1065)(cid:1)

(cid:1061)(cid:1059)(cid:1103)(cid:1063)(cid:1061)(cid:1064)(cid:1)

–

(cid:1066)(cid:1103)(cid:1059)(cid:1064)(cid:1060)(cid:1)

(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)(cid:1)(cid:1136)(cid:1059)(cid:1137)

(cid:1660)(cid:1059)(cid:1060)(cid:1059)(cid:1103)(cid:1064)(cid:1064)(cid:1058)(cid:1)

(cid:1660)(cid:1067)(cid:1064)(cid:1103)(cid:1066)(cid:1060)(cid:1059)(cid:1)

(cid:1660)(cid:1064)(cid:1067)(cid:1103)(cid:1067)(cid:1063)(cid:1063)(cid:1)

(cid:1660)(cid:1060)(cid:1065)(cid:1103)(cid:1061)(cid:1066)(cid:1065)(cid:1)

(cid:1660)(cid:1062)(cid:1060)(cid:1103)(cid:1067)(cid:1059)(cid:1066)(cid:1)

(cid:1136)(cid:1660)(cid:1067)(cid:1061)(cid:1103)(cid:1058)(cid:1061)(cid:1066)(cid:1137)

(cid:1660)(cid:1060)(cid:1064)(cid:1063)(cid:1103)(cid:1065)(cid:1058)(cid:1061)(cid:1)

(cid:1136)(cid:1059)(cid:1137)(cid:1)(cid:20)(cid:32)(cid:32)(cid:1)(cid:1115)(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1103)(cid:1)(cid:10)(cid:41)(cid:30)(cid:1102)(cid:1)(cid:15)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:7)(cid:36)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:14)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1116)(cid:1)(cid:42)(cid:41)(cid:1)(cid:43)(cid:28)(cid:34)(cid:32)(cid:46)(cid:1)(cid:1066)(cid:1)(cid:47)(cid:35)(cid:45)(cid:42)(cid:48)(cid:34)(cid:35)(cid:1)(cid:1067)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:31)(cid:32)(cid:1894)(cid:41)(cid:36)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:42)(cid:33)(cid:1)(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)(cid:1103)(cid:1)(cid:50)(cid:35)(cid:36)(cid:30)(cid:35)(cid:1)(cid:36)(cid:46)(cid:1)(cid:28)(cid:1)(cid:41)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:1102)

(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47) •  11

(cid:19)(cid:32)(cid:30)(cid:42)(cid:41)(cid:30)(cid:36)(cid:39)(cid:36)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:42)(cid:33)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:15)(cid:32)(cid:47)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:16)(cid:43)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:47)(cid:42)(cid:1)(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)

(cid:1136)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:42)(cid:48)(cid:46)(cid:28)(cid:41)(cid:31)(cid:46)(cid:1137) 
(cid:26)(cid:32)(cid:28)(cid:45)(cid:1)(cid:6)(cid:41)(cid:31)(cid:32)(cid:31)(cid:1)(cid:5)(cid:32)(cid:30)(cid:32)(cid:40)(cid:29)(cid:32)(cid:45)(cid:1)(cid:1061)(cid:1059)(cid:1103)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)

(cid:15)(cid:32)(cid:47)(cid:1)(cid:36)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)

(cid:10)(cid:41)(cid:47)(cid:32)(cid:45)(cid:32)(cid:46)(cid:47)(cid:1)(cid:36)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:42)(cid:47)(cid:35)(cid:32)(cid:45)

(cid:10)(cid:41)(cid:47)(cid:32)(cid:45)(cid:32)(cid:46)(cid:47)(cid:1)(cid:32)(cid:51)(cid:43)(cid:32)(cid:41)(cid:46)(cid:32)

(cid:10)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)(cid:1)(cid:47)(cid:28)(cid:51)(cid:1)(cid:43)(cid:45)(cid:42)(cid:49)(cid:36)(cid:46)(cid:36)(cid:42)(cid:41)

(cid:4)(cid:42)(cid:45)(cid:43)(cid:42)(cid:45)(cid:28)(cid:47)(cid:32)(cid:1)
Finance & 
Restructuring 

Forensic and 
Litigation 
Consulting

(cid:6)(cid:30)(cid:42)(cid:41)(cid:42)(cid:40)(cid:36)(cid:30)(cid:1)
Consulting

Technology

Strategic 
(cid:4)(cid:42)(cid:40)(cid:40)(cid:48)(cid:41)(cid:36)(cid:30)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)

Unallocated 
(cid:4)(cid:42)(cid:45)(cid:43)(cid:42)(cid:45)(cid:28)(cid:47)(cid:32)

Total

(cid:1660)(cid:1060)(cid:1059)(cid:1064)(cid:1103)(cid:1065)(cid:1060)(cid:1064)(cid:1)

(cid:1136)(cid:1060)(cid:1103)(cid:1058)(cid:1064)(cid:1059)(cid:1137)

(cid:1059)(cid:1067)(cid:1103)(cid:1060)(cid:1058)(cid:1064)(cid:1)

(cid:1065)(cid:1059)(cid:1103)(cid:1065)(cid:1060)(cid:1062)(cid:1)

(cid:16)(cid:43)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:36)(cid:41)(cid:30)(cid:42)(cid:40)(cid:32)

(cid:1660)(cid:1059)(cid:1063)(cid:1060)(cid:1103)(cid:1067)(cid:1062)(cid:1066)(cid:1)

(cid:1660)(cid:1067)(cid:1066)(cid:1103)(cid:1064)(cid:1062)(cid:1066)(cid:1)

(cid:1660)(cid:1065)(cid:1066)(cid:1103)(cid:1060)(cid:1058)(cid:1059)(cid:1)

(cid:1660)(cid:1061)(cid:1063)(cid:1103)(cid:1058)(cid:1060)(cid:1060)(cid:1)

(cid:1660)(cid:1061)(cid:1067)(cid:1103)(cid:1059)(cid:1065)(cid:1062)(cid:1)

(cid:1136)(cid:1660)(cid:1067)(cid:1066)(cid:1103)(cid:1061)(cid:1067)(cid:1066)(cid:1137)

(cid:1660)(cid:1061)(cid:1058)(cid:1063)(cid:1103)(cid:1063)(cid:1067)(cid:1063)(cid:1)

(cid:5)(cid:32)(cid:43)(cid:45)(cid:32)(cid:30)(cid:36)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:28)(cid:40)(cid:42)(cid:45)(cid:47)(cid:36)(cid:53)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)

(cid:2)(cid:40)(cid:42)(cid:45)(cid:47)(cid:36)(cid:53)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:1)(cid:42)(cid:33)(cid:1)(cid:42)(cid:47)(cid:35)(cid:32)(cid:45)(cid:1) 
(cid:36)(cid:41)(cid:47)(cid:28)(cid:41)(cid:34)(cid:36)(cid:29)(cid:39)(cid:32)(cid:1)(cid:28)(cid:46)(cid:46)(cid:32)(cid:47)(cid:46)

(cid:1061)(cid:1103)(cid:1066)(cid:1063)(cid:1066)(cid:1)

(cid:1061)(cid:1103)(cid:1067)(cid:1060)(cid:1067)(cid:1)

(cid:1062)(cid:1103)(cid:1064)(cid:1061)(cid:1063)(cid:1)

(cid:1059)(cid:1103)(cid:1059)(cid:1063)(cid:1060)(cid:1)

(cid:1063)(cid:1103)(cid:1065)(cid:1061)(cid:1062)(cid:1)

(cid:1059)(cid:1065)(cid:1065)(cid:1)

(cid:1059)(cid:1058)(cid:1103)(cid:1064)(cid:1064)(cid:1064)(cid:1)

–

(cid:1060)(cid:1103)(cid:1062)(cid:1065)(cid:1064)(cid:1)

(cid:1060)(cid:1103)(cid:1066)(cid:1067)(cid:1062)(cid:1)

(cid:1060)(cid:1103)(cid:1065)(cid:1066)(cid:1062)(cid:1)

(cid:1061)(cid:1058)(cid:1103)(cid:1059)(cid:1063)(cid:1061)(cid:1)

–

(cid:1066)(cid:1103)(cid:1059)(cid:1063)(cid:1060)

(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)(cid:1)(cid:1136)(cid:1059)(cid:1137)

(cid:1660)(cid:1059)(cid:1064)(cid:1058)(cid:1103)(cid:1065)(cid:1061)(cid:1063)(cid:1)

(cid:1660)(cid:1059)(cid:1058)(cid:1062)(cid:1103)(cid:1062)(cid:1061)(cid:1063)(cid:1)

(cid:1660)(cid:1066)(cid:1062)(cid:1103)(cid:1059)(cid:1059)(cid:1060)(cid:1)

(cid:1660)(cid:1062)(cid:1063)(cid:1103)(cid:1064)(cid:1066)(cid:1066)(cid:1)

(cid:1660)(cid:1062)(cid:1062)(cid:1103)(cid:1063)(cid:1062)(cid:1062)(cid:1)

(cid:1136)(cid:1660)(cid:1067)(cid:1063)(cid:1103)(cid:1064)(cid:1059)(cid:1062)(cid:1137)

(cid:1660)(cid:1061)(cid:1062)(cid:1061)(cid:1103)(cid:1067)(cid:1058)(cid:1058)(cid:1)

(cid:1060)(cid:1058)(cid:1059)(cid:1065)(cid:1)(cid:1125)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:19)(cid:32)(cid:30)(cid:42)(cid:41)(cid:30)(cid:36)(cid:39)(cid:36)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1)(cid:42)(cid:33)(cid:1)(cid:15)(cid:32)(cid:47)(cid:1)(cid:4)(cid:28)(cid:46)(cid:35)(cid:1)(cid:17)(cid:45)(cid:42)(cid:49)(cid:36)(cid:31)(cid:32)(cid:31)(cid:1)(cid:29)(cid:52)(cid:1)(cid:16)(cid:43)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:2)(cid:30)(cid:47)(cid:36)(cid:49)(cid:36)(cid:47)(cid:36)(cid:32)(cid:46)(cid:1)(cid:47)(cid:42)(cid:1)(cid:7)(cid:45)(cid:32)(cid:32)(cid:1)(cid:4)(cid:28)(cid:46)(cid:35)(cid:1)(cid:7)(cid:39)(cid:42)(cid:50)

(cid:1136)(cid:36)(cid:41)(cid:1)(cid:47)(cid:35)(cid:42)(cid:48)(cid:46)(cid:28)(cid:41)(cid:31)(cid:46)(cid:1137)(cid:1)(cid:1)

(cid:15)(cid:32)(cid:47)(cid:1)(cid:30)(cid:28)(cid:46)(cid:35)(cid:1)(cid:43)(cid:45)(cid:42)(cid:49)(cid:36)(cid:31)(cid:32)(cid:31)(cid:1)(cid:29)(cid:52)(cid:1)(cid:42)(cid:43)(cid:32)(cid:45)(cid:28)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:28)(cid:30)(cid:47)(cid:36)(cid:49)(cid:36)(cid:47)(cid:36)(cid:32)(cid:46)

(cid:17)(cid:48)(cid:45)(cid:30)(cid:35)(cid:28)(cid:46)(cid:32)(cid:46)(cid:1)(cid:42)(cid:33)(cid:1)(cid:43)(cid:45)(cid:42)(cid:43)(cid:32)(cid:45)(cid:47)(cid:52)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:32)(cid:44)(cid:48)(cid:36)(cid:43)(cid:40)(cid:32)(cid:41)(cid:47)

(cid:7)(cid:45)(cid:32)(cid:32)(cid:1)(cid:4)(cid:28)(cid:46)(cid:35)(cid:1)(cid:7)(cid:39)(cid:42)(cid:50)(cid:1)(cid:1136)(cid:1059)(cid:1137)

2017

(cid:1660)(cid:1059)(cid:1062)(cid:1065)(cid:1103)(cid:1064)(cid:1060)(cid:1063)

(cid:1136)(cid:1061)(cid:1060)(cid:1103)(cid:1058)(cid:1058)(cid:1062)(cid:1137)

(cid:1660)(cid:1059)(cid:1059)(cid:1063)(cid:1103)(cid:1064)(cid:1060)(cid:1059)

2018

(cid:1660)(cid:1060)(cid:1061)(cid:1058)(cid:1103)(cid:1064)(cid:1065)(cid:1060)

(cid:1136)(cid:1061)(cid:1060)(cid:1103)(cid:1060)(cid:1065)(cid:1058)(cid:1137)

(cid:1660)(cid:1059)(cid:1067)(cid:1066)(cid:1103)(cid:1062)(cid:1058)(cid:1060)

2019

(cid:1660)(cid:1060)(cid:1059)(cid:1065)(cid:1103)(cid:1066)(cid:1066)(cid:1064)

(cid:1136)(cid:1062)(cid:1060)(cid:1103)(cid:1058)(cid:1065)(cid:1060)(cid:1137)

(cid:1660)(cid:1059)(cid:1065)(cid:1063)(cid:1103)(cid:1066)(cid:1059)(cid:1062)

(cid:1136)(cid:1059)(cid:1137)(cid:1)(cid:20)(cid:32)(cid:32)(cid:1)(cid:1115)(cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1103)(cid:1)(cid:10)(cid:41)(cid:30)(cid:1102)(cid:1)(cid:15)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:7)(cid:36)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:14)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1116)(cid:1)(cid:42)(cid:41)(cid:1)(cid:43)(cid:28)(cid:34)(cid:32)(cid:46)(cid:1)(cid:1066)(cid:1)(cid:47)(cid:35)(cid:45)(cid:42)(cid:48)(cid:34)(cid:35)(cid:1)(cid:1067)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:31)(cid:32)(cid:1894)(cid:41)(cid:36)(cid:47)(cid:36)(cid:42)(cid:41)(cid:46)(cid:1)(cid:42)(cid:33)(cid:1)(cid:2)(cid:31)(cid:37)(cid:48)(cid:46)(cid:47)(cid:32)(cid:31)(cid:1)(cid:6)(cid:3)(cid:10)(cid:21)(cid:5)(cid:2)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:7)(cid:45)(cid:32)(cid:32)(cid:1)(cid:4)(cid:28)(cid:46)(cid:35)(cid:1)(cid:7)(cid:39)(cid:42)(cid:50)(cid:1103)(cid:1)(cid:50)(cid:35)(cid:36)(cid:30)(cid:35)(cid:1)(cid:28)(cid:45)(cid:32)(cid:1)(cid:41)(cid:42)(cid:41)(cid:1123)(cid:8)(cid:2)(cid:2)(cid:17)(cid:1)(cid:1894)(cid:41)(cid:28)(cid:41)(cid:30)(cid:36)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:28)(cid:46)(cid:48)(cid:45)(cid:32)(cid:46)(cid:1102)

12  • (cid:7)(cid:21)(cid:10)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:2)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:19)(cid:32)(cid:43)(cid:42)(cid:45)(cid:47)

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019
OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

to

Commission file number 001-14875

FTI CONSULTING, INC.
(Exact Name of Registrant as Specified in Its Charter)

Maryland
(State or Other Jurisdiction of
Incorporation or Organization)

555 12th Street NW
Washington,
DC
(Address of Principal Executive Offices)

52-1261113
(I.R.S. Employer
Identification No.)

20004
(ZIP Code)

(202) 312-9100
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Common Stock, $0.01 par value

Trading Symbol
FCN

Name of Each Exchange on Which Registered
New York Stock Exchange

Securities Registered Pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934

during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of

Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such
files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an

emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company"
in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Non-accelerated filer

☒
☐

Accelerated filer
Smaller reporting company
Emerging growth company

☐
☐
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any

new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant was $2.3 billion, based on the closing

sales price of the registrant’s common stock on June 28, 2019.

The number of shares of the registrant’s common stock outstanding as of February 17, 2020 was 37,493,897.

Portions of our definitive Proxy Statement to be filed with the Securities and Exchange Commission within 120 days after the end of our 2019 fiscal

year are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.

DOCUMENTS INCORPORATED BY REFERENCE

FTI CONSULTING, INC. AND SUBSIDIARIES
Annual Report on Form 10-K
Fiscal Year Ended December 31, 2019

TABLE OF CONTENTS

PART I

Item 1.

Business

Item 1A.

Risk Factors

Item 1B.

Unresolved Staff Comments

Item 2.

Properties

Item 3.

Legal Proceedings

Item 4.

Mine Safety Disclosures

PART II

Item 5.

Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities

Item 6.

Selected Financial Data

Item 7.

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

Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Item 8.

Financial Statements and Supplementary Data

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9A.

Controls and Procedures

Item 9B.

Other Information

PART III

Item 10.

Directors, Executive Officers and Corporate Governance

Item 11.

Executive Compensation

Item 12.

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

Item 13.

Certain Relationships and Related Transactions and Director Independence

Item 14.

Principal Accountant Fees and Services

PART IV

Item 15.

Exhibits and Financial Statement Schedule

Item 16.

Form 10-K Summary

Page

1

18

31

31

31

31

32

34

36

56

58

94

94

94

95

95

95

95

95

96

107

FTI CONSULTING, INC.

PART I

Forward-Looking Information

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, objectives, goals, 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 the 2017 U.S. Tax Cuts and Jobs Act, and other information
that is not historical. Forward-looking statements often contain words such as “estimates,” “expects,” “anticipates,”
“projects,” “plans,” “intends,” “believes,” “forecasts” 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 and expectations at the time we make them, and various
assumptions. There can be no assurance that management’s expectations, beliefs, forecasts and projections will result or be
achieved. Our actual financial results, performance or achievements could differ materially from those expressed in, or implied
by, any forward-looking statements. The inclusion of any forward-looking information should not be regarded as a
representation by us or any other person that the future plans, estimates, forecasts or expectations contemplated by us will be
achieved. Given these risks, uncertainties and other factors, you should not place undue reliance on any forward-looking
statements.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-

looking statements contained in, or implied by, statements in this Annual Report. Important factors that could cause our actual
results to differ materially from the forward-looking statements we make in this Annual Report are set forth in this report,
including under the heading “Risk Factors” in Part I, Item 1A of this Annual Report. All forward-looking statements
attributable to us or persons acting on our behalf apply only as of the date of this Annual Report and are expressly qualified in
their entirety by the cautionary statements included herein. We undertake no obligation to publicly update or revise any
forward-looking statements to reflect subsequent events or circumstances and do not intend to do so.

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 and 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;

Forensic and Litigation Consulting;

Economic Consulting;

Technology; and

Strategic Communications.

We work closely with our clients to help them anticipate, illuminate 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 turnaround and restructuring
(including bankruptcy), business transformations (including performance improvement), interim management, transactions
(including mergers and acquisitions (“M&A”), forensic accounting and advisory services, global risk & investigations, antitrust

1

and competition matters, international arbitrations, regulated industries, securities litigation and risk management, electronic
discovery management (or “e-discovery”), managed document review, collection and computer forensics), information
governance, privacy and security, M&A crisis and special situation communications, and public affairs communications. Our
experienced professionals are acknowledged leaders in their chosen field not only for their level of knowledge and
understanding, but for their ability to structure practical workable solutions to complex issues and real-world problems. Our
clients include Fortune 500 corporations, FTSE 100 companies, global banks, major law firms, and local, state and national
governments and agencies around the globe. In addition, major United States (“U.S.”) and international law firms refer us or
engage us on behalf of their clients. We believe clients retain us because of our recognized expertise and capabilities in highly
specialized areas, as well as our reputation for successfully meeting our clients’ needs.

Our operations span the globe encompassing locations within: (i) the Americas, consisting of our 48 U.S. offices located

in 21 states, 4 offices located in Canada and 6 offices serving Latin America located in Argentina, Brazil, Colombia, Mexico,
the Cayman Islands and the Virgin Islands (British); (ii) Asia and the Pacific, consisting of 16 offices located in Australia,
China (including Hong Kong), India, Indonesia, Japan, South Korea, Malaysia and Singapore; and (iii) Europe, Middle East
and Africa (“EMEA”), consisting of 26 offices located in Belgium, Finland, France, Germany, Ireland, Israel, Qatar, South
Africa, Spain, United Arab Emirates and the United Kingdom (“UK”).

We derive the majority of our revenues from providing professional services to clients in the U.S. For the year ended

December 31, 2019, we derived approximately 66% and 34% of our consolidated revenues from the work of professionals who
are assigned to locations inside and outside the U.S., respectively.

Summary Financial and Other Information

The following table sets forth the percentage of consolidated revenues for the last two years contributed by each of our

five reportable segments.

Reportable Segment
Corporate Finance & Restructuring
Forensic and Litigation Consulting
Economic Consulting
Technology
Strategic Communications

Total

Year Ended December 31,

2019

2018

31%
25%
25%
9%
10%
100%

28%
26%
26%
9%
11%
100%

The following table sets forth the number of offices and countries in which each segment operates, as well as the net

number of revenue-generating professionals in each of our reportable segments.

Corporate Finance & Restructuring
Forensic and Litigation Consulting
Economic Consulting
Technology
Strategic Communications

Total

Year Ended December 31,

Year Ended December 31,

2019

Offices

Countries

2019

Billable
Headcount

2018

Billable
Headcount

45
62
42
31
35

15
19
17
10
17

1,194
1,351
790
361
728
4,424

948
1,153
708
306
641
3,756

2

Our Reportable Segments

Corporate Finance & Restructuring

Our Corporate Finance & Restructuring 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,
banks, lenders, and other financing sources and creditor groups, as well as other parties-in-interest. We deliver a wide range of
service offerings, centered around three core offerings: turnaround, restructuring and bankruptcy, business transformation
(including financial and operational improvement services) and transactions (including diligence, merger integration, carve-out
and valuation services). Additionally, our services include interim management, dispute advisory, valuation and financial
advisory and tax services. Many clients demand our industry expertise, which includes emphasis in the automotive, energy,
power & products (“EPP”), healthcare & life sciences, mining, real estate, retail & consumer products, and telecom, media &
technology (“TMT”) sectors.

In 2019, our Corporate Finance & Restructuring segment offered the following services:

•

Turnaround, Restructuring and Bankruptcy. We provide advisory services to help our clients stabilize finances
and operations to reassure creditors and other stakeholders that proactive steps are being taken to preserve and
enhance value. For clients confronting liquidity problems, excessive leverage, underperformance, overexpansion,
or other business or financial issues, we develop liquidity forecasts, identify cash flow improvements, obtain
financing, negotiate loan covenant waivers and guide complex debt restructuring.

Our turnaround management professionals provide their turnaround skills, restructuring expertise, and industry and
functional experience to lead through crisis situations, such as financial and operational restructuring and
insolvency and bankruptcy, by stabilizing financial position, optimizing financial resources, protecting enterprise
value, resolving regulatory compliance issues, building morale and establishing credibility with stakeholders. Our
professionals serve in the following interim executive and management roles: chief executive officer, chief
operating officer, chief financial officer, chief restructuring officer, controller and treasurer, and other senior
positions that report to them.

Our company advisory group advises and assists clients by providing liquidity management, operational
improvement, turnaround and restructuring, and capital solutions services to achieve successful turnarounds.
Through our out-of-court services, we assist clients with right-sizing infrastructure, improving liquidity and
solvency, improving cash flow and working capital management, selling noncore assets or business units and
recapitalization. We perform due diligence reviews, financial statement, cash flow and EBITDA analyses, prepare
liquidity forecasts and financial projections, recommend credit alternatives, assist in determining optimal capital
structure, monitor portfolios of assets, assess collateral, provide crisis credit and securitized transaction assistance,
negotiate loan covenant waivers, and guide complex debt restructurings. We also lead and manage the financial
aspects of in-court restructurings and bankruptcies by offering services that help our clients assess the impact of a
bankruptcy filing on their financial condition and operations. We provide critical services specific to court-
supervised insolvency and bankruptcy proceedings. We represent underperforming companies that are debtors-in-
possession and lenders. With a focus on minimizing disruption and rebuilding the business after an exit from
bankruptcy or insolvency, we help clients accelerate a return to business as usual.

Our creditor advisory group advises and assists secured and unsecured creditors in distressed situations to
maximize recoveries and preserve the value of assets. Our services include assessing short-term and long-term
liquidity needs, evaluating operations and the reasonableness of business plans, determining enterprise value,
negotiating executable restructuring programs, building a consensus within the creditor group, investigating
intercompany transactions and potential fraudulent conveyances, bankruptcy preparation and reporting services,
financial analysis in support of petitions and affiliated motions, strategies for monetizing a debtor’s assets, the
discovery of unidentified assets and liabilities, and expert witness testimony.

• Business Transformation. The services offered by our business transformation practice focus on supporting

clients through transformational change, disruption and M&A to drive sustainable growth and value. Dedicated to
working alongside our clients at every stage of the business lifecycle, our experts focus on:

•

Revenue Growth, including sales effectiveness, market, product and customer strategy, pricing, and
profitability.

3

•

•

•

Operations, including strategic sourcing and procurement, optimizing the supply chain and operating
network, increasing the efficiency of manufacturing and implementing lean best practices to enhance
profitability and organizational effectiveness.

Finance, addressing people, process and technology gaps by utilizing data analytics and best practices to
establish solutions that support finance responsibilities while balancing the company’s strategic goals.

People, partnering with business leaders, management and human resources professionals, to help
organizations fully realize transformational change by addressing human capital needs, including
organizational design and workforce optimization, culture and change management, employee
engagement, executive compensation, and people analytics.

• Transactions. Advising both corporate and financial clients across the deal life cycle, we support clients to

strategize, structure, diligence, integrate, carve out, value and communicate around a transaction. Services include,
quality of earnings and pre-deal assessment, transaction structuring, due diligence, synergy, risk, valuation and
operating efficiency identification, valuation, post-deal integration and carve-out services, as well as
implementation work. In addition to our core transactions offerings, we provide:

•

•

•

Investment Banking Services. We provide investment banking services in the U.S. and other countries,
including Canada and Puerto Rico, through financial industry regulated entities, focusing on identifying
and executing value-added transactions for public and private middle market companies. We can also
provide investment advisory services through our registered advisors.

Valuation & Financial Advisory Services. We provide an array of forecasting, valuation and transaction
support services with respect to strategic transactions, including capital markets, M&A and distressed
situations. We have the expertise to provide fairness, solvency, collateral valuation, intellectual asset
valuation, and going concern valuation options.

Tax Services. We advise businesses on a variety of tax matters ranging from tax transaction support to
best practice process implementation and structuring. We provide advisory services relating to corporate,
partnership, real estate investment trust (“REIT”) and real estate tax compliance and reporting,
international taxation, debt restructuring, foreign, state and local taxes, research and development,
transfer pricing, tax valuation services and value-added taxation.

Additional practice specialties, which are utilized by our turnaround, restructuring and bankruptcy, business
transformation and transactions clients, include:

•

Interim Management. Through interim management services, our professionals fill the void when our clients need
skilled, experienced leadership to pursue opportunities, contend with executive turnover and transition, or drive
strategic transactions or change. The experienced and credentialed professionals in our interim management
practice assume executive officer level roles, providing the leadership, financial management, and operating and
strategic decision-making abilities to lead transitions due to extraordinary events such as M&A, divestitures,
changes in control and carve-outs of businesses from larger enterprises.

• Dispute Advisory. We provide independent litigation consulting, including bankruptcy and avoidance litigation and

industry-specific civil, commercial and regulatory dispute services. Our bankruptcy and avoidance litigation
services include consulting, expert witness and trial services related to preferential payments, solvency and
fraudulent conveyances, substantive consolidation, claims litigation, plan feasibility, valuation disputes, and board
fiduciary assessments. Our commercial and regulatory dispute services involve industry-specific expertise relating
to industry standards and customary practices, economic damages, fact finding, and forensic review and analysis,
primarily related to the automotive, hospitality, gaming and leisure, real estate, retail and consumer products and
TMT industries.

• Executive Compensation & Corporate Governance. We provide objective advice on the design and

implementation of comprehensive executive compensation programs to attract, retain, reward and motivate
management and employees for the right kind of performance while closely aligning the interests of employees
with those of the company’s shareholders and investors. Our corporate governance services include succession
planning, stock ownership requirements, and shareholder engagement and outreach.

4

Forensic and Litigation Consulting

Our Forensic and Litigation Consulting segment provides law firms, companies, government clients and other interested

parties with multidisciplinary and independent services related to risk advisory, investigations and disputes. Our risk advisory
services leverage deep data and analytics expertise to advise our clients in response to allegations involving regulatory
compliance, white-collar crime, monitorship and receivership. We have particular expertise with alleged violations of anti-
corruption laws such as the U.S. Foreign Corrupt Practices Act (the "FCPA"), the UK Bribery Act (the "UKBA") and the
Organisation for Economic Co-operation and Development. Our investigations practice conducts sophisticated investigations to
help clients address and mitigate risk, protect assets and remediate compliance when dealing with fraud and enforcement-
related allegations and cybersecurity threats. Within our disputes advisory offering we assist our clients with quantifying
damages and providing expert testimony in a wide range of situations. We employ forensic accounting and complex modeling
to analyze financial transactions and identify, collect, analyze and preserve information within enterprise systems. We can
deploy our full array of service offerings across jurisdictional boundaries from our offices located in major business centers
around the world.

In 2019, our Forensic and Litigation Consulting segment offered the following services:

• Forensic Accounting & Advisory Services. We assist U.S. and multinational clients with responding to

allegations involving accounting, financial reporting, fraud, regulatory scrutiny and corruption inquiries. We assist
corporate clients with compliance, governance advisory and remediation services to strengthen their defenses
against white collar crime. Our securities industry and accounting advisory professionals assist corporations in
addressing financial restatement matters and responding to all phases of actions and litigation from the U.S.
Securities and Exchange Commission ("SEC"), the Public Company Accounting Oversight Board, the UK’s
Financial Reporting Council and other regulatory bodies.

• Global Risk and Investigations Practice. We bring a multidisciplinary approach to advising clients with their
investigations. We apply our expertise in fraud and enforcement-related investigations, focusing on white-collar
crime, bribery and corruption, money laundering, sanctions violations, embezzlement, transactional due diligence,
litigation intelligence and commercial disputes. We have professionals located around the globe who have a deep
understanding of the multi-jurisdictional investigative processes. Our clients rely on our services to assess risk,
recover misappropriated assets, report to key stakeholders and institute reforms.

• Cybersecurity. Through a comprehensive set of cybersecurity offerings, combined with cutting-edge technologies
and capabilities, we help clients understand the cyber risks they face so that critical needs are addressed. Further,
we can integrate new solutions atop or alongside pre-existing policies and programs to better combat cybersecurity
threats. We help our clients understand their own environments, identify threats, implement defensive strategies,
respond to crises, and recover their operations and reputation after an incident.

• Export Controls & Sanctions. We help U.S. and non-U.S. companies comply with global export controls and

sanctions laws, providing services such as due diligence, advanced data analytics for risk models, practical policies
and procedures, and tailored training programs. We regularly support legal counsel in navigating the complexity of
export controls and sanctions compliance by simplifying them into manageable, actionable and auditable internal
controls. Our consultants also provide insight into the possible interpretations of new sanctions based on foreign
policy and national security priorities, and how these priorities might affect the expectations of government
agencies for compliance.

• Dispute Advisory Services. We provide comprehensive economics, finance, valuation and accountancy services to
the global business and legal communities designed to protect and enhance value for all stakeholders. Our practice
is built around authoritative, experienced, and independent functional and industry experts, accountants and
economists. These experts understand the hands-on application of traditional and emerging economic, financial,
valuation and accountancy, data analyses and analytical methodologies. We provide assessment and litigation
support at every stage of judicial disputes (including class actions) and for a broad range of federal and state courts,
arbitrations and regulatory forums, including international arbitrations. Our experts are both individually
recognized for the depth of their knowledge and also for our work as a team to resolve the many interconnected
issues our clients face in complex business disputes. Our work is focused on the following areas: securities,
accounting and regulatory enforcement (including securities and antitrust) matters, intellectual property ("IP")
disputes, valuation, solvency and acquisition disputes, international arbitrations, financial product litigation, labor
and employment disputes, business interruption claims, and general commercial and contract disputes.

• Trial Services. We help organize information into a cohesive and persuasive story and provide the tools and

expertise to present that story in briefs and expert reports, in the courtroom or in presentations to regulators. Our

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professionals integrate with legal teams, delivering graphics, presentations, technology, jury consulting and a wide
variety of custom tools, designed to make their arguments more memorable, compelling and persuasive. We
provide end-to-end support, from pretrial research and hearings through post-trial briefs.

• Data & Analytics. We support some of the world’s largest investigations with advanced analytics solutions,

uncovering insights and relationships from financial, operational and transactional data often stored in various
systems and jurisdictions. We visualize suspicious relationships as data clusters and patterns and pass the results on
for further analysis and verification by our forensic investigations team. The results are fed back to fine-tune
machine learning algorithms for identification and prediction of fraudulent transactions and other financial crimes
such as money laundering and sanction breaches. Our experts build customized applications as required by case,
leverage visualization tools for information sharing, and assist with performing system and information technology
audits.

• Compliance, Monitoring & Receivership. We provide full-scale assessments and process improvement and

support services for compliance programs or in support of trustees, independent monitors, receivers and examiners.
In matters involving the appointment of monitors, receivers or examiners by courts or regulators, our experts
possess the necessary independence and skills to test and monitor compliance with, and the continuing
effectiveness of, the terms of settlements or reforms across many industries and professions.

• Anti-Corruption Investigations & Compliance. We help clients mitigate corruption risks and investigate and

prevent corruption issues arising from the FCPA, the UKBA, Brazil’s Clean Company Act and other similar global
anti-corruption laws.

• Financial Crimes and Anti-Money Laundering. We assist financial and non-financial institutions, broker-
dealers, money transmitters, regulators, insurers, law firms, investors and corporations with investigating and
addressing anti-money laundering and anti-corruption regulations. We also assist with regulatory compliance and
Office of Foreign Assets Control sanctions. Our expertise combines our banking and investigative experience with
our specialized technology and data services.

• Global Insurance Services. Our credentialed insurance experts and consultants support insurers, reinsurers,

brokers, captives, risk retention groups, banks, regulators, investors, other insurance providers, and corporations
and their counsel. We deliver the specialized expertise, experience, financial, technical and leadership skills to help
those in the insurance industry and its associated ecosystem to resolve issues, measure and manage risk, improve
financial performance, and optimize opportunities.

• Construction Solutions. We provide commercial management, risk-based advisory, dispute resolution and

strategic communications services for complex construction projects across all industries, including but not limited
to energy, infrastructure and healthcare. Our professionals are industry leaders who understand technical, business
and regulatory matters related to large and complex construction projects and are seasoned in giving expert
testimony in construction-related disputes.

• Asset Lifecycle Management. We streamline the construction, maintenance, operations and retirement of capital
assets, helping to deliver optimal lifecycle return on investment. Our professionals, well-proven processes, and
state-of-the-art tools and technology optimize performance, reduce risk and improve collaboration among
stakeholders across countless industries. We advise owner/operators, equity partners, and engineering, procurement
and construction firms on the diverse challenges faced throughout the process of improving the lifecycle value for
critical capital assets. We regularly fulfill project and operations management roles for clients around the world.
Our services and tools improve aspects of the asset management lifecycle, shortening time to value and increasing
capital efficiency.

• Environmental Solutions. We help organizations deal with environmental issues or programmatic challenges by
offering services that focus on the resolution of complex contamination, toxic tort, products liability and insurance
disputes. We provide clients with services in the areas of alternative dispute resolution (arbitration and mediation),
cleanup cost and damages allocation, financial and cost accounting, forensic historical research, private
investigations and environmental claims analysis. Our team possesses specialized project expertise in areas such as
petroleum, chemicals, urban waterway (sediment), landfill, mining and smelting, and government operations.

• Health Solutions. We work with a variety of healthcare and life sciences clients to discern innovative solutions
that optimize performance in the short term and prepare for future strategic, operational, financial and legal
challenges. Our diverse team of experts address challenges across the spectrum of healthcare disciplines. These
professionals offer specialized capabilities and have a track record of success across multiple disciplines, including

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performance improvement, restructuring, compliance, investigations, disputes, data analysis, strategic and
economic analysis, and stakeholder communications.

Economic Consulting

Our Economic Consulting segment provides law firms, corporations, government entities and other interested parties

with analyses of complex economic issues for use in legal, regulatory and international arbitration proceedings, strategic
decision making and public policy debates in the U.S. and around the world. We deliver sophisticated economic analysis and
modeling of issues arising in complex M&A transactions, antitrust litigation, commercial disputes, international arbitrations,
regulatory proceedings, IP disputes and a wide range of financial litigation. We help clients analyze issues such as the economic
impact of deregulation on a particular industry and the amount of damages suffered by a business as a result of a particular
event. Our professionals regularly provide expert testimony on damages, rates and prices, valuations (including valuations of
complex financial instruments), antitrust and competition regulation, business valuations, IP, transfer pricing and public policy.

In 2019, our Economic Consulting segment offered the following services:

Antitrust & Competition Economics

• Non-M&A-related Antitrust. We provide financial, economic and econometric consulting services to assist

clients in public policy debates, regulatory proceedings and litigation. Our professionals are experts at analyzing
and explaining the antitrust and competition impact of diverse proceedings relating to price fixing, monopolization
and abuse of a dominant position, exclusionary conduct, bundling and tying, and predatory pricing. We also
provide expert testimony regarding class certifications and quantification of damages analyses for corporations,
governments and public-sector entities in the U.S. and around the world.

• M&A-related Antitrust. We have unsurpassed expertise in analyzing and articulating the competitive effects and

consumer benefits of mergers and other transactions in complex and dynamic markets such as healthcare,
transportation and TMT. Our experts have analyzed and presented evidence before regulatory authorities on both
horizontal and vertical M&A, and we have served as advisors and experts to regulatory agencies on M&A policy
matters. Our expertise includes evaluation of competitive effects, efficiencies and benefits of consolidation,
comprehensive assessments of market definition and empirical analyses, and assessments of market conditions
affecting entry and expansion. We employ the same empirical models used by regulatory authorities for assessing
the competitive effects of transactions. In addition, we utilize predictive analytics to test the likelihood of
successful divestitures when required and advise on the competition aspects of transactions from conception to
completion.

Financial Economics

• Valuation. We help clients identify and understand the value of their businesses in both contentious and

uncontentious situations. We provide business valuation, expert valuation and expert testimony services relating to
traditional commercial disputes and other matters, including transaction pricing and structuring, securities fraud,
valuations for financial reporting, tax, regulatory and stakeholder investment compliance, solvency issues,
fraudulent transfers, investment decisions, post-acquisition M&A disputes, and transactions and disputes between
shareholders. We also provide our clients with specialized valuation opinions and expert testimony involving
international disputes before international courts of jurisdiction and arbitration tribunals.

• Securities Litigation & Risk Management. We apply economic theory, econometrics and the modern theory of

finance to assess, quantify and manage risks inherent in global financial markets. We advise clients and testify on a
variety of issues, including securities fraud, insider trading, initial public offering (“IPO”) allocations, market
efficiency, market manipulation and forms of securities litigation. We also evaluate financial products such as
derivatives, securitized products, collateralized obligations, special purpose entities and structured financial
instruments and transactions.

International Arbitration. We work with companies, governments and members of the international bar to provide
independent advice and expert testimony relating to business valuations and economic damages in a wide variety of
commercial and treaty disputes before international arbitration tribunals. Our services include evaluating claims,
identifying and quantifying economic damages, providing litigation support and identifying the best approaches to
achieve appropriate outcomes.

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Regulated Industries. We provide economic analysis, econometrics and network modeling to provide information to
major network and regulated industry participants on the effects of regulations on global business strategies. We also
provide advice on pricing, valuation, risk management, strategic and operational challenges and the transition of
regulated industries to more competitive environments. Our services include economic analyses, econometrics and
modeling, due diligence and expert testimony.

Intellectual Property. We help clients understand and maximize the value of their intangible business assets. We
calculate losses from IP infringement, apply econometrics to develop pricing structures for IP valuation and licensing,
manage the purchase or sale of IP assets, negotiate with tax authorities, and determine IP-related losses in legal disputes
and arbitrations. We also provide IP-related advice and expert opinions and testimony for commercial transactions,
intergroup transfers, M&A and negotiations with taxing authorities to a wide range of industries.

Labor & Employment. We prepare economic and statistical analyses for clients facing disputes relating to wage and
hour issues, class action, class certification, lost earnings and discrimination. Our experienced labor and employment
team provide statistical analyses of data and damage exposure, review and rebut expert reports, calculate the economic
value of a claim, determine if the purported class in labor and employment litigation meets legal requirements for
certification, and serve as expert witnesses.

Public Policy. We advise clients regarding the impact of public policy initiatives, legislation and implementation of
regulations on industries and commercial transactions. We perform financial and economic analyses of policy and
regulatory matters and the effect of legislation, regulations and policy considerations on a wide range of issues facing
our clients around the world, such as the environment, taxation and regulations relating to global competitiveness.

Center for Healthcare Economics and Policy. We support and facilitate the work of local governments, insurers,
providers, physicians, employers and community-based stakeholders by providing data-driven strategies and solutions
based on empirical analyses and modeling to reduce the per capita cost of healthcare, improve the health of populations,
and enhance patient experience and access to care.

Management Consulting

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Economic Impact Analysis. We apply both market and macroeconomic models across a range of industries to
analyze how markets and the broader economy react to changes in regulation, public policy and corporate
strategies. Our clients use our analyses to formulate their strategic plans to educate key stakeholders, including
policymakers, regulators, the media and the public on the benefits and costs of their plans when determining the
best course of action.

• Market Modeling. We develop and deploy proprietary and third-party market modeling tools to explore complex
business problems for clients facing technology, regulatory and economic uncertainties. We have served a diverse
set of private and public sector clients across the world in industries such as EPP, mining, healthcare and life
sciences, transportation, agriculture and commodities. Our market models include system optimization, Monte
Carlo, stochastic, revenue requirement, cost of service, net present value and auction modeling. We have applied
these models to advise clients on business strategy, resource economics, planning and budgeting, capital market
transactions, contract negotiation, arbitration, litigation and public policy matters.

Other Litigation

•

Applied Statistical Data Sciences. Utilizing the latest statistical and data sciences methods, we provide clients
with quantitative solutions and intuitive insights. Our team of testifying experts, economists, data scientists and
statisticians combine technical modeling and industry expertise to construct empirical and analytical models that
support business and litigation strategies. We help our clients tackle complex issues, such as determining how best
to minimize risks, quantifying liability and damage exposure, negotiating contracts, and supporting investment and
pricing strategies. Our models have been used extensively in litigation to assess causation and damages, detect
potentially illegal behavior, fine-tune litigation strategies and negotiate settlements.

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Technology

Our Technology segment provides a comprehensive global portfolio of products and services that help clients control the

risk and expense associated with data and information management in the context of regulatory compliance, legal events and
day-to-day business operations. We offer end-to-end e-discovery, information governance and privacy services, advanced
analytics, software solutions and expert advisory services to companies, law firms, courts and government agencies worldwide.
Our professionals help clients locate, analyze, review and produce electronically stored information ("ESI") such as email,
computer files, audio, video, instant messaging, cloud data and social media. We support clients through complex issues,
including cross-border investigations, litigation and joint defense, discovery and preparation, antitrust and competition
investigations, including M&A-related “second requests,” data migration, General Data Protection Regulation Act compliance
and cryptocurrency-related disputes, litigation and investigations.

In 2019, the Technology segment offered the following services:

• E-discovery and Data Compliance Management. We plan, design and manage discovery workflows and

engagements, applying advanced analytics approaches, to maximize responsiveness, minimize costs and risks, and
provide greater cost predictability. We offer several deployment options, from a do-it-yourself on-premises model
to full-service including data processing, production, hosting and consulting on discovery case management and
data analysis. Our e-discovery services are offered on multiple leading review platforms and include client access
to emerging new technologies. For data compliance management, we also offer our clients the option to establish
master repositories where historical data can be accessed and used across multiple matters, enabling the reuse and
retention of valuable attorney work product and other information.

• Managed Document Review. We offer Acuity®, a managed multilingual, global review offering that allows
corporations and law firms to improve the cost-effectiveness of the document review processes while more
effectively identifying the most critical information and documents in large data sets. With Acuity®, we drive
review efficiency by leveraging the power of analytics and artificial intelligence while ensuring rigorous project
and budget oversight. Acuity® workflows enable collaboration among the corporation, law firm and our managed
review teams.

• Digital Forensics. We help organizations meet requirements for collecting, analyzing and producing large amounts
of data from multiple jurisdictions through a variety of sources, including email, chat, voicemail, backup tapes,
social media, the cloud, mobile devices, shared server files and databases. We provide both proactive and reactive
support using expert services, methodologies and tools that help organizations and their legal advisors understand
technology-dependent issues, including the reconstruction of data that has been deleted, misplaced or damaged.

•

Information Governance, Privacy & Security. We help clients design, implement and maintain strategies for
information governance, privacy and security to reduce corporate risk, achieve compliance with emerging privacy
regulations, decrease storage costs, secure data, improve the e-discovery process and enable better insight into the
organization’s data. Our services include: data privacy program design and implementation, data migration
(including cloud), remediation and segregation services (including social media, text messaging, audio, video,
workstation, backup and forensic image), defensible decommissioning and disposition of business applications,
and litigation hold process optimization.

• Contract Intelligence. We provide organizations and law firms a centralized method to review and analyze their
global contract universe through a cost-effective solution that incorporates key components of contract life cycle
management. Our services help our clients better find, understand and act upon contracts to meet regulatory
requirements, reduce risk and recognize greater business value in various business contexts, including pre-merger
contract diligence, alignment of contracts with new regulations and analyses of leasing agreements for compliance
with new accounting standards, among others.

Strategic Communications

Our Strategic Communications segment designs and executes communications strategies for CEOs, management teams

and boards of directors that help them seize opportunities, manage financial, regulatory and reputational challenges, navigate
market disruptions, articulate their corporate brand, stake a competitive position and preserve their freedom to operate. We
believe our integrated multidisciplinary offering, bolstered by subject matter expertise, industry specialization and our global
reach, uniquely positions us to help clients with their most complex and multinational issues.

In 2019, our Strategic Communications segment offered the following services:

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• Corporate Reputation. We promote businesses and protect corporate reputations by creating solutions for our
clients’ mission-critical communications needs. Our services include reputational risk advisory, stakeholder
identification, mapping and engagement, messaging and organization positioning, thought leadership consultancy,
corporate responsibility, environmental, social and governance advisory, strategic media relations, and media and
presentation coaching. In addition to supporting external messaging, we help our clients plan, design and
implement internal communications programs to enhance employee engagement. Our services also assist business
leaders in communicating and navigating through transformative events, including new strategy and vision
introductions, and executive positioning.

• Public Affairs & Government Relations. We advise organizations around the world on how to effectively engage

with governments and policymakers. Our integrated team has a presence in leading political centers globally,
including Berlin, Brussels, London, Beijing, Melbourne and Washington, D.C. We offer a full range of engagement
programs, ranging from crisis management of imminent legislation to longer-term shaping of the policy
environment. We also employ a range of qualitative and quantitative tools to establish our clients’ case in
connection with government investigations, political and legislative engagement, public policy debates and
business strategies, whether in terms of message refinement, policy mapping, reputation benchmarking, opinion
polling or speechwriting.

• Capital Markets Communications. We assist clients in developing and delivering a consistent and credible
narrative to investors and the investment community. We help companies present their entry into the equity
markets, from articulating the strategic rationale and investment thesis to preparing the registration statement with
securities regulators and executing the IPO roadshow. We also provide core services that support best-in-class
investor relations programs following an IPO, including perception audits, investor targeting, financial calendar
communications, executive positioning, market intelligence, investor collateral and investor events, among others.

• Crisis Communications. We advise clients on their communications challenges related to a wide range of crisis
events including cybersecurity threats, corporate investigations, workplace misconduct, fraud, litigation, product
liability and recalls, as well as operational incidents, among others. In addition to on-the-ground support, we help
clients assess the potential severity, duration and stakeholder impact of a situation in order to determine the most
effective response strategy. We support our clients throughout the crisis lifecycle by developing customized
training sessions that prepare them for crisis events, from assessment and scenario planning to mobilization, and
traditional media training where we test a client’s ability to respond and execute in a given situation.

• Transaction Communications. We specialize in advising clients on their communications issues related to M&A,
turnaround, restructurings, bankruptcies, activist situations and other transaction- and market-related concerns. We
employ a disciplined discovery process to identify preparedness gaps, assess the situation, plan for various
possibilities, prepare and disseminate communications, as well as manage legal and political considerations. We
provide services relating to a wide range of M&A scenarios, including transformative and bolt-on acquisitions,
friendly and hostile takeovers and activism defense. We also advise clients in situations that present threats to their
valuation and reputation with investors such as proxy contests, financial restatements, shareholder activism,
unplanned management changes and related crises. Finally, we provide turnaround and restructuring
communications that are often integrated with the firm’s Corporate Finance & Restructuring services and designed
to help management teams stabilize their businesses and address the concerns of internal and external stakeholders.

• Digital, Analytics & Insights. We collaborate with clients to develop data-driven communications campaigns that
advance their business objectives among key stakeholders. Our approach includes leveraging customized advanced
analytics to understand corporate perception through the views of multiple stakeholders. Our services include
designing messages and the corporate brand’s digital and visual identity, developing the digital program and
platforms to support these messages, quantifying the return on investment and the impact on reputation and
enterprise values, and optimizing the campaign based on data and insights.

Our Industry Specializations

We employ professionals across our segments and practices who are qualified to provide our core services plus a range
of specialized consulting services and solutions that address the strategic, reputational, operational, financial, regulatory, legal
and other needs of specific industries. The major industry groups that we service include:

Aerospace & Defense. Our aerospace and defense professionals provide services addressing the core issues related to
the strategic growth and tactical priorities of commercial aviation, airlines, defense contractors, aviation maintenance, repair
and overhaul and service providers, and security-oriented businesses. We help our clients navigate issues such as organic and

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inorganic growth, affordability, profitability, digital strategies, complex disputes with governments and regulators, regulatory
audits, strategic communications and improvements to business systems.

Agriculture. Our agribusiness experts advise producers, accumulators and processers to address global concerns
relating to the quality, quantity, biodiversity, commodity pricing and sustainable practices, and the effects of weather, climate
change and animal rights activism on the food supply.

Automotive. Our automotive experts offer vehicle manufacturers, suppliers, retailers, vehicle financers and other

automotive subsectors, as well as their creditors, lenders and other stakeholders, a comprehensive range of corporate finance
and strategic communications services.

Construction. Our construction services professionals provide commercial management, risk-based advice, dispute

resolution services and strategic communications counsel on complex projects across all construction and engineering
industries. Our professionals are industry leaders who understand technical, business, regulatory and legal matters and are
seasoned in giving expert testimony to ensure that every aspect of their capital program or project is properly governed, well-
executed, regulatory compliant and fully supported from beginning to end.

EPP. Our EPP professionals provide a wide array of advisory services that address the strategic, financial, restructuring,
reputational, regulatory and legal needs of energy and utility clients involved in the production of crude oil, natural gas, refined
products, chemicals, coal, electric power, emerging technologies, and renewable energy and clean energy technologies. Our
professionals are involved in many of the largest financial and operational restructurings, regulatory and litigation matters
involving energy and utility companies globally.

Environmental. Our environmental services professionals provide a comprehensive suite of services aimed at helping

organizations manage and resolve specific environmental issues or programmatic challenges. Our services focus on the
resolution of complex contamination, toxic tort, products liability, and insurance investigations and disputes before courts,
regulators, mediators and alternative dispute tribunals.

Financial Institutions. Our professionals assist banks and financial services clients of all sizes and types in navigating
through a changing environment of financial services regulations and enforcement actions, litigation threats, and economic and
competitive challenges. We work with clients to manage risk, ensure compliance, resolve regulatory inquiries as they arise,
engage with relevant stakeholders, and leverage their assets to protect and enhance enterprise value.

Healthcare & Life Sciences. Our professionals work with a wide variety of healthcare and life sciences clients to
discern innovative solutions that optimize performance in the short term and prepare for future strategic, operational, financial,
regulatory, legal and reputational challenges. We provide a one-company team of experts across the spectrum of healthcare
disciplines. These professionals have specialized capabilities and a record of success across hospital operations and
restructuring, healthcare economics, regulatory compliance, and stakeholder engagement and communications.

Hospitality, Gaming & Leisure. Our professionals help hotels, resorts, casinos, timeshares and condo hotels with

operational realignment, asset and interim management, strategic analysis and event readiness (e.g., IPO, receivership,
bankruptcy) and stakeholder engagement to preserve, protect and enhance asset and enterprise value.

Insurance. Our professionals combine their business and technical acumen to help insurers, reinsurers, captives,

brokers, investors, regulators, and corporations and their legal and business advisors address complex strategic and tactical
issues. We apply methodologies, analytics and communications counsel to support the strategic requirements of our clients to
protect assets, meet compliance requirements, achieve performance goals and engage with key stakeholders. Our professionals
have a proven track record of effectively managing a broad range of large domestic and international engagements such as
high-profile, discreet investigations and disputes, complex restructuring and enterprise-wide transformations, and the
application of methodologies and analytics to innovate, improve performance, reduce risk and achieve compliance.

Mining. Our professionals assist mining businesses in understanding how to conduct business in emerging markets,

M&A, capital markets financing, commodity pricing, valuations and quantification of damages in dispute situations.

Public-Sector & Government Contracts. Our government contracts team assists businesses through all phases of

public sector contracting, including complying with government regulations and managing government business, risk
avoidance, dispute resolution and litigation support. Our public-sector solutions team delivers services, including financial and
performance improvement, risk management and forensic consulting, economic and public policy consulting, technology and
data analytics, and strategic communications.

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Real Estate & Infrastructure. Our professionals have the industry expertise and experience to help real estate owners,
users, investors and lenders better navigate the real estate market’s complexities and manage its inherent risks. We provide such
services through our real estate solutions practice within our Corporate Finance & Restructuring segment and our construction
solutions practice within our Forensic and Litigation Consulting segment. We represent leading public and private real estate
entities and stakeholders, including REITs, financial institutions, investment banks, opportunity funds, insurance companies,
hedge funds, pension advisors, owners and developers, offering services that help align strategy with business goals.

Retail & Consumer Products. Our professionals provide a full range of corporate finance, turnaround, restructuring

and strategic communications expertise for retailers. We have experience in developing strategies for retail and consumer
products companies to address internal and external challenges from inception through maturity. Our professionals have deep
industry expertise in critical functional areas to help our clients drive performance, implement plans and engage with key
stakeholders that will have sustained results. Our Fast Track™ approach utilizes highly developed frameworks and analytics to
identify levers in the retail value equation that can be influenced quickly and serve to fund longer term strategic initiatives that
drive shareholder value.

TMT. Our TMT team provides strategic, financial, operational and communications consulting with industry specialists

in wireline and wireless telecom, print and digital media, broadcast TV and radio, entertainment and content production, and
technology companies of all types, including software, hardware, Internet business models and cloud-based technology. We
provide targeted performance improvement strategies and implementation, commercial diligence and transaction advisory,
M&A integration, carve-outs and divestitures planning, valuation, interim management, restructuring and strategic
communications. We deliver original insights that help clients better understand company performance, consumer behavior,
digital substitution, emerging technologies, disruptive trends and stakeholder priorities in our industries.

Transportation. Our professionals provide corporate communications, financial communications, public affairs advice,

strategy consulting and research to a broad range of organizations and companies involved in various forms of transportation,
including rail, trucking and infrastructure.

Our Business Drivers

Factors that drive demand for our business offerings include:

• M&A Activity. M&A activity is an important driver for all our segments. We offer services for all phases of the M&A
process. Our services during the pre-transaction phase include government competition advice and pre-transaction
analysis. Our services during the negotiation phase include due diligence, negotiation and other transaction advisory
services, government competition and antitrust regulation services, expert advice, asset valuations and financial
communications advice. We also offer post-M&A integration and transformation services.

•

•

•

Financial Markets. Financial market factors, including credit and financing availability, terms and conditions, the
willingness of financial institutions to provide debt modifications or relief, corporate debt levels, default rates and
capital markets transactions, are significant drivers of demand for our business offerings, particularly our Corporate
Finance & Restructuring and Strategic Communications segments.

Regulatory Complexity, Public Scrutiny and Investigations. Increasingly complex global regulations and legislation,
greater scrutiny of corporate governance, instances of corporate malfeasance, and more stringent and complex
reporting requirements drive demand for our business offerings. The need to understand and address the impact of
regulation and legislation, as well as the increasing costs of doing business, has prompted companies to focus on better
assessing and managing risks and opportunities. In addition, boards of directors, audit committees and independent
board committees have been increasingly tasked with conducting internal investigations of financial wrongdoing,
regulatory non-compliance and other issues. These factors and laws, such as the Sarbanes-Oxley Act and the Dodd-
Frank Wall Street Reform and Consumer Protection Act, have contributed to the demand for independent consultants
and experts to investigate and provide analyses and to support the work of outside legal counsel, accountants and other
advisors. These types of investigations also increasingly demand the use of multiple disciplinary service offerings like
ours, which combine skills and capabilities across practices with industry expertise. These factors drive demand for
various practices and services of all our segments.

Litigation and Disputes. Litigation and business disputes, the complexity of the issues presented, and the amount of
potential damages and penalties drive demand for the services offered by many of our segments, particularly our
Forensic and Litigation Consulting, Economic Consulting and Technology segments. Law firms and their clients, as
well as government regulators and other interested third parties, rely on independent outside resources to evaluate
claims, facilitate discovery, assess damages, provide expert reports and testimony, manage the pre-trial and in-trial
process, and effectively present evidence.

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•

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Operational Challenges and Opportunities. Businesses facing challenges require the evaluation and re-evaluation of
strategy, risks and opportunities as a result of crisis-driven situations, competition, regulation, innovation and other
events that arise in the course of business. These challenges include enterprise risk management, global expansion,
competition from established companies, emerging businesses and technologies doing business in emerging markets,
and new and changing regulatory requirements and legislation. Management, companies and their boards need outside
help to recognize, understand and evaluate such events and effect change, which drives demand for independent
expertise that can combine general business acumen with the specialized technical expertise of our practice offerings
and industry expertise. These factors drive demand for various practices and services of all our segments.

Developing Markets. The growth of multinational firms and global consolidation can precipitate antitrust and
competition scrutiny and the spread internationally of issues and practices that historically have been more common in
the U.S., such as increased and complex litigation, corporate restructuring and bankruptcy activities, and antitrust and
competition scrutiny. Companies in the developing world and multinational companies can benefit from our expert
advice to access capital and business markets, comply with the regulatory and other requirements of multiple countries,
structure M&A transactions and conduct due diligence, which drives demand for the services of all of our segments.

Our Competitive Strengths

We compete primarily on the basis of the breadth of our services, the quality of our work, the prominence of our

professionals, our geographic reach, our reputation and performance record, our specific industry expertise and our strong
client relationships. We believe our success is driven by a combination of long-standing competitive strengths, including:

•

Pre-eminent Businesses and Professionals. We believe that our segments include some of the pre-eminent practices
and professionals in our industry today. During 2019, the awards and recognitions received by the Company include
the following:

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•

FTI Consulting named to Forbes magazine's list of America’s Best Management Consulting Firms for the
fourth consecutive year, recognized in 16 sectors and functional areas.

FTI Consulting named to Consulting magazine’s Best Firms to Work For list for the second consecutive year.

FTI Consulting recognized as Consulting Firm of the Year by Who’s Who Legal for the third consecutive year.

Compass Lexecon ranked #1 on Global Arbitration Review’s GAR 100 Expert Witness Firms’ Power Index
for the second consecutive year.

FTI Consulting recognized as Arbitration Expert Firm of the Year by Who’s Who Legal for the fifth
consecutive year.

Compass Lexecon recognized as Competition Economics Firm of the Year by Who’s Who Legal for the fifth
consecutive year.

FTI Consulting and Compass Lexecon led the Who’s Who Legal Consulting Experts Guide for the fourth
consecutive year with 149 experts recognized.

FTI Consulting ranked #1 U.S. Restructuring Advisor by The Deal for the 12th consecutive year.

FTI Consulting named Public Relations Agency of the Year at the PR World Awards.

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•

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Diversified Service Offerings. Our five reportable segments offer a diversified portfolio of practices providing services
within our four geographic regions. Our broad range of practices and services, the diversity of our revenue streams, our
specialized industry expertise and our global locations distinguish us from our competitors. This diversity helps to
mitigate the impact of crises, events and changes in a particular practice, industry or country.

Diversified Portfolio of Elite Clients. We provide services to a diverse group of clients, including global Fortune 500
companies, FTSE 100 companies, global financial institutions, banks, and local, state and national governments and
agencies in the U.S. and other countries. Additionally, 96 of the 100 law firms as ranked by American Lawyer Global
100: Most Revenue List refer or engage us on behalf of numerous clients on multiple matters.

Strong Cash Flow. Our business model has several characteristics that produce consistent cash flows. Our strong cash
flow supports business operations, capital expenditures and our ability to service our indebtedness and pursue our
growth and other strategies.

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•

Demand for Integrated Solutions and a Consultative Approach. Our breadth and depth of practice and service
offerings and industry expertise across the globe drive demand by businesses that seek our integrated services and
consultative approach covering different aspects of event-driven occurrences, reputational issues and transactions
across different jurisdictions.

Our Business Strategy

We build client relationships based on the quality of our services, our brand and the reputation of our professionals. We

provide diverse complementary services to meet our clients’ needs around the world. We emphasize client service and
satisfaction. We aim to build strong brand recognition. The following are key elements of our business strategy:

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•

•

Leverage Our Practitioners, Businesses, Extensive Geographic Diversification and Relationships. We work hard to
maintain and strengthen our core practices and competencies. We believe that our recognized expertise, client
relationships and the quality of our reputation, coupled with our successful track record, size and geographic diversity,
are the most critical elements in a decision to retain us. Many of our professionals are recognized experts in their
respective fields.

Grow Organically. Our strategy is to grow organically by increasing headcount and market share to provide clients
with an attractive and evolving suite of services across our segments, as well as the industries and geographic regions
in which we operate.

Attract and Retain Highly Qualified Professionals. Our professionals are crucial to delivering our services to clients
and generating new business. As of December 31, 2019, we employed 4,424 revenue-generating professionals, many of
whom have an established and widely recognized name in their respective service and industry specialization. Through
our substantial staff of highly qualified professionals, we can handle a large number of complex assignments
simultaneously. To attract and retain highly qualified professionals, we offer significant compensation opportunities,
including sign-on bonuses, forgivable loans, retention bonuses, cash incentive bonuses and equity compensation, along
with a competitive benefits package and the opportunity to work on challenging global engagements with highly
skilled peers.

Enhance Profitability. We endeavor to manage costs, headcount, utilization, bill rates and pricing for both time and
materials, and alternative fee arrangements to operate profitably.

Enhance Value through Capital Allocation. The strength of our balance sheet gives us the flexibility to allocate
capital and create shareholder value in numerous ways, including investments in hiring new employees, acquisitions
and share repurchases. We consider strategic and opportunistic acquisition opportunities on a selective basis. We seek
to integrate completed acquisitions and manage investments in a way that fosters organic growth, expands our
geographic presence or complements our segments, practices, services and industry focuses. We typically structure our
acquisitions to retain the services of key individuals from the acquired companies.

Our Employees

Our success depends on our ability to attract and retain our expert professional workforce. Our professionals include

PhDs, MBAs, JDs, CPAs, CPA-ABVs (CPAs accredited in business valuations), CPA-CFFs (CPAs certified in financial
forensics), CRAs (certified risk analysts), Certified Turnaround Professionals, Certified Insolvency and Reorganization
Advisors, Certified Fraud Examiners, ASAs (accredited senior appraisers), construction engineers and former senior
government officials. We also engage independent contractors to supplement our professionals on client engagements as
needed. As of December 31, 2019, we employed 5,567 employees, of which 4,424 were revenue-generating professionals.

Employment Agreements

As of December 31, 2019, we had written employment arrangements with substantially all of our 551 Senior Managing

Directors and equivalent personnel (collectively, “SMD”). These arrangements generally provide for fixed salary and
participation in incentive payment programs (which, in some cases, may be based on financial measures such as EBITDA or
relative total shareholder return), salary continuation benefits, accrued bonuses and other benefits beyond the termination date
if an SMD leaves our employment for specified reasons prior to the expiration date of the employment agreement. The length
and amount of payments to be paid by us following the termination or resignation of an SMD may vary, depending on whether
the person resigned with or without “good reason” or was terminated by us with or without “cause,” retired or did not renew,
died or became “disabled,” or was terminated as a result of a “change in control” (all such terms as defined in such SMD’s
employment agreement). All of our written employment arrangements with SMDs require some notice period be given by the

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party prior to termination of employment and include covenants providing for restrictions on the SMDs competing against, and
soliciting employees from, the Company for a specified period of time following the end of the SMDs employment.

Incentive and Retention Payments

Our SMDs, consultants and other professionals may receive incentive, retention or sign-on payments, on a case-by-case

basis, through unsecured general recourse forgivable loans, equity awards or other payments (collectively, “Retention
Awards”). We believe that providing these multi-year Retention Awards greatly enhances our ability to attract and retain our
key professionals.

Some or all of the principal amount and accrued interest of the loans we make will be forgiven by us upon the passage of

time, or their repayment will be funded by us through additional cash bonus compensation, provided that the recipient is an
employee or consultant on the forgiveness date. In addition, upon certain termination events, accrued interest and the
outstanding principal balance may be forgiven, including upon death, disability and, in some cases, retirement or termination
by the Company without cause or the recipient with good reason, or the recipient may be required to repay the unpaid accrued
interest and outstanding principal balance upon certain other termination events such as voluntary resignation, as provided in
the applicable promissory note. The value of the forgivable loans we have made, in the aggregate, as well as on an individual
basis, has been, and we anticipate will continue to be, significant. Our executive officers and outside directors are not eligible to
receive loans, and no loans have been made to them.

Our executive officers, other members of senior management and outside directors, as well as employees and

independent service providers, have received and will continue to receive equity awards, which may include stock options and
share-based awards (including awards in the form of restricted stock, performance-based restricted stock units, deferred
restricted stock units, and cash-settled stock appreciation rights and units), on a case-by-case basis, to the extent that shares are
available under our stockholder-approved equity compensation plans. The value of such equity and cash-based awards, in the
aggregate, as well as on an individual basis, has been and is expected to continue to be significant.

Recipients of sign-on or other retention payments, other than loans, may be required to repay a portion or all of the

original payment upon certain termination events. These awards are typically smaller amounts in nature than forgivable loans
and have a shorter service requirement than forgivable loans.

Select SMDs may participate in certain incentive compensation programs, such as the Key Senior Managing Director
Incentive Plan (the “KSIP”) or our Senior Managing Director Incentive Compensation Program (the “ICP”) in the U.S., UK
and Canada. The ICP was closed to new participants effective January 2015. Participants in the KSIP are recommended by
management and approved by the Compensation Committee of the Board of Directors of the Company. The KSIP and ICP
provide for a combination of forgivable loans, equity awards and retention bonuses that are paid over an average of six to 10
years depending on the program and economic value of the award. These programs may require participants to defer a portion
of their bonus in the form of cash or restricted stock over a two- to three-year period.

Marketing

We rely primarily on our senior professionals to identify and pursue business opportunities. Referrals from clients, law
firms and other intermediaries and our reputation from prior engagements are also key factors in securing new business. Our
professionals often learn about new business opportunities from their frequent contact and close working relationships with
clients. In marketing our services, we emphasize our experience, the quality of our services and our professionals’ particular
areas of expertise, as well as our ability to quickly staff new and large engagements. While we aggressively seek new business
opportunities, we maintain high professional standards and carefully evaluate potential new client relationships and
engagements before accepting them. We also employ or contract with sales professionals who are tasked primarily with
marketing the services of our Corporate Finance & Restructuring, Forensic and Litigation Consulting, Technology and
Strategic Communications segments.

Clients

During the year ended December 31, 2019, no single client accounted for more than 10% of our consolidated revenues
and no reportable segment had a single client that accounted for more than 10% of its respective total revenues. In some cases,
we may have engagements through law firms that represent a larger percentage of our consolidated revenues or the revenues of
a segment; however, each law firm engages us on behalf of multiple clients.

Competition

We compete with different companies or businesses of companies depending on the particular nature of a proposed

engagement and the requested types of service(s) or the location of the client or delivery of the service(s) or product(s). Our

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businesses are highly competitive. Our competitors include large organizations, such as the global accounting firms and large
management and financial consulting companies, that offer a broad range of consulting services; investment banking firms;
information technology ("IT") consulting and software companies that offer niche services that are the same or similar to
services or products offered by one or more of our segments and small firms and independent contractors that provide one or
more specialized services.

We compete primarily on the basis of the breadth of our services, the quality of our work, the prominence of our
professionals, our geographic reach, our reputation and performance record, our specific industry expertise, our ability to staff
multiple significant engagements across disciplines and industries in multiple locations, and our strong client relationships. Our
Technology segment, particularly with respect to hosting services, and to a lesser extent our other segments, may also compete
on price, although the critical nature of the services provided by our Corporate Finance & Restructuring, Forensic and
Litigation Consulting, and Economic Consulting segments typically makes price a secondary consideration with respect to
those segments. Since our businesses depend in large part on professional relationships, there are low barriers of entry for
professionals, including our professionals, electing to work independently, start their own firms or change employers.

Our Corporate Finance & Restructuring segment primarily competes with specialty boutiques and publicly traded

companies providing restructuring, bankruptcy or M&A services and, to a lesser extent, large investment banks and global
accounting firms.

Our Forensic and Litigation Consulting segment primarily competes with other large consulting companies and global

accounting firms with service offerings similar to ours.

Our Economic Consulting segment primarily competes with individually recognized economists, specialty boutiques

and large consulting companies with service offerings similar to ours.

Our Technology segment primarily competes with consulting and/or software providers specializing in e-discovery, ESI

and the management of electronic content. Competitors may offer products and/or services intended to address one piece or
more of those areas. There continues to be significant consolidation of companies providing products and services similar to
our Technology segment, through M&A and other transactions, which may provide competitors access to greater financial and
other resources than those of FTI Consulting. This industry is subject to significant and rapid innovation. Larger competitors
may be able to invest more in research and development or react more quickly to new regulatory or legal requirements and
other changes and may be able to innovate more quickly and efficiently. In addition, companies compete aggressively against
our Technology segment on the basis of price, particularly with respect to hosting and e-discovery services.

Our Strategic Communications segment competes with large public relations firms, as well as boutique M&A, crisis

communications and public affairs firms.

Some service providers are larger than we are and, on certain engagements, may have an advantage over us with respect

to one or more competitive factors. Specialty boutiques or smaller local or regional firms, while not offering the range of
services we provide, may compete with us on the basis of geographic proximity, specialty services or pricing advantages.

Patents, Licenses and Trademarks

We hold no U.S., Canadian or international patents, and have no patents, applications or provisional patents pending.

We consider the Acuity®, Radiance™ and our other technologies and software to be proprietary and confidential. We

consider our TrialMax® comprehensive trial preparation software to be proprietary and confidential. Our software and
technology are not protected by patents. We rely upon U.S. and international copyright laws, non-disclosure agreements and
contractual agreements, internal controls, including confidentiality and invention disclosure agreements with our employees
and independent contractors, and license agreements with third parties to protect our proprietary information, software and
other works. Despite these safeguards, there is a risk that competitors may obtain and seek to use such intellectual property.

We have also developed marketing language such as “Critical Thinking at the Critical Time®” and “Experts with
Impact™” and other trademarks, logos and designs. In some cases, but not all, the trademarks have been registered in the U.S.
and/or foreign jurisdictions or, in some cases, applications have been filed and are pending. Certain FTI Consulting and
Compass-formative marks’ are used pursuant to certain co-existence, consent and/or settlement agreements. We believe we take
the appropriate steps to protect our trademarks and brands.

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Corporate Information

We incorporated under the laws of the state of Maryland in 1982. We are a publicly traded company with common stock

listed on the New York Stock Exchange (the “NYSE”) under the symbol FCN. Our executive offices are located at 555 12th
Street NW, Washington, D.C. 20004. Our telephone number is 202-312-9100. Our website is http://www.fticonsulting.com.

Financial Information on Industry Segments and Geographic Areas

We manage and report operating results through five reportable segments. We also administratively manage our business

regionally. See “Risk Factors — Risks Related to Our Operations” for a discussion of risks related to international operations.
See Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 19,
“Segment Reporting” in Part II, Item 8 of this Annual Report for a discussion of revenues, net income and total assets by
business segment and revenues for the U.S., UK and all other foreign countries as a group.

Available Information

We make available, free of charge, on or through our website at http://www.fticonsulting.com, our annual, quarterly and

current reports and any amendments to those reports, our proxy statements, as well as our other filings with the SEC, as soon as
reasonably practicable after electronically filing them with the SEC. Information posted on our website is not part of this
Annual Report or any other report filed with the SEC in satisfaction of the requirements of the Exchange Act. Copies of this
Annual Report, as well as other periodic reports filed with the SEC, may also be requested at no charge from our Corporate
Secretary at FTI Consulting, Inc., 6300 Blair Hill Lane, Suite 303, Baltimore, MD 21209, telephone number 410-591-4867.

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ITEM 1A.

RISK FACTORS

All of the following risks could materially and adversely affect our business, financial condition and results of
operations. In addition to the risks discussed below and elsewhere in this Annual Report, other risks and uncertainties not
currently known to us or that we currently consider immaterial could, in the future, materially and adversely affect our
business, financial condition and financial results.

Risks Related to Our Reportable Segments

Changes in capital markets, M&A activity, legal or regulatory requirements, general economic conditions and monetary or
geopolitical disruptions, as well as other factors beyond our control, could reduce demand for our practice offerings or
services, in which case our revenues and profitability could decline.

Different factors outside of our control could affect demand for a segment’s practices and our services. These include:

•

•

•

fluctuations in U.S. and/or global economies, including economic downturns or recessions and the strength and rate
of any general economic recoveries;

the U.S. or global financial markets and the availability, costs, and terms of credit and credit modifications;

level of leverage incurred by countries or businesses;

• M&A activity;

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frequency and complexity of significant commercial litigation;

overexpansion by businesses causing financial difficulties;

business and management crises, including the occurrence of alleged fraudulent or illegal activities and practices;

new and complex laws and regulations, repeals of existing laws and regulations or changes of enforcement of laws,
rules and regulations, including antitrust/competition reviews of proposed M&A transactions;

other economic, geographic or political factors; and

general business conditions.

We are not able to predict the positive or negative effects that future events or changes to the U.S. or global economies
will have on our business or the business of any particular segment. Fluctuations, changes and disruptions in financial, credit,
M&A and other markets, political instability and general business factors could impact various segments’ operations and could
affect such operations differently. Changes to factors described above, as well as other events, including by way of example,
contractions of regional economies, or the economy of a particular country, trade restrictions, monetary systems, banking, real
estate and retail or other industries; debt or credit difficulties or defaults by businesses or countries; new, repeals of or changes
to laws and regulations, including changes to the bankruptcy and competition laws of the U.S. or other countries; tort reform;
banking reform; a decline in the implementation or adoption of new laws or regulation, or in government enforcement,
litigation or monetary damages or remedies that are sought; or political instability may have adverse effects on one or more of
our segments or service, practice or industry offerings.

Our revenues, operating income and cash flows are likely to fluctuate.

We experience fluctuations in our revenues and cost structure and the resulting operating income and cash flows and

expect that this will continue to occur in the future. We experience fluctuations in our annual and quarterly financial results,
including revenues, operating income and earnings per share, for reasons that include: (i) the types and complexity, number,
size, timing and duration of client engagements; (ii) the timing of revenue recognition under U.S. GAAP; (iii) the utilization of
revenue-generating professionals, including the ability to adjust staffing levels up or down to accommodate the business and
prospects of the applicable segment and practice; (iv) the time it takes before a new hire becomes profitable; (v) the geographic
locations of our clients or the locations where services are rendered; (vi) billing rates and fee arrangements, including the
opportunity and ability to successfully reach milestones and complete, and collect success fees and other outcome-contingent or
performance-based fees; (vii) the length of billing and collection cycles and changes in amounts that may become uncollectible;
(viii) changes in the frequency and complexity of government regulatory and enforcement activities; (ix) business and asset
acquisitions; (x) fluctuations in the exchange rates of various currencies against the U.S. dollar; and (xi) economic factors
beyond our control.

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The results of different segments and practices may be affected differently by the above factors. Certain of our practices,

particularly our restructuring practice, tend to experience their highest demand during periods when market and/or industry
conditions are less favorable for many businesses. For example, in periods of limited credit availability, reduced M&A activity
and/or declining business and/or consumer spending, while not always the case, there may be increased restructuring
opportunities that will cause our restructuring practice to experience high demand. On the other hand, those same factors may
cause a number of our other segments and practices, such as our antitrust and competition practice in Economic Consulting, to
experience reduced demand. The positive effects of certain events or factors on certain segments and practices may not be
sufficient to overcome the negative effects of those same events or factors on other parts of our business. In addition, our mix
of practice offerings adds complexity to the task of predicting revenues and results of operations and managing our staffing
levels and expenditures across changing business cycles and economic environments.

Our results are subject to seasonal and similar factors, such as during the fourth quarter when our professionals and our

clients typically take vacations. We may also experience fluctuations in our operating income and related cash flows because of
increases in employee compensation, including changes to our incentive compensation structure and the timing of incentive
payments, which we generally pay during the first quarter of each year, or hiring or retention payments, which are paid
throughout the year. Also, the timing of investments or acquisitions and the cost of integrating them may cause fluctuations in
our financial results, including operating income and cash flows. This volatility makes it difficult to forecast our future results
with precision and to assess accurately whether increases or decreases in any one or more quarters are likely to cause annual
results to exceed or fall short of previously issued guidance. While we assess our annual guidance at the end of each quarter
and update such guidance when we think it is appropriate, unanticipated future volatility can cause actual results to vary
significantly from our guidance, even where that guidance reflects a range of possible results and has been updated to take
account of partial-year results.

If we do not effectively manage the utilization of our professionals or billable rates, our financial results could decline.

Our failure to manage the utilization of our professionals who bill on an hourly basis, or maintain or increase the hourly

rates we charge our clients for our services, could result in adverse consequences, such as non- or lower-revenue-generating
professionals, increased employee turnover, fixed compensation expenses in periods of declining revenues, the inability to
appropriately staff engagements (including adding or reducing staff during periods of increased or decreased demand for our
services), or special charges associated with reductions in staff or operations. Reductions in workforce or increases of billable
rates will not necessarily lead to savings. In such events, our financial results may decline or be adversely impacted. A number
of factors affect the utilization of our professionals. Some of these factors we cannot predict with certainty, including general
economic and financial market conditions; the complexity, number, type, size and timing of client engagements; the level of
demand for our services; appropriate professional staffing levels, in light of changing client demands and market conditions;
utilization of professionals across segments and geographic regions; competition; and acquisitions. In addition, our global
expansion into or within locations where we are not well-known or where demand for our services is not well-developed could
also contribute to low or lower utilization rates in certain locations.

Segments may enter into engagements such as fixed-fee and time and materials with caps. Failure to effectively manage

professional hours and other aspects of alternative fee engagements may result in the costs of providing such services
exceeding the fees collected by the Company. Failure to successfully complete or reach milestones with respect to contingent
fee or success fee assignments may also lead to lower revenues or the costs of providing services under those types of
arrangements may exceed the fees collected by the Company.

Factors that could negatively affect utilization in our segments include:

Corporate Finance & Restructuring — The completion of bankruptcy proceedings; the timing of the completion of other

engagements; fewer and smaller restructuring (including bankruptcy) cases; a recovering or strong economy; easy credit
availability; low interest rates; and fewer, smaller and less complex M&A and restructuring activity; or less capital markets
activity.

Forensic and Litigation Consulting — The settlement of litigation; less frequent instances of significant mismanagement,
fraud, wrongdoing or other business problems that could result in fewer or less complex business engagements; fewer and less
complex legal disputes; fewer class action suits; the timing of the completion of engagements; less government regulation or
fewer regulatory investigations; and the timing of government investigations and litigation.

Economic Consulting — Fewer, smaller and less complex M&A activity; less capital markets activity or fewer complex

transactions; a reduced number of regulatory filings and less litigation, reduced or less aggressive antitrust and competition

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regulation or enforcement; fewer government investigations and proceedings; and the timing of client utilization of our
services.

Technology — The settlement of litigation; a decline in volume and complexity of litigation proceedings and
governmental investigations; and volume and timing of M&A activities and degree of enforcement of antitrust regulations.

Strategic Communications — Fewer event-driven crises affecting businesses; general economic decline that may reduce

certain discretionary spending by clients; a decline in capital markets activity, including M&A; and fewer public securities
offerings.

Our segments may face risks of fee non-payment, clients may seek to renegotiate existing fees and contract arrangements,
and clients may not accept billable rate or price increases, which could result in loss of clients, fee write-offs, reduced
revenues and less profitable business.

In some cases, our segments are engaged by certain clients who are experiencing or anticipate experiencing financial

distress or are facing complex challenges, are engaged in litigation or regulatory or judicial proceedings, or are facing
foreclosure of collateral or liquidation of assets. This may be true in light of general economic conditions; lingering effects of
past economic slowdowns or recession; or business- or operations-specific reasons. Such clients may not have sufficient funds
to continue operations or to pay for our services. We typically do not receive retainers before we begin performing services on a
client’s behalf in connection with a significant number of engagements in our segments. In the cases where we have received
retainers, we cannot assure the retainers will adequately cover our fees for the services we perform on behalf of these clients.
With respect to bankruptcy cases, bankruptcy courts have the discretion to require us to return all, or a portion of, our fees.

We may receive requests to discount our fees or to negotiate lower rates for our services and to agree to contract terms
relative to the scope of services and other terms that may limit the size of an engagement or our ability to pass through costs.
We consider these requests on a case-by-case basis. We routinely receive these types of requests and expect this to continue in
the future. In addition, our clients and prospective clients may not accept rate increases that we put into effect or plan to
implement in the future. Fee discounts, pressure not to increase or even decrease our rates, and less advantageous contract
terms could result in the loss of clients, lower revenues and operating income, higher costs and less profitable engagements.
More discounts or write-offs than we expect in any period would have a negative impact on our results of operations. There is
no assurance that significant client engagements will be renewed or replaced in a timely manner or at all, or that they will
generate the same volume of work or revenues or be as profitable as past engagements.

Certain of our clients prefer fixed and other alternative fee arrangements that place revenue ceilings or other limitations

on our fee structure or may shift more of our revenue-generating potential to back-end contingent and success fee
arrangements. With respect to such alternative fee arrangements, we may discount our rates initially, which could mean that the
cost of providing services exceeds the fees collected by the Company during all or a portion of the term of the engagement. In
such cases, the Company’s failure to manage the engagement efficiently or collect the success or performance fees could
expose the Company to a greater risk of loss on such engagement than other fee arrangements or may cause variations in the
Company’s revenues and operating results due to the timing of achievement of the performance-based criteria, if achieved at
all. A segment’s ability to service clients with these fee arrangements at a cost that does not directly correlate to time and
materials may negatively impact or result in a loss of the profitability of such engagements, adversely affecting the financial
results of the segment.

Our Technology segment faces certain risks, including (i) industry consolidation and a highly competitive environment, (ii)
client concentration, (iii) downward pricing pressure, (iv) technology changes and obsolescence and (v) failure to protect IP
used by the segment, which individually or together could cause the financial results and prospects of this segment and the
Company to decline.

Our Technology segment is facing significant competition from other consulting and/or software providers specializing

in e-discovery, ESI and the management of electronic content. There continues to be consolidation of companies providing
products and services similar to those offered by our Technology segment, which may provide competitors access to greater
financial and other resources than those of the Company. Larger competitors may be able to react more quickly to new
regulatory or legal requirements and other changes, or innovate more quickly and efficiently. Our Technology segment has been
experiencing increasing competition from companies providing similar services at lower prices, particularly with respect to
hosting and e-discovery services.

The success of our Technology segment and its ability to compete depends significantly on the IP rights we license from

third-parties. There is no assurance that (i) the software we license to provide our services will remain competitive or

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technologically innovative, (ii) new, innovative or improved software or products will not be developed by others that will
compete more effectively with the software or products we currently license or use to service our customers, or (iii) we can
enter into licenses or other agreements on economically advantageous terms to license or enter into other agreements to use
new or more innovative third-party software and products to provide our services. If our Technology segment is unable to
license or otherwise use competitively innovative or technologically advanced software and products to provide our services,
we could be unable to retain clients, grow our business and capitalize on market opportunities, which would adversely affect
our operating margins and financial results.

Unauthorized use and misuse of our proprietary IP by employees or third parties could have a material adverse effect on

our business, financial condition and results of operations. The available legal remedies for unauthorized or misuse of our
proprietary IP may not adequately compensate us for the damages caused by unauthorized use.

Our segments face certain risks relating to cybersecurity and the failure to protect the confidentiality of client information
against misuse or disclosure.

Our reputation for maintaining the confidentiality of proprietary, confidential and trade secret information is critical to

the success of our segments. In addition, our Technology segment is dependent on providing secure information storage to host
client information as a service. We routinely face cyber-based attacks and attempts by hackers and similar unauthorized users to
gain access to or corrupt our information technology systems, which so far, to our knowledge, have been unsuccessful. Such
attacks could disrupt our business operations, cause us to incur unanticipated losses or expenses, and result in unauthorized
disclosures of confidential or proprietary information. We expect to continue to face such attempts. Although we seek to
prevent, detect and investigate these network security incidents, and take steps to mitigate the likelihood of network security
breaches, there can be no assurance that attacks by unauthorized users will not be attempted in the future or that our security
measures will be effective. If we fail to effectively protect the confidentiality of our clients’ or our own IP and proprietary
information from disclosure or misuse by our employees, contractors or third parties, the financial results of the affected
segment or the Company would be adversely affected. There is no certainty that we can maintain the confidentiality or prevent
the misuse of our or our client information.

We may not manage our growth effectively, and our profitability may suffer.

We experience fluctuations in growth of our different segments, practices or services, including periods of rapid or

declining growth. Periods of rapid expansion may strain our management team or human resources and information systems.
To manage growth successfully, we may need to add qualified managers and employees and periodically update our operating,
financial and other systems, as well as our internal procedures and controls. We also must effectively motivate, train and
manage a larger professional staff. If we fail to add or retain qualified managers, employees and contractors when needed,
estimate costs, or manage our growth effectively, our business, financial results and financial condition may suffer.

We cannot assure that we can successfully manage growth through acquisitions and the integration of the companies and

assets we acquire or that they will result in the financial, operational and other benefits that we anticipate. Some acquisitions
may not be immediately accretive to earnings, and some expansion may result in significant expenditures.

In periods of declining growth, underutilized employees and contractors may result in expenses and costs being a greater

percentage of revenues. In such situations, we will have to weigh the benefits of decreasing our workforce or limiting our
service offerings and saving costs against the detriment that the Company could experience from losing valued professionals
and their industry expertise and clients.

Risks Related to Our Operations

Our international operations involve special risks.

Our international operations involve financial and business risks that differ from or are in addition to those faced by our
U.S. operations, including:

•

•

•

cultural and language differences;

limited “brand” recognition;

different employment laws and rules, employment or service contracts, compensation methods, and social and
cultural factors that could result in employee turnover, lower utilization rates, higher costs and cyclical fluctuations
in utilization that could adversely affect financial and operating results;

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•

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•

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foreign currency disruptions and currency fluctuations between the U.S. dollar and foreign currencies that could
adversely affect financial and operating results;

different legal and regulatory requirements and other barriers to conducting business;

greater difficulties in resolving the collection of receivables when legal proceedings are necessary;

greater difficulties in managing our non-U.S. operations, including client relationships, in certain locations;

disparate systems, policies, procedures and processes;

failure to comply with the FCPA and anti-bribery laws of other jurisdictions;

higher operating costs;

longer sales and/or collections cycles;

potential restrictions or adverse tax consequences for the repatriation of foreign earnings, such as trapped foreign
losses and importation or withholding taxes;

different or less stable political and/or economic environments;

potential increased regulatory and legal complexities surrounding uncertainties related to the UK’s exit from the
European Union, commonly referred to as Brexit;

conflicts between and among the U.S. and countries in which we conduct business, including those arising from
trade disputes or disruptions, the termination or suspension of treaties, or boycotts;

civil disturbances or other catastrophic events that reduce business activity; and

political interference with our ability to conduct business in the applicable jurisdiction.

If we are not able to quickly adapt to or effectively manage our operations in geographic markets outside the U.S., our

business prospects and results of operations could be negatively impacted.

Failure to comply with governmental, regulatory and legal requirements or with our company-wide Code of Ethics and
Business Conduct, Anti-Corruption Policy, Policy on Inside Information and Insider Trading, and other policies could lead
to governmental or legal proceedings that could expose us to significant liabilities and damage our reputation.

We have a robust Code of Ethics and Business Conduct, Anti-Corruption Policy, Policy on Inside Information and

Insider Trading, and other policies and procedures that are designed to educate and establish the standards of conduct that we
expect from our executive officers, outside directors, employees, and independent consultants and contractors. These policies
require strict compliance with U.S. and local laws and regulations applicable to our business operations, including those laws
and regulations prohibiting improper payments to government officials. In addition, as a corporation whose securities are
registered under the Securities Act and publicly traded on the NYSE, our executive officers, outside directors, employees and
independent contractors are required to comply with the prohibitions against insider trading of our securities. In addition, we
impose certain restrictions on the trading of securities of our clients. Nonetheless, we cannot assure our stakeholders that our
policies, procedures and related training programs will ensure full compliance with all applicable legal requirements. Illegal or
improper conduct by our executive officers, directors, employees, independent consultants or contractors, or others who are
subject to our policies and procedures could damage our reputation in the U.S. and internationally or lead to litigation or
governmental or regulatory proceedings in the U.S. or foreign jurisdictions, which could result in civil or criminal penalties,
including substantial monetary awards, fines and penalties, as well as disgorgement of profits.

We may be required to recognize goodwill impairment charges, which could materially affect our financial results.

We assess our goodwill, trademarks and other intangible assets, as well as our other long-lived assets as and when
required by GAAP to determine whether they are impaired and, if they are, to record appropriate impairment charges. Factors
we consider include significant underperformance relative to expected historical or projected future operating results and
significant negative industry or economic trends. We have previously recorded impairment charges to the carrying value of
goodwill of certain of our segments, and it is possible that we may be required to record significant impairment charges in the
future. Such charges have had and could have an adverse impact on our results of operations.

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Risks Related to Our People

Our failure to recruit and retain qualified professionals could negatively affect our financial results and our ability to staff
client engagements, maintain relationships with clients and drive future growth.

We deliver sophisticated professional services to our clients. Our success is dependent, in large part, on our ability to
keep our supply of skills and resources in balance with client demand around the world. To attract and retain clients, we need to
demonstrate professional acumen and build trust and strong relationships. Our professionals have highly specialized skills.
They also develop strong bonds with the clients they serve. Our continued success depends upon our ability to attract and retain
professionals who have expertise, a good reputation and client relationships critical to maintaining and developing our
business. We face intense competition in recruiting and retaining highly qualified professionals to drive our organic growth and
support expansion of our services and geographic footprint. We cannot assure that we will be able to attract or retain qualified
professionals to maintain or expand our business. If we are unable to successfully integrate, motivate and retain qualified
professionals, our ability to continue to secure work may suffer. Moreover, competition has caused our costs of retaining and
hiring qualified professionals to increase, a trend that could continue and could adversely affect our operating margins and
financial results.

Despite fixed terms or renewal provisions, we could face retention issues during and at the end of the terms of those
agreements and large compensation expenses to secure extensions. There is no assurance we will enter into new or extend
employment agreements with our professionals. We monitor contract expirations carefully to commence dialogues with
professionals regarding their employment in advance of the actual contract expiration dates. Our goal is to renew employment
agreements when advisable and to stagger the expirations of the agreements if possible. Because of the concentration of
contract expirations in certain years, we may experience high turnover or other adverse consequences, such as higher costs, loss
of clients and engagements or difficulty in staffing engagements, if we are unable to renegotiate employment arrangements or
the costs of retaining qualified professionals become too high. The implementation of new compensation arrangements may
result in the concentration of potential turnover in future years.

Headcount reductions to manage costs during periods of reduced demand for our services could have negative impacts on
our business over the longer term.

Our people are our primary assets and account for the majority of our expenses. During periods of reduced demand for
our services, or in response to unfavorable changes in market or industry conditions, we may seek to align our cost structure
more closely with our revenues and increase our utilization rates by reducing headcount and eliminating or consolidating
underused locations in affected business segments or practices. Following such actions, in response to subsequent increases in
demand for our services, including as a result of favorable changes in market or industry conditions, we may need to hire, train
and integrate additional qualified and skilled personnel and may be unable to do so to meet our needs or our clients’ demands
on a timely basis. If we are unable to manage staffing levels on a timely basis in light of changing opportunities or conditions,
our ability to accept or service business opportunities and client engagements, take advantage of positive market and industry
developments, and realize future growth could be negatively affected, which could negatively impact our revenues and
profitability. In addition, while increased utilization resulting from headcount reductions may enhance our profitability in the
near term, it could negatively affect our business over the longer term by limiting the time our professionals have to seek out
and cultivate new client relationships and win new projects.

We incur substantial costs to hire and retain our professionals, and we expect these costs to continue and to grow.

We may pay hiring or retention bonuses to secure the services of professionals. Those payments have taken the form of

unsecured general recourse forgivable loans, stock options, restricted stock, cash-based stock appreciation rights and other
equity- and cash-based awards, and cash payments to attract and retain our professional employees. We make forgivable loans
to KSIP participants and may provide forgivable or other types of loans to new hires and professionals who join us in
connection with acquisitions, as well as to select current employees and other professionals on a case-by-case basis. The
aggregate amount of loans to professionals is significant. We expect to continue issuing unsecured general recourse forgivable
loans.

We also provide significant additional payments under the KSIP and annual recurring equity or cash awards under the

ICP, the Executive Committee incentive compensation arrangements and other compensation programs, including awards in the
form of restricted stock and other stock- or cash-based awards or, alternatively, cash if we do not have adequate equity
securities available under stockholder-approved equity plans.

In addition, our Economic Consulting segment has contracts with select economists or professionals that provide for

compensation equal to a percentage of such individual’s annual collected client fees plus a percentage of the annual fees

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generated by junior professionals working on engagements managed by such professionals, which results in compensation
expenses for that segment being a higher percentage of revenues and EBITDA than the compensation paid by other segments.
We expect that these arrangements will continue and that the Company may enter into similar arrangements with other
economists and professionals hired by the Company.

We rely heavily on our executive officers and the heads of our operating segments and industry leaders for the success of
our business.

We rely heavily on our executive officers and the heads of our operating segments, regional locations and industries to

manage our operations. Given the highly specialized nature of our services and the scale of our operations, our executive
officers and the heads of our operating segments and industry and regional leaders must have a thorough understanding of our
service offerings, as well as the skills and experience necessary to manage a large organization in diverse geographic locations.
We are unable to predict with certainty the impact that leadership transitions may have on our business operations, prospects,
financial results, client relationships, or employee retention or morale.

Professionals may leave our Company to form or join competitors, and we may not have, or may choose not to pursue, legal
recourse against such professionals.

Our professionals typically have close relationships with the clients they serve, based on their expertise and bonds of

personal trust and confidence. Therefore, the barriers to our professionals pursuing independent business opportunities or
joining our competitors should be considered low. Although our clients generally contract for services with us as a company,
and not with an individual professional, in the event that a professional leaves, such clients may decide that they prefer to
continue working with a specific professional rather than with our Company. Substantially all of our written employment
arrangements with our Senior Managing Directors and equivalent employees include non-competition and non-solicitation
covenants. These restrictions have generally been drafted to comply with state “reasonableness” standards. However, states
generally interpret restrictions on competition narrowly and in favor of employees. Therefore, a state may hold certain
restrictions on competition to be unenforceable. In the case of employees outside the U.S., we draft non-competition provisions
in an effort to comply with applicable foreign law. In the event an employee departs and acts in a way that we believe violates
his or her non-competition or non-solicitation agreement, we will consider any legal remedies we may have against such person
on a case-by-case basis. We may decide that preserving cooperation and a professional relationship with a former employee or
client, or other concerns, outweighs the benefits of any possible legal recourse. We may also decide that the likelihood of
success does not justify the costs of pursuing a legal remedy. Therefore, there may be times we may decide not to pursue legal
action, even if it is available to us.

Risks Related to Our Client Relationships

If we are unable to accept client engagements due to real or perceived relationship issues, our revenues, growth, client
engagements and prospects may be negatively affected.

Our inability to accept engagements from existing or prospective clients, represent multiple clients in connection with
the same or competitive engagements, or any requirement that we resign from a client engagement may negatively impact our
revenues, growth and financial results. While we follow internal practices to assess real and potential issues in the relationships
between and among our clients, engagements, segments, practices and professionals, such concerns cannot always be avoided.
For example, we generally will not represent parties adverse to each other in the same matter. Under U.S. federal bankruptcy
rules, we generally may not represent both a debtor and its creditors in the same proceeding, and we are required to notify the
U.S. Trustee of real or potential conflicts. Even if we begin a bankruptcy-related engagement, the U.S. Trustee could find that
we no longer meet the disinterestedness standard because of real or potential changes in our status as a disinterested party and
order us to resign, which could result in disgorgement of fees. Acquisitions may require us to resign from a client engagement
because of relationship issues that are not currently identifiable. In addition, businesses that we acquire or employees who join
us may not be free to accept engagements they could have accepted prior to our acquisition or hire because of relationship
issues.

Claims involving our services could harm our overall professional reputation and our ability to compete and attract business
or hire or retain qualified professionals.

Our engagements involve matters that may result in a severe impact on a client’s business, cause the client a substantial

monetary loss or prevent the client from pursuing business opportunities. Our ability to attract new clients and generate new
and repeat engagements or hire professionals depends upon our ability to maintain a high degree of client satisfaction, as well
as our reputation among industry professionals. As a result, any claims against us involving the quality of our services may be
more damaging than similar claims against businesses in other industries.

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We may incur significant costs and may lose engagements as a result of claims by our clients regarding our services.

Many of our engagements involve complex analysis and the exercise of professional judgment, including litigation and

governmental investigatory matters where we act as experts. Therefore, we are subject to the risk of professional and other
liabilities. Although we believe we maintain an appropriate amount of insurance, it is limited. Damages and/or expenses
resulting from any successful claim against us, for indemnity or otherwise, in excess of the amount of insurance coverage will
be borne directly by us and could harm our profitability and financial resources. Any claim by a client or third party against us
could expose us to reputational issues that adversely affect our ability to attract new or maintain existing engagements or clients
or qualified professionals or other employees, consultants or contractors.

Our clients may terminate our engagements with little or no notice and without penalty, which may result in unexpected
declines in our utilization and revenues.

Our engagements center on transactions, disputes, litigation and other event-driven occurrences that require independent

analysis or expert services. Transactions may be postponed or canceled, litigation may be settled or dismissed, and disputes
may be resolved, in each case with little or no prior notice to us. If we cannot manage our work in process, our professionals
may be underutilized until we can reassign them or obtain new engagements, which can adversely affect financial results.

The engagement letters that we typically enter into with clients do not obligate them to continue to use our services.

Typically, our engagement letters permit clients to terminate our services at any time without penalties. In addition, our
business involves large client engagements that we staff with a substantial number of professionals. At any time, one or more
client engagements may represent a significant portion of a segment’s revenues. If we are unable to replace clients or revenues
as engagements end or if clients unexpectedly cancel engagements with us or curtail the scope of our engagements and we are
unable to replace the revenues from those engagements, eliminate the costs associated with those engagements or find other
engagements to utilize our professionals, the financial results of the Company could be adversely affected.

We may not have, or may choose not to pursue, legal remedies against clients that terminate their engagements.

The engagement letters that we typically have with clients do not obligate them to continue to use our services and

permit them to terminate the engagement without penalty at any time. Even if the termination of an ongoing engagement by a
client could constitute a breach of the client’s engagement agreement, we may decide that preserving the overall client
relationship is more important than seeking damages for the breach and, for that or other reasons, decide not to pursue any legal
remedies against a client, even though such remedies may be available to us. We make the determination whether to pursue any
legal actions against a client on a case-by-case basis.

Failures of our internal information technology systems controls.

Our reputation for providing secure information storage and maintaining the confidentiality of proprietary, confidential
and trade secret information is critical to the success of our businesses, especially our Technology segment, which hosts client
information as a service. We routinely face cyber-based attacks and attempts by hackers and similar unauthorized users to gain
access to or corrupt our information technology systems, which so far, to our knowledge, have been unsuccessful. Such attacks
could disrupt our business operations, cause us to incur unanticipated losses or expenses, and result in unauthorized disclosures
of confidential or proprietary information. We expect to continue to face such attempts. Although we seek to prevent, detect and
investigate these network security incidents and have taken steps to mitigate the likelihood of network security breaches, there
can be no assurance that attacks by unauthorized users will not be attempted in the future or that our security measures will be
effective.

Compromise of confidential or proprietary information could damage our reputation, harm our businesses and adversely
impact our financial results.

The Company’s own confidential and proprietary information and that of our clients could be compromised, whether
intentionally or unintentionally, by our employees, consultants or vendors. A compromise of the security of our information
technology systems leading to theft or misuse of our own or our clients’ proprietary or confidential information, or the public
disclosure or use of such information by others, could result in losses, third-party claims against us and reputational harm,
including the loss of clients. The theft or compromise of our or our clients’ information could negatively impact our reputation,
financial results and prospects. In addition, if our reputation is damaged due to a data security breach, our ability to attract new
engagements and clients may be impaired or we may be subjected to damages or penalties, which could negatively impact our
businesses, financial results or financial condition.

25

Governmental focus on data privacy and security could increase our costs of operations.

In reaction to publicized incidents in which electronically stored personal and other information has been lost, accessed

or stolen, or transmitted by or to third parties without permission, U.S. and non-U.S. governmental authorities have proposed or
adopted or are considering proposing or adopting data security and/or data privacy statutes or regulations. Continued
governmental focus on data security and privacy may lead to additional legislative and regulatory action, which could increase
the complexity of doing business in the U.S. or the applicable jurisdiction. The increased emphasis on information security and
the requirements to comply with applicable U.S. and foreign data security and privacy laws and regulations may increase our
costs of doing business and negatively impact our financial results.

Risks Related to Competition

If we fail to compete effectively, we may miss new business opportunities or lose existing clients, and our revenues and
profitability may decline.

The market for some of our consulting services is highly competitive. We do not compete against the same companies
across all of our segments, practices, services, industries or geographic regions. Instead, we compete with different companies
or businesses of companies depending on the particular nature of a proposed engagement and the types of requested service(s)
and the location of the client or delivery of the service(s). Our operations are highly competitive.

Our competitors include large organizations, such as the global accounting firms and the large management and
financial consulting companies that offer a broad range of consulting services; investment banking firms; IT consulting and
software companies, which offer niche services that are the same or similar to services or products offered by one or more of
our segments; and small firms and independent contractors that focus on specialized services. Some of our competitors have
significantly more financial resources, a larger national or international presence, larger professional staffs and greater brand
recognition than we do. Some have lower overhead and other costs and can compete through lower cost-service offerings.

Since our business depends in large part on professional relationships, our business has low barriers to entry for

professionals electing to start their own firms or work independently. In addition, it is relatively easy for professionals to
change employers.

If we cannot compete effectively or if the costs of competing, including the costs of hiring and retaining professionals,
become too expensive, our revenue growth and financial results could be negatively affected and may differ materially from
our expectations.

We may face competition from parties who sell us their businesses and from professionals who cease working for us.

In connection with our acquisitions, we generally obtain non-solicitation agreements from the professionals we hire, as
well as non-competition agreements from senior managers and professionals. The agreements prohibit such individuals from
competing with us during the term of their employment and for a fixed period afterwards and from seeking to solicit our
employees or clients. In some cases, but not all, we may obtain non-competition or non-solicitation agreements from parties
who sell us their businesses or assets. The duration of post-employment non-competition and non-solicitation agreements
typically ranges from six to 12 months. Non-competition agreements with the sellers of businesses or assets that we acquire
typically continue longer than 12 months. Certain activities may be carved out of, or otherwise may not be prohibited by, these
arrangements. We cannot assure that one or more of the parties from whom we acquire a business or assets, or who do not join
us or leave our employment, will not compete with us or solicit our employees or clients in the future. States and foreign
jurisdictions may interpret restrictions on competition narrowly and in favor of employees or sellers. Therefore, certain
restrictions on competition or solicitation may be unenforceable. In addition, we may not pursue legal remedies if we determine
that preserving cooperation and a professional relationship with a former employee or his or her clients, or other concerns,
outweighs the benefits of any possible legal recourse or the likelihood of success does not justify the costs of pursuing a legal
remedy. Such persons, because they have worked for our Company or a business that we acquire, may be able to compete more
effectively with us, or be more successful in soliciting our employees and clients, than unaffiliated third parties.

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Risks Related to Acquisitions

We will consider future strategic or opportunistic acquisitions. In those cases, some or all of the following risks could be

applicable.

We may have difficulty integrating acquisitions or convincing clients to allow assignment of their engagements to us, which
can reduce the benefits we receive from acquisitions.

The process of managing and integrating acquisitions into our existing operations may result in unforeseen operating
difficulties and may require significant financial, operational and managerial resources that would otherwise be available for
the operation, development and organic expansion of our existing operations. To the extent that we misjudge our ability to
properly manage and integrate acquisitions, we may have difficulty achieving our operating, strategic and financial objectives.

Acquisitions also may involve a number of special financial, business and operational risks, such as:

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difficulties in integrating diverse corporate cultures and management styles;

disparate policies and practices;

client relationship issues;

decreased utilization during the integration process;

loss of key existing or acquired personnel;

increased costs to improve or coordinate managerial, operational, financial and administrative systems;

dilutive issuances of equity securities, including convertible debt securities, to finance acquisitions;

the assumption of legal liabilities;

future earn-out payments or other price adjustments;

potential future write-offs relating to the impairment of goodwill or other acquired intangible assets or the
revaluation of assets;

difficulty or inability to collect receivables; and

undisclosed liabilities.

In addition to the integration challenges mentioned above, our acquisitions of non-U.S. companies offer distinct

integration challenges relating to foreign laws and governmental regulations, including tax and employee benefit laws, and
other factors relating to operating in countries other than the U.S., which we have addressed above in the discussion regarding
the difficulties we may face operating globally.

Asset transactions may require us to seek client consents to the assignment of their engagements to us or a subsidiary.
All clients may not consent to assignments. In certain cases, such as government contracts and bankruptcy engagements, the
consent of clients cannot be solicited until after the acquisition has closed. Further, such engagements may be subject to
security clearance requirements or bidding provisions with which we might not be able to comply. There is no assurance that
clients of the acquired entity or local, state, federal or foreign governments will agree to novate or assign their contracts to us.

The Company may also hire groups of selected professionals from another company. In such event, there may be
restrictions on the ability of the professionals who join the Company to compete and work on client engagements. In addition,
the Company may enter into arrangements with the former employers of those professionals regarding limitations on their work
until any time restrictions pass. In such circumstances, there is no assurance that the Company will enter into mutually
agreeable arrangements with any former employer, and the utilization of such professionals may be limited, and our financial
results could be negatively affected until their restrictions end. The Company could also face litigation risks from group hires.

We may be unable to take advantage of opportunistic acquisition situations, which may adversely affect our ability to
expand or diversify our business.

At the time an acquisition opportunity presents itself, internal and external pressures (including, but not limited to,
competition for such acquisition, the cost of such acquisition, borrowing capacity under our senior secured bank revolving

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credit facility (as amended and restated on November 30, 2018, the “Credit Facility”) or the availability and cost of alternative
financing) may cause us to be unable to pursue or complete an acquisition.

An acquisition may not be accretive in the near term or at all.

Competitive market conditions may require us to pay a price that represents a higher multiple of revenues or profits for
an acquisition. As a result of these competitive dynamics, cost of the acquisition or other factors, certain acquisitions may not
be accretive to our overall financial results at the time of the acquisition or at all.

We may have a different system of governance and management from a company we acquire or its parent, which could
cause professionals who join us from an acquired company to leave us.

Our governance and management policies and practices will not mirror the policies and practices of an acquired
company or its parent. In some cases, different management practices and policies may lead to workplace dissatisfaction on the
part of professionals who join our Company. Some professionals may choose not to join our Company or leave after joining us.
Existing professionals may leave us as well. The loss of key professionals may harm our business and financial results and
cause us not to realize the anticipated benefits of the acquisition.

Due to fluctuations in our stock price, acquisition candidates may be reluctant to accept shares of our common stock as
purchase price consideration, use of our shares as purchase price consideration may be dilutive or the owners of certain
companies we seek to acquire may insist on stock price guarantees.

We may structure an acquisition to pay a portion of the purchase price in shares of our common stock. The number of
shares issued as consideration is typically based on an average closing price per share of our common stock for a number of
days prior to the closing of such acquisition. We believe that payment in the form of shares of common stock of FTI Consulting
provides the acquired entity and its principals with a vested interest in the future success of the acquisition and the Company.
Stock market volatility, generally, or FTI Consulting’s stock price volatility, specifically, may result in acquisition candidates
being reluctant to accept our shares as consideration. In such cases, we may have to issue more shares if stock constitutes part
of the consideration, offer stock price guarantees, pay the entire purchase price in cash or negotiate an alternative price
structure. The result may be an increase in the cost of an acquisition.

Certain past acquisition-related agreements have contained stock price guarantees that resulted in cash payments in the

future if the price per share of FTI Consulting common stock fell below a specified per share market value on the date
restrictions lapse. There is no assurance that an acquisition candidate will not negotiate stock price guarantees with respect to a
future acquisition, which may increase the cost of such acquisition.

Risks Related to Our Indebtedness

Our leverage could adversely affect our financial condition or operating flexibility if the Company fails to comply with
operating covenants under applicable debt instruments.

Our Credit Facility, or our other indebtedness outstanding from time to time, contains or may contain operating

covenants that may, subject to exceptions, limit our ability and the ability of our subsidiaries to, among other things:

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create, incur or assume certain liens;

• make certain restricted payments, investments and loans;

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create, incur or assume additional indebtedness or guarantees;

create restrictions on the payment of dividends or other distributions to us from our restricted subsidiaries;

engage in M&A transactions, consolidations, sale-leasebacks, joint ventures, and asset and security sales and
dispositions;

pay dividends or redeem or repurchase our capital stock;

alter the business that we and our subsidiaries conduct;

engage in certain transactions with affiliates;

• modify the terms of certain indebtedness;

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prepay, redeem or purchase certain indebtedness; and

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• make material changes to accounting and reporting practices.

In addition, the Credit Facility includes a financial covenant that requires us not to exceed a maximum consolidated total
net leverage ratio (the ratio of funded debt (less unrestricted cash up to $150.0 million) to Consolidated EBITDA, as defined in
the Credit Facility).

Operating results below a certain level or other adverse factors, including a significant increase in interest rates, could

result in us being unable to comply with certain covenants. If we violate any applicable covenants and are unable to obtain
waivers, our agreements governing our indebtedness or other applicable agreement could be declared in default and could be
accelerated, which could permit, in the case of secured debt, the lenders to foreclose on our assets securing the debt thereunder.
If the indebtedness is accelerated, we may not be able to repay our debt or borrow sufficient funds to refinance it. Even if we
are able to obtain new financing, it may not be on commercially reasonable terms or on terms that are acceptable to us. If our
debt is in default for any reason, our cash flows, financial results or financial condition could be materially and adversely
affected. In addition, complying with these covenants may cause us to take actions that are not favorable to holders of our
outstanding indebtedness and may make it more difficult for us to successfully execute our business strategy and compete
against companies that are not subject to such restrictions.

Despite our current level of indebtedness, we and our subsidiaries may still incur significant additional indebtedness, which
could further exacerbate the risks associated with our substantial indebtedness.

Our current level of indebtedness could have important consequences on our future operations. We and our subsidiaries
may be able to incur substantial additional indebtedness, including additional secured indebtedness, in the future. The terms of
the indenture, dated as of August 20, 2018, between us and U.S. Bank National Association, as trustee (the "Indenture")
governing the 2.0% Convertible Senior Notes due 2023 (the “2023 Convertible Notes”) do not restrict us from incurring
additional debt, securing existing or future debt, recapitalizing our debt or taking a number of other actions that are not limited
by the terms of the Indenture. The terms of the agreements governing our Credit Facility and other indebtedness limit, but do
not prohibit, us from incurring additional indebtedness.

Our ability to incur additional indebtedness may have the effect of reducing the funds available to pay amounts due with
respect to our indebtedness. If we incur new indebtedness or other liabilities, the related risks that we and our subsidiaries may
face could intensify.

We may not be able to generate sufficient cash to service our indebtedness, and we may be forced to take other actions to
satisfy our payment obligations under our indebtedness, which may not be successful.

Our ability to make scheduled payments on or to refinance our indebtedness depends on our future performance,

including the performance of our subsidiaries, which will be affected by financial, business and economic conditions,
competition and other factors. We will not be able to control many of these factors, such as the general economy, economic
conditions in the industries in which we operate and competitive pressures. Our cash flow may not be sufficient to allow us to
pay principal and interest on our indebtedness and to meet our other obligations. If our cash flows and capital resources are
insufficient to fund our debt service obligations, we may be forced to reduce or delay investments and capital expenditures or to
sell assets, seek additional capital, or restructure or refinance our indebtedness. These alternative measures may not be
successful and may not permit us to meet our scheduled debt service obligations. In addition, the terms of existing or future
debt agreements, including our Credit Facility, may restrict us from pursuing any of these alternatives.

In the event that we need to refinance all or a portion of our outstanding indebtedness before maturity or as it matures,

we may not be able to obtain terms as favorable as the terms of our existing indebtedness or refinance our existing indebtedness
at all. If interest rates or other factors existing at the time of refinancing result in higher interest rates upon refinancing, we will
incur higher interest expense. Furthermore, if any rating agency changes our credit rating or outlook, our debt and equity
securities could be negatively affected, which could adversely affect our financial condition and financial results.

Our Credit Facility is guaranteed by substantially all of our domestic subsidiaries and will be required to be guaranteed by
future domestic subsidiaries, including those that join us in connection with acquisitions.

Substantially all of our U.S. subsidiaries guarantee our obligations under our Credit Facility, and substantially all of their

assets are pledged as collateral for the Credit Facility. Future U.S. subsidiaries will be required to provide similar guarantees
under the Credit Facility. If we default on any guaranteed indebtedness, our U.S. subsidiaries could be required to make
payments under their guarantees, and our senior secured creditors could foreclose on our U.S. subsidiaries’ assets to satisfy
unpaid obligations, which would materially adversely affect our business and financial results.

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We may not have the ability to raise the funds necessary to settle conversions of the 2023 Convertible Notes or to repurchase
the 2023 Convertible Notes upon a fundamental change, and the agreements governing our other indebtedness contain, and
our future debt may contain, limitations on our ability to pay cash upon conversion or repurchase of the 2023 Convertible
Notes.

Holders of the 2023 Convertible Notes will have the right to require us to repurchase their 2023 Convertible Notes upon
the occurrence of a fundamental change at a fundamental change repurchase price equal to 100% of the principal amount of the
2023 Convertible Notes to be repurchased, plus any accrued and unpaid interest. In addition, upon conversion of the 2023
Convertible Notes, unless we elect to deliver solely shares of our common stock to settle such conversion (other than paying
cash in lieu of delivering any fractional share), we will be required to make cash payments in respect of the 2023 Convertible
Notes being converted in accordance with the terms of the Indenture governing the 2023 Convertible Notes. However, we may
not have enough available cash or be able to obtain financing at the time we are required to make repurchases of the 2023
Convertible Notes. Our Credit Facility prohibits us from making any cash payments on the conversion or repurchase of the
2023 Convertible Notes if a default or an event of default under that facility exists or would result from such conversion or
repurchase, or if, after giving effect to such conversion or repurchase (and any additional indebtedness incurred in connection
with such conversion or a repurchase), we would not be in pro forma compliance with certain financial tests under that the
Credit Facility.

Any new credit facility that we may enter into may have similar restrictions. In addition, our ability to repurchase the
2023 Convertible Notes or to pay cash upon conversions of the 2023 Convertible Notes may be limited by law, by regulatory
authority or by agreements governing our future indebtedness. Our failure to repurchase the 2023 Convertible Notes at a time
when the repurchase is required by the Indenture or to pay any cash payable on future conversions of the Notes as required by
the Indenture would constitute a default under the Indenture. A default under the Indenture or the fundamental change itself
could also lead to a default under agreements governing our existing and future indebtedness. If the repayment of the related
indebtedness were to be accelerated after any applicable notice or grace periods, we may not have sufficient funds to repay the
indebtedness and repurchase the 2023 Convertible Notes or make cash payments upon conversions thereof.

The conditional conversion feature of the 2023 Convertible Notes, if triggered, may adversely affect our financial condition
and operating results.

In the event the conditional conversion feature of the 2023 Convertible Notes is triggered, holders of the 2023
Convertible Notes will be entitled to convert the 2023 Convertible Notes at their option at any time during specific periods
listed in the Indenture governing the 2023 Convertible Notes. If one or more holders elect to convert their 2023 Convertible
Notes, unless we elect to satisfy our conversion obligation by delivering solely shares of our common stock (other than paying
cash in lieu of delivering any fractional share), we would be required to settle a portion or all of our conversion obligation
through the payment of cash, which could adversely affect our liquidity. In addition, even if holders do not elect to convert their
2023 Convertible Notes, we could be required under applicable accounting rules to reclassify all or a portion of the outstanding
principal of the 2023 Convertible Notes as a current rather than long-term liability, which would result in a material reduction
of our net working capital.

The accounting method for convertible debt securities that may be settled in cash, such as the 2023 Convertible Notes, could
have a material effect on our reported financial results.

Under Accounting Standards Codification 470-20, Debt with Conversion and Other Options (“ASC 470-20”), an entity
must separately account for the liability and equity components of convertible debt instruments (such as the 2023 Convertible
Notes) that may be settled entirely or partially in cash upon conversion in a manner that reflects the issuer’s economic interest
cost. The effect of ASC 470-20 on the accounting for the 2023 Convertible Notes is that the equity component is required to be
included in the additional paid-in capital section of stockholders’ equity on our consolidated balance sheet, and the value of the
equity component would be treated as original issue discount for purposes of accounting for the debt component of the 2023
Convertible Notes. As a result, we will be required to record a greater amount of non-cash interest expense in current periods
presented as a result of the amortization of the discounted carrying value of the 2023 Convertible Notes to their face amount
over the term of the 2023 Convertible Notes. We will report lower net income in our financial results because ASC 470-20 will
require interest to include both the current period’s amortization of the debt discount and the instrument’s coupon interest,
which could adversely affect our reported or future financial results, the trading price of our common stock and the trading
price of the 2023 Convertible Notes.

In addition, under certain circumstances, convertible debt instruments (such as the 2023 Convertible Notes) that may be

settled entirely or partly in cash are currently accounted for utilizing the treasury stock method, the effect of which is that the
shares issuable upon conversion of the 2023 Convertible Notes are not included in the calculation of diluted earnings per share,
except to the extent that the conversion value of the 2023 Convertible Notes exceeds their principal amount. Under the treasury

30

stock method, for diluted earnings per share purposes, the transaction is accounted for as if the number of shares of common
stock that would be necessary to settle such excess, if we elected to settle such excess in shares, is issued. We cannot be sure
that the accounting standards in the future will continue to permit the use of the treasury stock method. If we are unable to use
the treasury stock method in accounting for the shares issuable upon conversion of the 2023 Convertible Notes, then our diluted
earnings per share would be adversely affected.

Our variable rate indebtedness will subject us to interest rate risk, which could cause our annual debt service obligations to
increase significantly.

Borrowings under our Credit Facility will be at variable rates of interest, which expose us to interest rate risk. If interest
rates increase, our debt service obligations on the variable rate indebtedness would increase even though the amount borrowed
remained the same, and our cash flow could be adversely affected. An increase in debt service obligations under our variable
rate indebtedness could affect our ability to make payments required under the terms of the agreements governing our
indebtedness or our other indebtedness outstanding from time to time.

In July 2017, the Financial Conduct Authority of the United Kingdom, which regulates the London Interbank Offering
Rate (“LIBOR”), announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021.
Our Credit Facility, which was undrawn at December 31, 2019, is indexed to LIBOR and may be used in the future. Although
our borrowing arrangement provides for alternative base rates, such alternative base rates and the consequences of the phase
out of LIBOR cannot be entirely predicted at this time. An alternative base rate could be higher or more volatile than LIBOR
prior to its discontinuance, which could result in an increase in the cost of our indebtedness, impact our ability to refinance
some or all of our existing indebtedness or otherwise have a material adverse impact on our business, financial condition and
results of operations. Furthermore, there can be no assurance given as to whether LIBOR will actually cease to be available
after 2021 or whether an alternative rate will become the market benchmark in its place.

ITEM 1B.

UNRESOLVED STAFF COMMENTS

None.

ITEM 2.

PROPERTIES

Our executive offices located in Washington, D.C., consist of 100,511 square feet under a lease expiring April 2028. Our
principal corporate office located in Bowie, Maryland, consists of 30,835 square feet under a lease expiring April 2028. We also
lease offices to support our operations in 46 other cities across the U.S., including New York, Chicago, Denver, Houston,
Dallas, Los Angeles and San Francisco, and we lease office space to support our international locations in 26 countries — the
United Kingdom, Ireland, Finland, France, Germany, Spain, Belgium, Israel, Australia, Malaysia, China (including Hong
Kong), Japan, Singapore, the United Arab Emirates, South Korea, South Africa, Argentina, Brazil, Colombia, Mexico, Canada,
Indonesia, India, Qatar, the Cayman Islands and the British Virgin Islands. We believe our existing leased facilities are adequate
to meet our current requirements and that suitable space will be available as needed.

ITEM 3.

LEGAL PROCEEDINGS

From time to time in the ordinary course of business, we are subject to claims, asserted or unasserted, or named as a
party to lawsuits or investigations. Litigation, in general, and IP and securities litigation, in particular, can be expensive and
disruptive to normal business operations. Moreover, the results of legal proceedings cannot be predicted with any certainty, and
in the case of more complex legal proceedings, such as IP and securities litigation, the results are difficult to predict at all. We
evaluate litigation claims and legal proceedings to assess the likelihood of unfavorable outcomes and to estimate, if possible,
the amount of potential losses. Based on these assessments and estimates, we establish reserves and/or disclose the relevant
litigation claims or legal proceedings, as appropriate. These assessments and estimates are based on the information available to
management at the time and involve a significant amount of management judgment. Actual outcomes or losses may differ
materially from those anticipated at the time. We currently 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.

ITEM 4.

MINE SAFETY DISCLOSURES

Not applicable.

31

PART II

ITEM 5.
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER

Common Stock

Our common stock currently trades on the NYSE under the symbol FCN. As of January 31, 2020, the number of holders

of record of our common stock was 196.

Securities Authorized for Issuance under Equity Compensation Plans

The following table includes the number of shares of common stock of the Company authorized or to be issued upon

exercise of outstanding options, warrants and rights awarded under our employee equity compensation plans as of
December 31, 2019.

Plan Category

Equity compensation plans approved by our

security holders

Equity compensation plans not approved by our

security holders
Total

(a)

(b)

(c)

Number of Securities
to Be Issued upon
Exercise of
Outstanding Options,
Warrants and Rights

Weighted Average
Exercise Price of
Outstanding Options,
Warrants and Rights

Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation
Plans
(Excluding Securities
Reflected in Column (a))

(in thousands, except per share data)

624 (1) $

54 (2)

678

$

35.91

36.75

35.98

1,396 (3)

—

1,396

(1)

(2)

(3)

Includes up to (i) 35,708 shares of common stock issuable upon vesting and exercise of outstanding stock options
granted under our 2006 Global Long-Term Incentive Plan (as Amended and Restated Effective as of May 14, 2008)
and (ii) 589,223 shares of common stock issuable upon vesting and exercise of outstanding stock options granted under
our 2009 Omnibus Incentive Compensation Plan (as Amended and Restated Effective as of June 3, 2015).
Includes up to 53,552 shares of common stock issuable upon exercise of fully vested stock options granted as
employment inducement on July 30, 2014 to an executive officer hire pursuant to Rule 303.08 of the NYSE.
Includes 1,396,183 shares of common stock available for issuance under our 2017 Omnibus Incentive Compensation
Plan, all of which are available for stock-based awards.

Sales of Unregistered Securities

None.

32

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table provides information with respect to purchases we made of our common stock during the fourth

quarter of 2019.

Total
Number of
Shares
Purchased

Average
Price
Paid per
Share

Total Number of
Shares
Purchased as
Part of Publicly
Announced
Program (1)

Approximate
Dollar Value
That May Yet Be
Purchased
Under the
Program

(in thousands, except per share data)

October 1 through October 31, 2019

November 1 through November 30, 2019

December 1 through December 31, 2019

Total

44 (2) $

108.26

203 (3) $

107.54

23 (4) $

108.52

270

40 (5) $

198 (6) $

22 (7) $

260

90,312

69,022

66,641

(1) 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 and February 21, 2019, our Board of Directors
authorized an additional $100.0 million, respectively, increasing the Repurchase Program to an aggregate authorization
of $400.0 million. 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. During the year ended December 31, 2019, we repurchased an aggregate of 1,258,420 shares of our outstanding
common stock under the Repurchase Program at an average repurchase price of $84.16 per share for a total cost of
approximately $105.9 million.
Includes 4,328 shares of common stock withheld to cover payroll tax withholdings related to the lapse of restrictions
on restricted stock.
Includes 4,518 shares of common stock withheld to cover payroll tax withholdings related to the lapse of restrictions
on restricted stock.
Includes 1,311 shares of common stock withheld to cover payroll tax withholdings related to the lapse of restrictions on
restricted stock.

(2)

(3)

(4)

(5) During the month ended October 31, 2019, we repurchased and retired 40,000 shares of common stock, at an average

per share price of $107.99, for an aggregate cost of $4.3 million.

(6) During the month ended November 30, 2019, we repurchased and retired 197,868 shares of common stock, at an

average per share price of $107.58, for an aggregate cost of $21.3 million.

(7) During the month ended December 31, 2019, we repurchased and retired 21,955 shares of common stock, at an average

per share price of $108.40, for an aggregate cost of $2.4 million.

33

ITEM 6.

SELECTED FINANCIAL DATA

We derived the selected financial data presented below for the periods or dates indicated from our consolidated financial

statements. The data below should be read in conjunction with our consolidated financial statements, related notes and other
financial information appearing in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results
of Operations” and Part II, Item 8 of this Annual Report.

A number of factors have caused our results of operations and financial position to vary significantly from one year to

the next and can make it difficult to evaluate period-to-period comparisons because of a lack of comparability. The most
significant of these factors include: acquisitions, goodwill impairment charges, special charges and stock repurchases.

Income Statement, Balance Sheet and Stockholders' Equity Data

Income Statement Data
Revenues
Operating expenses

Direct cost of revenues
Selling, general and administrative expenses
Special charges
Amortization of other intangible assets

Operating income
Other income (expense)

Interest income and other
Interest expense
Gain on sale of business
Loss on early extinguishment of debt

Income before income tax provision (benefit)
Income tax provision (benefit)
Net income
Earnings per common share — basic
Earnings per common share — diluted
Weighted average number of common shares

$
$
$

outstanding
Basic
Diluted

2019

Year Ended December 31,
2017

2016

2018

(in thousands, except per share data)

2015

$ 2,352,717

$ 2,027,877

$ 1,807,732

$ 1,810,394

$ 1,779,149

1,534,896
504,074
—
8,152
2,047,122
305,595

1,328,074
465,636
—
8,162
1,801,872
226,005

1,215,560
432,013
40,885
10,563
1,699,021
108,711

1,210,771
436,716
10,445
10,306
1,668,238
142,156

1,171,444
431,468
—
11,726
1,614,638
164,511

2,061
(19,206)
—
—
288,450
71,724
216,726
5.89
5.69

$
$
$

4,977
(27,149)
13,031
(9,072)
207,792
57,181
150,611
4.06
3.93

$
$
$

3,752
(25,358)
—
—
87,105
(20,857)
107,962
2.79
2.75

$
$
$

10,466
(24,819)
—
—
127,803
42,283
85,520
2.09
2.05

$
$
$

3,232
(42,768)
—
(19,589)
105,386
39,333
66,053
1.62
1.58

36,774
38,111

37,098
38,318

38,697
39,192

40,943
41,709

40,846
41,729

Balance Sheet Data
Cash and cash equivalents
Working capital (1)
Total assets
Long-term debt, net
Stockholders’ equity

December 31,

2019

2018

2017

2016

2015

(in thousands)

369,373
$
$
566,124
$ 2,783,142
275,609
$
$ 1,489,142

312,069
$
$
482,783
$ 2,379,121
265,571
$
$ 1,348,825

189,961
$
$
383,851
$ 2,257,241
396,284
$
$ 1,191,971

216,158
$
$
404,716
$ 2,225,368
365,528
$
$ 1,207,358

149,760
$
$
394,548
$ 2,229,018
494,772
$
$ 1,147,603

(1)

Working capital is defined as current assets less current liabilities.

34

Year Ended December 31,

2019

2018

2017

2016

2015

(in thousands)

Stockholders' Equity Data

Shares of common stock repurchased and retired

1,258

952

4,674

537

765

Total cost

$

105,915

$

55,722

$

168,001

$

21,479

$

26,516

35

ITEM 7.
OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

The following is a discussion and analysis of our consolidated financial condition, results of operations, liquidity and

capital resources for each of the two years in the period ended December 31, 2019 and significant factors that could affect our
prospective financial condition and results of operations. This discussion should be read in conjunction with our consolidated
financial statements and notes included in Part II, Item 8, “Financial Statements and Supplementary Data” of this Annual
Report on Form 10-K (the “Annual Report”). For a similar discussion and analysis of our results for the year ended
December 31, 2018 compared to our results for the year ended December 31, 2017, refer to Part II, Item 7, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year
ended December 31, 2018, filed with the SEC on February 27, 2019. Historical results and any discussion of prospective results
may not indicate our future performance.

Business Overview

FTI Consulting is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and
resolve disputes: financial, legal, operational, political and regulatory, reputational and transactional. Individually, each of our
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:

Our Corporate Finance & Restructuring (“Corporate Finance”) segment focuses on the strategic, operational,
financial, transactional and capital needs of our clients around the world and delivers a wide range of service offerings related
to restructuring, business transformation and transactions. Our restructuring practice includes corporate restructuring, including
bankruptcy and interim management services. Our business transformation and transactions practices include financial,
operational and performance improvement services, as well as due diligence, financing advisory, mergers and acquisitions
("M&A") advisory, M&A integration, carveout support and valuations.

Our Forensic and Litigation Consulting (“FLC”) segment provides law firms, companies, government clients and

other interested parties with multidisciplinary and independent services related to risk advisory, investigations and disputes. We
have expertise in anti-corruption/anti-money laundering investigations and compliance, cybersecurity, data analytics, export
controls and sanctions, and monitorship. We offer specialized industry expertise in the areas of insurance, construction,
healthcare, environmental and trial services.

Our Economic Consulting segment provides law firms, companies, government entities and other interested parties

with analysis of complex economic issues for use in legal, regulatory and international arbitration proceedings, strategic
decision making and public policy debates in the United States ("U.S.") and around the world.

Our Technology segment provides companies and law firms with a comprehensive and global portfolio of consulting
and services for information governance, privacy and security, electronic discovery ("e-discovery") and insight analytics. Our
consulting expertise enables clients to more confidently govern, secure, find, analyze and rapidly understand their data in the
context of compliance and risk.

Our Strategic Communications segment designs and executes communications strategies for CEOs, management
teams and boards of directors that help them seize opportunities, manage financial, regulatory and reputational challenges,
navigate market disruptions, articulate their corporate brand, stake a competitive position and preserve their freedom to operate.

We derive substantially all of our revenues from providing professional services to both U.S. and global clients. Most of

our services are rendered under time and expense arrangements that obligate the client to pay us a fee for the hours that we
incur at agreed-upon rates. Under this arrangement, we typically bill our clients for reimbursable expenses, which may include
the cost of producing our work product and other direct expenses that we incur on behalf of the client, such as travel costs. We
also render services for which certain clients may be required to pay us a fixed-fee or recurring retainer. These arrangements
are generally cancelable at any time. Some of our engagements contain performance-based arrangements in which we earn a
contingent or success fee when and if certain predefined outcomes occur. This type of success fee may supplement a time and
expense or fixed-fee arrangement. Success fee revenues may cause variations in our revenues and operating results due to the
timing of when achieving the performance-based criteria becomes probable. Seasonal factors, such as the timing of our
employees’ and clients’ vacations and holidays, may impact the timing of our revenues across our segments.

36

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 some other unit-based
method and include revenues from data processing and hosting. Unit-based revenues include revenues associated with the
software products that are 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.

Our financial results are primarily driven by:

•

•

•

•

•

•

•

•

•

the number, size and type of engagements we secure;

the rate per hour or fixed charges we charge our clients for services;

the utilization rates of the revenue-generating professionals we employ;

the timing of revenue recognition related to revenues subject to certain performance-based contingencies;

the number of revenue-generating professionals;

licensing of our software products and other technology services;

the types of assignments we are working on at different times;

the length of the billing and collection cycles; and

the geographic locations of our clients or locations in which services are rendered.

We define acquisition growth as revenues of acquired companies in the first 12 months following the effective date of an

acquisition. Our definition of organic growth is the change in revenues, excluding the impact of all such acquisitions.

When significant, we identify the estimated impact of foreign currency (“FX”) driven by our businesses with functional

currencies other than the U.S. dollar (“USD”). The estimated impact of FX on the period-to-period performance results is
calculated as the difference between the prior period results multiplied by the average FX exchange rates to USD in the current
period and the prior period results, multiplied by the average FX exchange rates to USD in the prior period.

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 U.S. 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 in the
accompanying analysis of financial information. As described in Note 19, “Segment Reporting” in Part II, Item 8, “Financial
Statements and Supplementary Data” of this Annual Report, we evaluate the performance of our operating segments based on
Adjusted Segment EBITDA, and Segment Operating Income is a component of the definition of Adjusted Segment EBITDA.

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

37

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 Adjusted EBITDA Margin, which is a non-GAAP financial measure, as Adjusted EBITDA as a
percentage of total revenues.

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 Net Income and Adjusted Earnings per Diluted Share (“Adjusted EPS”), which are non-GAAP
financial measures, as net income and earnings per diluted share ("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, gain or loss on sale of a business and the impact of adopting the 2017
U.S. Tax Cuts and Jobs Act. 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 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 Consolidated Statements of Comprehensive Income.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included
elsewhere in this report.

38

Full Year 2019 Executive Highlights

Financial Highlights

Revenues
Net income
Adjusted EBITDA
Earnings per common share — diluted
Adjusted earnings per common share — diluted
Net cash provided by operating activities
Total number of employees as of December 31

Revenues

Year Ended December 31,

2019

2018

% Growth

(dollar amounts in thousands, except per share amounts)
16.0%
$
43.9%
$
29.4%
$
44.8%
$
45.0%
$
-5.5%
$
16.8%

2,027,877
150,611
265,703
3.93
4.00
230,672
4,768

2,352,717
216,726
343,900
5.69
5.80
217,886
5,567

$
$
$
$
$
$

Revenues increased $324.8 million, or 16.0%, from 2018 to 2019, which included a 1.3% estimated negative impact

from FX. Acquisition-related revenues contributed $19.6 million, or 1.0%, compared with 2018. Excluding the estimated
impact from FX and the acquisition-related revenues, the increase was primarily due to higher global demand across all
segments, particularly in our Corporate Finance, Economic Consulting and FLC segments.

Net Income

Net income increased $66.1 million, or 43.9%, from 2018 to 2019. This increase was primarily due to higher operating

profits across all business segments, lower interest expense and a lower effective tax rate. 2018 net income included a $13.0
million gain related to the sale of the Ringtail e-discovery software and related business (collectively, "Ringtail"), which was
partially offset by a $9.1 million loss on early extinguishment of debt related to the redemption of the 6.0% senior notes due
2022 ("2022 Notes").

Adjusted EBITDA

Adjusted EBITDA increased $78.2 million, or 29.4%, from 2018 to 2019. Adjusted EBITDA was 14.6% of revenues for

the year ended December 31, 2019 compared with 13.1% of revenues for the year ended December 31, 2018. The increase in
Adjusted EBITDA was primarily due to higher revenues across all business segments, which was partially offset by higher
compensation, primarily related to an increase in variable compensation and a 17.8% increase in billable headcount, as well as
an increase in selling, general and administrative ("SG&A") expenses compared to the prior year.

EPS and Adjusted EPS

EPS increased $1.76 to $5.69 in 2019 compared with $3.93 in 2018. The increase in EPS was primarily due to the

operating results described above, lower interest expense related to the 2.0% convertible senior notes due 2023 (“2023
Convertible Notes”) outstanding in 2019 as compared to the 2022 Notes outstanding in 2018, and a lower effective tax rate,
which were partially offset by a net FX loss. During the year ended December 31, 2018, we had a loss on early extinguishment
of debt related to the redemption of the 2022 Notes for that same period, which decreased EPS by $0.17, which was partially
offset by the Ringtail divestiture, which resulted in a $6.2 million after-tax gain and increased EPS by $0.16 for that period.

Adjusted EPS increased $1.80 to $5.80 in 2019 compared with $4.00 in 2018, primarily due to improved operating

results, lower interest expense related to the 2023 Convertible Notes and a lower effective tax rate.

Liquidity and Capital Allocation

Cash balances increased by $57.3 million, or 18.4%, to $369.4 million for the year ended December 31, 2019. Cash

provided by operating activities decreased $12.8 million to $217.9 million in 2019 as compared with $230.7 million in 2018.
The decrease in net cash provided by operating activities was primarily due to an increase in compensation-related costs and
operating costs as a result of the growth in the business, partially offset by higher cash collections resulting from higher
revenues as compared to the prior year period. Days sales outstanding (“DSO”) was 97 days as of December 31, 2019 and 93
days as of December 31, 2018. The increase in DSO is primarily due to an increase in revenues, which outpaced cash
collections.

39

A portion of net cash provided by operating activities was used to repurchase and retire 1.3 million shares of our
common stock under our Repurchase Program for an average price per share of $84.16, at a total cost of $105.9 million during
the year ended December 31, 2019. We had $66.6 million remaining under the Repurchase Program to repurchase additional
shares as of December 31, 2019.

Free Cash Flow, which is a non-GAAP financial measure, for the years ended December 31, 2019 and 2018 was $175.8

million and $198.4 million, respectively. The decrease was primarily due to a decline in net cash provided by operating
activities, as described above, combined with increased capital expenditures for the year ended December 31, 2019 as
compared with December 31, 2018.

Other Strategic Activities

During the year ended December 31, 2019, we acquired Andersch AG ("Andersch"), a leading German restructuring

advisory firm with offices in Frankfurt, Hamburg and Düsseldorf.

Headcount

Our total headcount increased 16.8% from 4,768 as of December 31, 2018 to 5,567 as of December 31, 2019. The

following table includes the net billable headcount additions for the year ended December 31, 2019.

Billable Headcount
December 31, 2018

Additions, net

December 31, 2019

Corporate
Finance

948

246

1,194

FLC
1,153

198

1,351

Economic
Consulting
708

82

790

Technology

306

55

361

Strategic
Communications
641

87

728

Total
3,756

668

4,424

Percentage change in headcount from

December 31, 2018

25.9%

17.2%

11.6%

18.0%

13.6%

17.8%

40

RESULTS OF OPERATIONS

Segment and Consolidated Operating Results:

Revenues

Corporate Finance
FLC
Economic Consulting
Technology
Strategic Communications

Total revenues
Segment operating income

Corporate Finance
FLC
Economic Consulting
Technology
Strategic Communications

Total segment operating income

Unallocated corporate expenses

Operating income
Other income (expense)

Interest income and other
Interest expense
Gain on sale of business
Loss on early extinguishment of debt

Income before income tax provision
Income tax provision
Net income
Earnings per common share — basic
Earnings per common share — diluted

Reconciliation of Net Income to Adjusted EBITDA:

Net income
Add back:

Income tax provision

Interest income and other

Interest expense

Gain on sale of business

Loss on early extinguishment of debt

Depreciation and amortization

Amortization of other intangible assets

Adjusted EBITDA

41

Year Ended December 31,

2019

2018

(in thousands, except per share data)

$

$

$

$
$
$

723,721
577,780
592,542
215,584
243,090
2,352,717

152,948
98,648
78,201
35,022
39,174
403,993
(98,398)
305,595

2,061
(19,206)
—
—
(17,145)
288,450
71,724
216,726
5.89
5.69

$

$

$

$
$
$

564,479
520,333
533,979
185,755
223,331
2,027,877

115,124
91,262
64,052
14,912
37,250
322,600
(96,595)
226,005

4,977
(27,149)
13,031
(9,072)
(18,213)
207,792
57,181
150,611
4.06
3.93

Year Ended December 31,
2018
2019

(in thousands)

$

216,726

$

150,611

71,724

(2,061)

19,206

—

—

30,153

8,152

57,181

(4,977)

27,149

(13,031)

9,072

31,536

8,162

$

343,900

$

265,703

Reconciliation of Net Income and EPS to Adjusted Net Income and Adjusted EPS:

Year Ended December 31,

2019

2018

Net income
Add back:

Loss on early extinguishment of debt
Tax impact of loss on early extinguishment of debt
Non-cash interest expense on convertible notes

Tax impact of non-cash interest expense on convertible

notes

Gain on sale of business
Tax impact of gain on sale of business (1)

Adjusted net income
Earnings per common share — diluted
Add back:

Loss on early extinguishment of debt
Tax impact of loss on early extinguishment of debt
Non-cash interest expense on convertible notes

Tax impact of non-cash interest expense on convertible

notes

Gain on sale of business
Tax impact of gain on sale of business (1)

Adjusted earnings per common share — diluted

Weighted average number of common shares outstanding — diluted

(in thousands, except per share data)
150,611
$

216,726

$

—
—
8,606

(2,237)

—

(2,097)
220,998
5.69

$
$

—
—
0.23

(0.06)

—

(0.06)
5.80
38,111

$

9,072
(2,359)
3,019

(775)

(13,031)

6,798
153,335
3.93

0.23
(0.06)
0.08

(0.02)

(0.34)

0.18
4.00
38,318

$
$

$

(1)

In 2019, represents a discrete tax adjustment resulting from a change in estimate related to the accounting for the
Ringtail divestiture.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow:

Net cash provided by operating activities
Purchases of property and equipment
Free Cash Flow

Year Ended December 31, 2019 Compared with December 31, 2018

Revenues and Operating Income

Year Ended December 31,

2019

2018

(in thousands)

$

$

217,886
(42,072)
175,814

$

$

230,672
(32,270)
198,402

See “Segment Results” for an expanded discussion of Revenues and Adjusted Segment EBITDA.

Unallocated Corporate Expenses

Unallocated corporate expenses increased $1.8 million, or 1.9%, to $98.4 million in 2019 from $96.6 million in 2018.

The increase was primarily due to higher compensation and employee-related costs and higher legal expenses.

Interest Income and Other

Interest income and other, which includes FX gains and losses, decreased $2.9 million to $2.1 million for the year ended
December 31, 2019 from $5.0 million for the year ended December 31, 2018. The decrease was primarily due to a net FX loss,

42

which was $3.1 million for the year ended December 31, 2019 compared with a $0.3 million net FX gain for the year ended
December 31, 2018. FX gains and losses, both realized and unrealized, relate to the remeasurement or settlement of monetary
assets and liabilities that are denominated in a currency other than an entity’s functional currency. These monetary assets and
liabilities include cash, as well as third-party and intercompany receivables and payables.

Interest Expense

Interest expense decreased $7.9 million, or 29.3%, to $19.2 million in 2019 from $27.1 million in 2018. The decrease in
interest expense reflects additional interest expense in 2018 related to the 2023 Convertible Notes issuance that overlapped the
period until the redemption of the 2022 Notes in November 2018, as well as lower average outstanding borrowings under our
Credit Facility in 2019 as compared to 2018. In addition, the decrease in interest expense reflects lower average interest rates
on the 2023 Convertible Notes outstanding in 2019 as compared to the 2022 Notes outstanding in 2018.

Income Tax Provision

Our income tax provision increased $14.5 million, or 25.4%, to $71.7 million in 2019 from $57.2 million in 2018

primarily due to higher pre-tax income. Our effective tax rate was 24.9% in 2019 compared to 27.5% in 2018. The 2019 tax
rate was favorably impacted by discrete tax adjustments including a change in estimate related to the accounting for the
Ringtail divestiture and share-based compensation. The 2018 tax rate was unfavorably impacted by the Ringtail divestiture.

SEGMENT RESULTS

Total Adjusted Segment EBITDA

We evaluate the performance of each of our operating segments based on Adjusted Segment EBITDA, which is a GAAP

financial measure. The following table reconciles Net Income to Total Adjusted Segment EBITDA, a non-GAAP financial
measure, for the years ended December 31, 2019 and 2018.

Net income
Add back:

Income tax provision
Interest income and other
Interest expense
Gain on sale of business
Loss on early extinguishment of debt
Unallocated corporate expense

Total segment operating income

Add back:

Segment depreciation expense
Amortization of other intangible assets
Total Adjusted Segment EBITDA

Year Ended December 31,

2019

2018

(in thousands)

$

216,726

$

150,611

71,724
(2,061)
19,206
—
—
98,398
403,993

27,369
8,152
439,514

$

$

57,181
(4,977)
27,149
(13,031)
9,072
96,595
322,600

27,979
8,162
358,741

43

Other Segment Operating Data

Number of revenue-generating professionals (at period end):

Corporate Finance
FLC
Economic Consulting
Technology (1)
Strategic Communications

Total revenue-generating professionals

Utilization rate of billable professionals (2):

Corporate Finance
FLC
Economic Consulting

Average billable rate per hour (3):

Corporate Finance
FLC
Economic Consulting

Year Ended December 31,

2019

2018

1,194
1,351
790
361
728
4,424

67%
63%
75%

$
$
$

452
337
500

$
$
$

948
1,153
708
306
641
3,756

66%
64%
69%

433
331
519

(1)

(2)

(3)

The number of revenue-generating professionals for the Technology segment excludes as-needed professionals, who
we employ based on demand for the segment’s services. We employed an average of 285 and 253 as-needed employees
during the years ended December 31, 2019 and 2018 respectively.

We calculate the utilization rate for our billable professionals by dividing the number of hours that all of our billable
professionals worked on client assignments during a period by the total available working hours for all of our billable
professionals during the same period. Available hours are determined by the standard hours worked by each employee,
adjusted for part-time hours, U.S. standard work weeks and local country holidays. Available working hours include
vacation and professional training days but exclude holidays. Utilization rates are presented for our segments that
primarily bill clients on an hourly basis. We have not presented utilization rates for our Technology and Strategic
Communications segments as most of the revenues of these segments are not generated on an hourly basis.

For engagements where revenues are based on number of hours worked by our billable professionals, average billable
rate per hour is calculated by dividing revenues (excluding revenues from success fees, pass through revenues and
outside consultants) for a period by the number of hours worked on client assignments during the same period. We
have not presented average billable rates per hour for our Technology and Strategic Communications segments as most
of the revenues of these segments are not based on billable hours.

44

CORPORATE FINANCE & RESTRUCTURING

Revenues

Percentage change in revenues from prior year

Operating expenses

Direct cost of revenues
Selling, general and administrative expenses
Amortization of other intangible assets

Segment operating income

Percentage change in segment operating income from prior year

Add back:
Depreciation and amortization of intangible assets

Adjusted Segment EBITDA

Gross profit (1)

Percentage change in gross profit from prior year

Gross profit margin (2)
Adjusted Segment EBITDA as a percent of revenues
Number of revenue-generating professionals (at period end)

Percentage change in number of revenue-generating professionals

from prior year

Utilization rate of billable professionals
Average billable rate per hour

(1)

(2)

Revenues less direct cost of revenues.
Gross profit as a percent of revenues.

Year Ended December 31,

2019

2018

(dollars in thousands, except rate per
hour)
$

564,479

723,721

$

28.2%

454,214
112,630
3,929
570,773
152,948

32.9%

354,210
92,037
3,108
449,355
115,124

7,787
160,735
269,507

$
$

6,536
121,660
210,269

$
$

28.2%
37.2%
22.2%

1,194

25.9%
67%

$

452

$

37.3%
21.6%
948

66%

433

Year Ended December 31, 2019 Compared with December 31, 2018

Revenues increased $159.2 million, or 28.2%, from 2018 to 2019, which included a 1.2% estimated negative impact

from FX. Acquisition-related revenues contributed $19.6 million, or 3.5%, compared with 2018. Excluding the estimated
impact from FX and the acquisition-related revenues, revenues increased $146.5 million, or 26.0%. The increase in revenues
was primarily due to higher demand and higher realized rates due to mix of client engagements and staffing for our
restructuring and business transformation and transactions services, as well as a $21.1 million increase in success fees
compared to 2018.

Gross profit increased $59.2 million, or 28.2%, from 2018 to 2019. Gross profit margin decreased 0.1 percentage points

from 2018 to 2019.

SG&A expenses increased $20.6 million, or 22.4%, from 2018 to 2019. SG&A expenses were 15.6% of revenues in

2019 compared with 16.3% in 2018. The increase in SG&A expenses included acquisition-related costs, along with an increase
in infrastructure support costs, travel and entertainment expenses and other general and administrative costs.

45

FORENSIC AND LITIGATION CONSULTING

Revenues

Percentage change in revenues from prior year

Operating expenses

Direct cost of revenues
Selling, general and administrative expenses
Amortization of other intangible assets

Segment operating income

Percentage change in segment operating income from prior year

Add back:
Depreciation and amortization of intangible assets

Adjusted Segment EBITDA

Gross profit (1)

Percentage change in gross profit from prior year

Gross profit margin (2)
Adjusted Segment EBITDA as a percent of revenues
Number of revenue-generating professionals (at period end)

Percentage change in number of revenue-generating professionals

from prior year

Utilization rate of billable professionals
Average billable rate per hour

(1)

(2)

Revenues less direct cost of revenues.
Gross profit as a percent of revenues.

Year Ended December 31,

2019

2018

(dollars in thousands, except rate per
hour)
$

577,780

520,333

$

11.0%

367,988
109,992
1,152
479,132
98,648

8.1%

330,791
96,958
1,322
429,071
91,262

5,787
104,435
209,792

$
$

5,559
96,821
189,542

$
$

10.7%
36.3%
18.1%

1,351

17.2%
63%

$

337

$

36.4%
18.6%

1,153

64%

331

Year Ended December 31, 2019 Compared with December 31, 2018

Revenues increased $57.4 million, or 11.0%, from 2018 to 2019. The increase in revenues was primarily due to
increased demand for our investigations, disputes and construction solutions services, combined with higher realized rates due
to mix of client engagements and staffing globally for our investigations services.

Gross profit increased $20.3 million, or 10.7%, from 2018 to 2019. Gross profit margin decreased 0.1 percentage points

from 2018 to 2019.

SG&A expenses increased $13.0 million, or 13.4%, from 2018 to 2019. SG&A expenses were 19.0% of revenues in

2019 compared with 18.6% in 2018. The increase in SG&A expenses was driven by higher infrastructure support, travel and
entertainment, hiring and bad debt expenses.

46

ECONOMIC CONSULTING

Revenues

Percentage change in revenues from prior year

Operating expenses

Direct cost of revenues
Selling, general and administrative expenses
Amortization of other intangible assets

Segment operating income

Percentage change in segment operating income from prior year

Add back:
Depreciation and amortization of intangible assets

Adjusted Segment EBITDA

Gross profit (1)

Percentage change in gross profit from prior year

Gross profit margin (2)
Adjusted Segment EBITDA as a percent of revenues
Number of revenue-generating professionals (at period end)

Percentage change in number of revenue-generating professionals

from prior year

Utilization rate of billable professionals
Average billable rate per hour

(1)

(2)

Revenues less direct cost of revenues.
Gross profit as a percent of revenues.

Year Ended December 31,

2019

2018

(dollars in thousands, except rate per
hour)
$

592,542

533,979

$

11.0%

437,862
76,302
177
514,341
78,201

22.1%

396,001
73,630
296
469,927
64,052

5,911
84,112
154,680

$
$

5,903
69,955
137,978

$
$

12.1%
26.1%
14.2%
790

11.6%
75%

$

500

$

25.8%
13.1%
708

69%

519

Year Ended December 31, 2019 Compared with December 31, 2018

Revenues increased $58.6 million, or 11.0%, from 2018 to 2019, which included a 1.3% estimated negative impact from
FX. Excluding the estimated negative impact of FX, revenues increased $65.4 million, or 12.3%, due to higher demand for our
non-M&A-related antitrust services in North America and Europe, Middle East and Africa (“EMEA”).

Gross profit increased $16.7 million, or 12.1%, from 2018 to 2019. Gross profit margin increased 0.3 percentage points

from 2018 to 2019. The increase in gross profit margin was primarily due to higher utilization in North America and EMEA,
which was partially offset by higher variable compensation as a percentage of revenues.

SG&A expenses increased $2.7 million, or 3.6%, from 2018 to 2019. SG&A expenses were 12.9% of revenues in 2019

compared with 13.8% in 2018. The increase in SG&A expenses was primarily driven by higher infrastructure support and other
general and administrative costs.

47

TECHNOLOGY

Revenues

Percentage change in revenues from prior year

Operating expenses

Direct cost of revenues
Selling, general and administrative expenses
Amortization of other intangible assets

Segment operating income

Percentage change in segment operating income from prior year

Add back:
Depreciation and amortization of intangible assets

Adjusted Segment EBITDA

Gross profit (1)

Percentage change in gross profit from prior year

Gross profit margin (2)
Adjusted Segment EBITDA as a percent of revenues
Number of revenue-generating professionals (at period end) (3)

Percentage change in number of revenue-generating

professionals from prior year

Year Ended December 31,

2019

2018

(dollars in thousands)

$

215,584

$

185,755

16.1%

123,504
57,058
—
180,562
35,022

134.9%

111,129
59,644
70
170,843
14,912

10,666
45,688
92,080

$
$

12,475
27,387
74,626

$
$

23.4%
42.7%
21.2%
361

18.0%

40.2%
14.7%
306

(1)

(2)

(3)

Revenues less direct cost of revenues.
Gross profit as a percent of revenues.
Includes personnel involved in direct client assistance and revenue-generating consultants and excludes professionals
employed on an as-needed basis.

Year Ended December 31, 2019 Compared with December 31, 2018

Revenues increased $29.8 million, or 16.1%, from 2018 to 2019, which included a 1.0% estimated negative impact from
FX. Excluding the estimated negative impact of FX, revenues increased $31.7 million, or 17.1%. The increase in revenues was
primarily due to higher demand for consulting, hosting and managed review services, primarily driven by higher demand for
large, cross-border investigation and litigation engagements.

Gross profit increased $17.5 million, or 23.4%, from 2018 to 2019. Gross profit margin increased 2.5 percentage points

from 2018 to 2019. The increase in gross profit margin was primarily due to higher utilization and realized rates for our
consulting services, as well as a favorable regional and service mix, with a higher share of expert-driven work which resulted in
higher realized hourly pricing, within our processing business.

SG&A expenses decreased $2.6 million, or 4.3%, from 2018 to 2019. SG&A expenses were 26.5% of revenues in 2019

compared with 32.1% in 2018. The decrease in SG&A expenses was primarily due to $8.3 million of lower research and
development expenses primarily associated with the September 2018 Ringtail divestiture, which was partially offset by an
increase in personnel costs and other general administrative expenses.

48

STRATEGIC COMMUNICATIONS

Revenues

Percentage change in revenues from prior year

Operating expenses

Direct cost of revenues
Selling, general and administrative expenses
Amortization of other intangible assets

Segment operating income

Percentage change in segment operating income from

prior year

Add back:
Depreciation and amortization of intangible assets

Adjusted Segment EBITDA

Gross profit (1)

Percentage change in gross profit from prior year

Gross profit margin (2)
Adjusted Segment EBITDA as a percent of revenues
Number of revenue-generating professionals (at period end)

Percentage change in number of revenue-generating

professionals from prior year

(1)

(2)

Revenues less direct cost of revenues.
Gross profit as a percent of revenues.

Year Ended December 31, 2019 Compared with December 31, 2018

Year Ended December 31,

2019

2018

(dollars in thousands)

$

243,090

$

223,331

8.8%

151,319
49,703
2,894
203,916
39,174

5.2%

135,943
46,772
3,366
186,081
37,250

5,370
44,544
91,771

$
$

5,668
42,918
87,388

$
$

5.0%
37.8%
18.3%
728

13.6%

39.1%
19.2%
641

Revenues increased $19.8 million, or 8.8%, from 2018 to 2019, which included a 2.7% estimated negative impact from

FX. Excluding the estimated negative impact of FX, revenues increased $25.7 million, or 11.5%. The increase was primarily
due to higher demand for project-based crisis communications and corporate reputation services in North America and EMEA
and a $6.7 million increase in pass through revenues compared to 2018.

Gross profit increased $4.4 million, or 5.0%, from 2018 to 2019. Gross profit margin decreased 1.3 percentage points
from 2018 to 2019. The decrease was primarily due to a higher proportion of lower margin pass through revenues, combined
with higher compensation as a percentage of revenues.

SG&A expenses increased $2.9 million, or 6.3%, from 2018 to 2019. SG&A expenses were 20.4% of revenues in 2019
compared with 20.9% in 2018. The increase in SG&A expenses was primarily due to an increase in infrastructure support costs
and other general and administrative expenses.

Liquidity and Capital Resources

Cash Flows

Cash Flows
Net cash provided by operating activities
Net cash provided by (used in) investing activities
Net cash used in financing activities
DSO

Year Ended December 31,

2018
2019
(dollars in thousands)
217,886
$
(60,606) $
(103,311) $

230,672
18,744
(117,519)
93

$
$
$

97

49

We generally finance our day-to-day operations, capital expenditures and acquisitions through cash flows from

operations. During the first quarter of our fiscal year, our cash needs generally exceed our cash flows from operations due to the
payment of annual incentive compensation. Our operating cash flows generally exceed our cash needs subsequent to the second
quarter of each year.

Our operating assets and liabilities consist primarily of billed and unbilled accounts receivable, notes receivable from

employees, accounts payable, accrued expenses and accrued compensation expenses. The timing of billings and collections of
receivables, as well as compensation and vendor payments, affect the changes in these balances.

DSO is a performance measure used to assess how quickly revenues are collected by the Company. We calculate DSO at

the end of each reporting period by dividing net accounts receivable reduced by billings in excess of services provided, by
revenues for the quarter, adjusted for changes in foreign exchange rates. We multiply the result by the number of days in the
quarter.

Year Ended December 31, 2019 Compared with December 31, 2018

Net cash provided by operating activities decreased $12.8 million, or 5.5%, from 2018 to 2019. The decrease in net cash

provided by operating activities was primarily due to an increase in compensation-related costs and operating costs as a result
of the growth in the business. These cash outflows were partially offset by higher cash collections resulting from higher
revenues as compared to the prior year period. DSO was 97 days as of December 31, 2019 and 93 days as of December 31,
2018. The increase in DSO is primarily due to an increase in revenues, which outpaced cash collections.

Net cash used in investing activities increased $79.4 million, from 2018 to 2019. The Company used $42.1 million for
capital expenditures and $18.8 million to purchase Andersch and its related trademark, net of cash acquired, in 2019. Net cash
provided by investing activities in 2018 included $50.3 million from the 2018 Ringtail divestiture, partially offset by capital
expenditures of $32.3 million.

Net cash used in financing activities decreased $14.2 million, or 12.1%, from 2018 to 2019. Net cash used in financing

activities in 2019 consisted mainly of $105.8 million in payments for common stock repurchases under the Repurchase
Program. Cash used in financing activities in 2018 included the $300.0 million redemption of the 2022 Notes, $100.0 million of
net repayments under our Credit Facility, $16.1 million payments of debt issue costs, redemption premium and other
redemption costs, and $55.7 million in common stock repurchases. These cash outflows were partially offset by $316.3 million
in proceeds from the issuance of the 2023 Convertible Notes and $38.5 million from the issuance of common stock under our
equity compensation plans.

Capital Resources

As of December 31, 2019, our capital resources included $369.4 million of cash and cash equivalents and available

borrowing capacity of $549.0 million under a $550.0 million revolving line of credit under our Credit Facility. As of
December 31, 2019, we had no outstanding borrowings under our Credit Facility and $1.0 million of outstanding letters of
credit, which reduced the availability of borrowings under the Credit Facility. We use letters of credit primarily in lieu of
security deposits for our leased office facilities. The $550.0 million revolving line of credit under the Credit Facility includes a
$75.0 million sublimit for borrowings in currencies other than USD, including the euro, British pound, Australian dollar and
Canadian dollar.

The availability of borrowings, as well as issuances and extensions of letters of credit, under our Credit Facility is

subject to specified conditions. We may choose to repay outstanding borrowings under the Credit Facility at any time before
maturity without premium or penalty. Borrowings under the Credit Facility in USD, euro and British pound bear interest at an
annual rate equal to the London Interbank Offered Rate ("LIBOR"), plus an applicable margin or an alternative base rate plus
an applicable margin. The alternative base rate means a fluctuating rate per annum equal to the highest of (1) the rate of interest
in effect for such day as the prime rate announced by Bank of America, (2) the federal funds rate plus the sum of 50 basis
points, and (3) the one-month LIBOR plus 100 basis points. Borrowings under the Credit Facility in Canadian dollars bear
interest at an annual rate equal to the Canadian Dealer Offered Rate plus an applicable margin. Borrowings under the Credit
Facility in Australian dollars bear interest at an annual rate equal to the Bank Bill Swap Reference Bid Rate plus an applicable
margin. The Credit Facility is guaranteed by substantially all of our domestic subsidiaries and is secured by a first priority
security interest in substantially all of the assets of FTI Consulting and such domestic subsidiaries. Subject to certain
conditions, at any time prior to maturity, we will be able to invite existing and new lenders to increase the size of the facility up
to a maximum of $700.0 million.

Our Credit Facility and other indebtedness outstanding from time to time contains or may contain covenants that, among

other things, may limit our ability to: incur additional indebtedness; create liens; pay dividends on our capital stock, make
distributions or repurchases of our capital stock or make specified other restricted payments; consolidate, merge or sell all or

50

substantially all of our assets; guarantee obligations of other entities or our foreign subsidiaries; enter into hedging agreements;
enter into transactions with affiliates or related persons; or engage in any business other than consulting-related businesses. In
addition, the Credit Facility includes a financial covenant that requires us not to exceed a maximum consolidated total net
leverage ratio (the ratio of funded debt (less unrestricted cash up to $150.0 million) to Consolidated EBITDA, as defined in the
Credit Facility). As of December 31, 2019, we were in compliance with the covenants contained in the Credit Facility and the
indenture, dated as of August 20, 2018, between us and U.S. Bank National Association, as trustee (the "Indenture") governing
the 2023 Convertible Notes.

Future Capital Needs

We anticipate that our future capital needs will principally consist of funds required for:

•

•

•

•

•

•

•

•

operating and general corporate expenses relating to the operation of our businesses;

capital expenditures, primarily for information technology equipment, office furniture and leasehold improvements;

debt service requirements, including interest payments on our long-term debt;

compensation for designated executive management and senior managing directors under our various long-term
incentive compensation programs;

discretionary funding of our Repurchase Program;

contingent obligations related to our acquisitions;

potential acquisitions of businesses; and

other known future contractual obligations.

We currently anticipate capital expenditures of $40 million to $49 million to support our organization during 2020,

including direct support for specific client engagements. Our estimate takes into consideration the needs of our existing
businesses but does not include the impact of any purchases that we may be required to make as a result of future acquisitions
or specific client engagements that are not completed or not currently contemplated. Our capital expenditure requirements may
change if our staffing levels or technology needs change significantly from what we currently anticipate, if we are required to
purchase additional equipment specifically to support new client engagements or if we pursue and complete additional
acquisitions.

2023 Convertible Notes

Our 2023 Convertible Notes were issued pursuant to the Indenture. The 2023 Convertible Notes bear interest at a fixed
rate of 2.0% per year, payable semiannually in arrears on February 15 and August 15 of each year, beginning on February 15,
2019. The 2023 Convertible Notes will mature on August 15, 2023, unless earlier converted or repurchased. Upon conversion,
the 2023 Convertible Notes may be settled, at our election, in cash, shares of our common stock or a combination of cash and
shares of our common stock.

Each $1,000 principal amount of the 2023 Convertible Notes will initially be convertible into 9.8643 shares of our
common stock, which is equivalent to an initial conversion price of approximately $101.38 per share of common stock, subject
to adjustment upon the occurrence of specified events. Prior to the close of business on the business day immediately preceding
May 15, 2023, the 2023 Convertible Notes may be converted only under the following circumstances: (1) during any calendar
quarter commencing after the calendar quarter ending on September 30, 2018 (and only during such calendar quarter), if the
last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30
consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater
than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any
five consecutive trading day period (the “Measurement Period”) in which the trading price (as defined in the Indenture) per
$1,000 principal amount of the 2023 Convertible Notes for each trading day of the Measurement Period was less than 98% of
the product of the last reported sale price of our common stock and the conversion rate in effect on each such trading day; or (3)
upon the occurrence of specified corporate events. On or after May 15, 2023, until the close of business on the business day
immediately preceding the maturity date of August 15, 2023, holders may convert their 2023 Convertible Notes at any time,
regardless of the foregoing circumstances.

We may not redeem the 2023 Convertible Notes prior to the maturity date.

51

If we undergo a fundamental change (as defined in the Indenture), subject to certain conditions, holders may require us

to repurchase for cash all or part of their 2023 Convertible Notes in principal amounts of $1,000 or a multiple thereof. The
fundamental change repurchase price will be equal to 100% of the principal amount of the 2023 Convertible Notes to be
repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. In addition, in
certain circumstances, we may be required to increase the conversion rate for any 2023 Convertible Notes converted in
connection with a make-whole fundamental change (as defined in the Indenture). See Note 1, "Description of Business and
Summary of Significant Accounting Policies" and Note 13, "Debt" in Part II, Item 8 and "Risk Factors" in Part I, Item 1A of
this Annual Report for a further discussion of the 2023 Convertible Notes.

Cash Flows

For the last several years, our cash flows from operations have exceeded our cash needs for capital expenditures and

debt service requirements. We believe that our cash flows from operations, supplemented by short-term borrowings under our
Credit Facility, as necessary, will provide adequate cash to fund our long-term cash needs from normal operations for the next
12 months or longer.

Our conclusion that we will be able to fund our cash requirements by using existing capital resources and cash generated

from operations does not take into account the impact of any future acquisitions, unexpected significant changes in number of
employees or other unanticipated uses of cash. The anticipated cash needs of our business could change significantly if we
pursue and complete additional business acquisitions, if our business plans change, if economic conditions change from those
currently prevailing or from those now anticipated, or if other unexpected circumstances arise that may have a material effect
on the cash flow or profitability of our business, including material negative changes in the operating performance or financial
results of our business. Any of these events or circumstances, including any new business opportunities, could involve
significant additional funding needs in excess of the identified currently available sources and could require us to raise
additional debt or equity funding to meet those needs. Our ability to raise additional capital, if necessary, is subject to a variety
of factors that we cannot predict with certainty, including:

•

•

•

•

•

our future profitability;

the quality of our accounts receivable;

our relative levels of debt and equity;

the volatility and overall condition of the capital markets; and

the market price of our securities.

Any new debt funding, if available, may be on terms less favorable to us than our Credit Facility or the 2023
Convertible Notes. See “Forward-Looking Statements” under the heading “Risk Factors” in Part I, Item 1A, of this Annual
Report on Form 10-K.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements and we have not entered into any transactions involving unconsolidated

subsidiaries or special purpose entities that would be expected to have a material impact on our financial condition or results of
operations.

Future Contractual Obligations

The following table sets forth our estimates as to the amounts and timing of contractual payments for our most
significant contractual obligations as of December 31, 2019. The information in the table reflects future unconditional
payments and is based on the terms of the relevant agreements, appropriate classification of items under GAAP currently in
effect and certain assumptions such as interest rates. Future events could cause actual payments to differ from these amounts.

52

Future contractual obligations related to our long-term debt assume that payments will be made based on the current
payment schedule and that interest payments will be at their stated rates and exclude any additional revolving line of credit
borrowings or repayments subsequent to December 31, 2019 and prior to the November 30, 2023 maturity date of our Credit
Facility.

Contractual Obligations

Total

Less than 1 Year

1-3 Years

3-5 Years

More than 5
Years

Long-term debt (1)
Operating leases

Total obligations

$

$

341,550
257,086
598,636

$

$

6,325
45,849
52,174

(in thousands)
12,650
83,525
96,175

$

$

$

$

322,575
50,550
373,125

$

$

—
77,162
77,162

Payments Due by Period

(1)

Includes principal and interest payments. Projected interest payments may differ in the future based on the balance
outstanding on our Credit Facility, as well as changes in market interest rates.

Effect of Inflation

Inflation is not generally a material factor affecting our business. General operating expenses such as salaries, employee

benefits and lease costs are, however, subject to normal inflationary pressures.

Critical Accounting Policies

General. Our discussion and analysis of our financial condition and results of operations are based on our consolidated
financial statements, which we have prepared in accordance with GAAP. The preparation of these financial statements requires
us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related
disclosure of contingent assets and liabilities. We evaluate our estimates, including those related to allowance for doubtful
accounts and unbilled services, goodwill, income taxes and contingencies on an ongoing basis. We base our estimates on
current facts and circumstances, historical experience and various other assumptions that we believe are reasonable. These
results form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates under different assumptions or conditions.

We believe that the following critical accounting policies reflect our more significant judgments and estimates used in

the preparation of our consolidated financial statements.

Revenue Recognition. Revenues are recognized when we satisfy a performance obligation by transferring goods or
services promised in a contract to a customer, in an amount that reflects the consideration that we expect to receive in exchange
for those goods or services. Performance obligations in our contracts represent distinct or separate service streams that we
provide to our customers.

We evaluate our revenue contracts with customers based on the five-step model under Revenue from Contracts with

Customers: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine
the transaction price; (4) allocate the transaction price to separate performance obligations; and (5) recognize revenues when
(or as) each performance obligation is satisfied. 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 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 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, based on the efforts or hours incurred
as a percentage of total efforts or hours expected to be incurred (i.e., proportional performance method). Certain time
and materials arrangements may be subject to third-party approval, e.g., a court or other regulatory institution, with
interim billing and payments made and received based upon preliminarily agreed-upon rates. In such cases, we record
revenues for the portion of our services based on our assessment of the expected probability of amounts ultimately to
be agreed upon by the court or regulator. These assessments are made on a case-by-case basis depending on the nature
of the engagement, client economics, historical experience and other appropriate factors.

53

•

•

Fixed-fee arrangements require the client to pay a pre-established fee in exchange for a predetermined set of
professional services. We recognize revenues for these arrangements based on the proportional performance related to
individual performance obligations within each arrangement, however, these arrangements generally 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 by
applying the proportional performance method.

In addition, we generate certain revenues from our Technology segment that are based on units of data stored or
processed. Unit-based revenues are recognized as services are provided, based on either the amount of data stored or processed,
the number of concurrent users accessing the information, or the number of pages or images processed for a client, and agreed-
upon per unit rates.

Certain of our time and expense and fixed-fee billing arrangements may include client incentives in the form of volume-

based discounts, where if certain fee levels are reached, the client can receive future services at a discounted hourly rate.
Contracts with customers that have a prospective discounted pricing option based on predetermined volume thresholds are
evaluated to determine whether they include a material right, which is an option that provides a customer the right to acquire
free or discounted goods or services in the future. If the option provides a material right to the customer, we allocate a portion
of the transaction price to the material right and defer revenues during the pre-discount period, compared with our previous
practice of recognizing the reduction in revenues when customers became eligible to receive the volume discount.

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.

Allowance for Doubtful Accounts and Unbilled Services. We maintain an allowance for doubtful accounts and unbilled

services for estimated losses resulting from disputes that affect our ability to fully collect our billed accounts receivable,
potential fee reductions negotiated with specific clients or imposed by bankruptcy courts and the inability of specific clients to
pay our fees. Even if a bankruptcy court approves our services, the court has the discretion to require us to refund all or a
portion of our fees due to the outcome of the case or a variety of other factors. We estimate the allowance for all receivable
risks by reviewing the status of each matter and recording reserves based on our experience and knowledge of specific client
collections and the Company's historical collection patterns for similar client collections. However, 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, or bankruptcy courts require us to refund certain fees, we may need to record additional allowances or write-
offs in future periods. This risk related to a client’s inability to pay may be partially mitigated to the extent that we may receive
retainers from some of our clients prior to performing services.

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 Condensed
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. In addition, contracts may be negotiated per the client’s request, or at
times we are asked to execute contracts in a form provided by customers that might include different terms.

We record adjustments to the allowance for doubtful accounts and unbilled services as a reduction in revenues when

there are changes in estimates of fee reductions, such as those fee reductions imposed by bankruptcy courts and other
regulatory institutions for both billed and unbilled receivables. The allowance for doubtful accounts and unbilled services is
also adjusted after the related work has been billed to the client and we discover that collectability is not reasonably assured.
These adjustments are recorded to SG&A expenses on the Consolidated Statements of Comprehensive Income. Our bad debt
expense totaled $19.6 million, $17.9 million and $15.4 million for the years ended December 31, 2019, 2018 and 2017,
respectively.

Goodwill and Other 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. Other intangible assets may include trademarks, customer
relationships and software.

54

We test our goodwill and other 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. Entities have an option, under certain circumstances, to perform a qualitative assessment regarding
the reporting unit's fair value to determine whether it is necessary to perform the quantitative impairment test.

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, an entity determines 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.

The cash flows employed in the income approach are based on our most recent forecasts, budgets and business plans, as

well as various growth rate assumptions for years beyond the current business plan period, discounted using an estimated
weighted average cost of capital (“WACC ”) which reflects an assessment of the risk inherent in the future revenue streams and
cash flows. The WACC consists of (1) a risk-free rate of return, (2) an equity risk premium that is based on the historical rate of
return for equity securities of publicly traded companies, (3) an appropriate size premium, (4) the current after-tax market rate
of return on debt of companies with business characteristics similar to our reporting units and (5) a company-specific risk
premium. We weighted the cost of equity and debt by the relative market value percentages of our equity and debt. In the
market approach, we utilize market multiples derived from comparable guideline companies and comparable market
transactions to the extent available. These valuations are based on estimates and assumptions, including projected future cash
flows, determination of appropriate comparable guideline companies and the determination of whether a premium or discount
should be applied to such comparable guideline companies.

We determine whether to perform 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 headroom from the most recent
quantitative tests and other events or changes in circumstances that could impact the fair value of the reporting units.

The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment

and estimates. There can be no assurance that the estimates and assumptions used in our goodwill impairment testing will prove
to be accurate predictions of the future. If our assumptions regarding forecasted cash flows are not achieved or market
conditions significantly deteriorate, we may be required to record goodwill impairment charges in future periods, whether in
connection with our next annual impairment test or prior to that, if a triggering event occurs outside of the quarter during which
the annual goodwill impairment test is performed. It is not possible at this time to determine if any future impairment charge
would result or, if it does, whether such charge would be material.

Intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment whenever
events or changes in circumstances indicate an asset’s carrying value may not be recoverable. We amortize our acquired finite-
lived intangible assets on a straight-line basis over periods ranging from three to 15 years.

Significant New Accounting Pronouncements

See Note 2, “New Accounting Standards” in Part II, Item 8 of this Annual Report.

55

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk from changes in interest rates, changes in the price of our common stock and changes in

foreign exchange rates.

Interest Rate Risk and Market Risk

We are exposed to interest rate risk related to debt obligations outstanding. Interest rate changes expose our fixed rate

long-term borrowings to changes in fair value and expose our variable rate borrowings to changes in our interest expense. As of
December 31, 2019, there were no variable rate debt instruments outstanding as there were no outstanding borrowings under
our Credit Facility. Future interest rate risk may be affected by revolving line of credit borrowings subsequent to December 31,
2019 and prior to the November 30, 2023 maturity date of our Credit Facility.

From time to time, we may use derivative instruments to manage our interest rate risk and market risk exposure. All of

our derivative transactions are entered into for non-trading purposes.

The following table presents principal cash flows and related interest rates by year of maturity for our 2023 Convertible

Notes and the fair value of the debt as of December 31, 2019 and 2018. Our stock price affects the fair value of our 2023
Convertible Notes, which is determined based on the last actively traded prices in an over-the-counter market for our 2023
Convertible Notes. The last actively traded prices for our 2023 Convertible Notes per $1,000 principal amount were $1,258.55
and $935.50 as of December 31, 2019 and 2018, respectively.

Long-Term Debt

2020

2021

2022

2023

Thereafter

Total

Fair
Value

December 31, 2019

December 31, 2018
Fair
Value

Total

Fixed rate

Average interest rate

$

— $

— $

— $316,250

$

— $316,250

$398,016

$316,250

$291,837

—

—

—

5.4%

—

5.4%

—

5.4%

—

(dollars in thousands)

Foreign Currency Exchange Rate Risk

Exchange Rate Risk

Our FX exposure primarily relates to intercompany receivables and payables and third-party receivables and payables

that are denominated in currencies other than the functional currency of our legal entities. Our largest FX exposure is unsettled
intercompany payables and receivables, which are reviewed on a regular basis. In cases where settlement of intercompany
balances is not practical, we may use cash to create offsetting currency positions to reduce exposure. Gains and losses from FX
transactions are included in interest income and other on our Consolidated Statements of Comprehensive Income and to date
have not had a material impact on our consolidated financial statements. See Note 7, “Interest Income and Other” in Part II,
Item 8 of this Annual Report for information.

56

Translation of Financial Results

Most of our foreign subsidiaries operate in a currency other than USD; therefore, increases or decreases in the value of
USD against other major currencies will affect our operating results and the value of our balance sheet items denominated in
foreign currencies. Our most significant exposures to translation risk relate to functional currency assets and liabilities that are
denominated in the British pound, euro, Canadian dollar and Australian dollar. The following table details the unrealized
changes in the net investments of foreign subsidiaries whose currencies are denominated in currencies other than USD for the
years ended December 31, 2019, 2018 and 2017. These translation adjustments are reflected in “Other comprehensive income
(loss)” on our Consolidated Statements of Comprehensive Income.

Changes in Net Investment of Foreign Subsidiaries

British pound
Euro
Canadian dollar
Australian dollar
All other
Total

Year Ended December 31,

2019

2018

2017

(in thousands)

$

$

7,390
(1,323)
1,020
(208)
91
6,970

$

$

(15,590) $
(2,753)
(1,639)
(6,077)
(1,543)
(27,602) $

20,394
6,595
1,439
4,058
(1,822)
30,664

57

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FTI Consulting, Inc. and Subsidiaries

Consolidated Financial Statements

INDEX

Management’s Report on Internal Control over Financial Reporting
Report of Independent Registered Public Accounting Firm — Internal Control over Financial Reporting
Report of Independent Registered Public Accounting Firm — Consolidated Financial Statements
Consolidated Balance Sheets — December 31, 2019 and 2018
Consolidated Statements of Comprehensive Income — Years Ended December 31, 2019, 2018 and 2017
Consolidated Statements of Stockholders’ Equity — Years Ended December 31, 2019, 2018 and 2017
Consolidated Statements of Cash Flows — Years Ended December 31, 2019, 2018 and 2017
Notes to Consolidated Financial Statements

Page

59
60
61
63
64
65
66
67

58

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting and

for performing an assessment of the effectiveness of internal control over financial reporting as of December 31, 2019. Internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. Our system of internal control over financial reporting includes those policies and procedures that (i) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets,
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles and that our receipts and expenditures are being made only in
accordance with the authorization of our management and directors, and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on
the financial statements. Under the supervision and with the participation of our management, including our Chief Executive
Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial
reporting as of December 31, 2019 based on the framework in the 2013 Internal Control — Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, our management concluded
that our internal control over financial reporting was effective as of December 31, 2019.

KPMG LLP, the independent registered public accounting firm that audited our financial statements, has issued an audit

report on their assessment of internal control over financial reporting, which is included elsewhere in this Annual Report.

Date: February 25, 2020

/s/ STEVEN H. GUNBY

Steven H. Gunby
President and Chief Executive Officer
(Principal Executive Officer)

/s/ AJAY SABHERWAL
Ajay Sabherwal
Chief Financial Officer
(Principal Financial Officer)

59

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors
FTI Consulting, Inc.

Opinion on Internal Control Over Financial Reporting

We have audited FTI Consulting, Inc. and subsidiaries’ (the Company) internal control over financial reporting as of
December 31, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects,
effective internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control -
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the consolidated balance sheets of the Company as of December 31, 2019 and 2018, the related consolidated
statements of comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended
December 31, 2019, and the related notes and financial statement Schedule II, Valuation and Qualifying Accounts (collectively,
the consolidated financial statements), and our report dated February 25, 2020 expressed an unqualified opinion on those
consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s
Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal
control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all
material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control
over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we
considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

McLean, Virginia
February 25, 2020

60

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors
FTI Consulting, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of FTI Consulting, Inc. and subsidiaries (the Company) as of
December 31, 2019 and 2018, the related consolidated statements of comprehensive income, stockholders’ equity, and cash
flows for each of the years in the three‑year period ended December 31, 2019, and the related notes and financial statement
Schedule II, Valuation and Qualifying Accounts (collectively, the consolidated financial statements). In our opinion, the
consolidated financial statements present fairly, in all material respects, the financial position of the Company as of
December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the three‑year period
ended December 31, 2019, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the Company’s internal control over financial reporting as of December 31, 2019, based on criteria established in
Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission, and our report dated February 25, 2020 expressed an unqualified opinion on the effectiveness of the Company’s
internal control over financial reporting.

Changes in Accounting Principle

As discussed in Note 2 to the consolidated financial statements, the Company has changed its method of accounting for
revenue as of January 1, 2018 due to the adoption of Financial Accounting Standards Board (FASB) Accounting Standards
Codification (ASC) Topic 606, Revenue from Contracts with Customers.

As discussed in Note 1 and 2 to the consolidated financial statements, the Company has changed its method of accounting for
leases as of January 1, 2019 due to the adoption of Financial Accounting Standards Board (FASB) Accounting Standards
Codification (ASC) Topic 842, Leases.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express
an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the
PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement,
whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the
consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a
reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial
statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or
disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or
complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate
opinions on the critical audit matter or on the accounts or disclosures to which it relates.

Assessment of the estimation of losses related to billed and unbilled receivables

As discussed in Note 1 to the consolidated financial statements, the Company maintains an allowance for doubtful
accounts and unbilled services for estimated losses (the allowance). The allowance results from potential fee reductions
negotiated with specific clients or imposed by bankruptcy courts or regulatory agencies; specific clients’ inability to pay;
and/or disputes impacting the Company’s ability to fully collect billed and unbilled amounts. As of December 31, 2019,

61

the allowance was $265.5 million. The allowance is recorded based on the Company’s understanding of specific client
collections and the Company's historical collection patterns for similar client collections.

We identified the assessment of the estimation of losses related to billed and unbilled receivables as a critical audit
matter. There was a high degree of subjectivity in evaluating the following assumptions: (1) likely outcome of
bankruptcy court or other regulatory agencies’ imposed fee reductions, (2) probability of clients successfully negotiating
fee reductions, (3) the ability of clients to pay assessed fees, and (4) the probability of the Company successfully
negotiating remaining unbilled fees owed.

The primary procedures we performed to address this critical audit matter included the following. We tested certain
internal controls over the Company’s estimation of the allowance process, including controls related to the monthly
analysis of reserves by matter, and review of manual adjustments to unbilled receivables and revenue. We inquired of
relevant Company personnel to assess the rationale for establishing an allowance, or lack thereof, for specific clients. We
inspected relevant evidence, including: (1) documents received directly by us from the Company’s client, (2) documents
received by the Company from their client, (3) contractual documents, (4) regulatory correspondence, and (5) historical
trends and analysis performed by the Company. We compared actual collections and write-offs to amounts previously
reserved. We compared the Company’s receivable turnover ratio as of December 31, 2019, which represents revenues
divided by the average amount of billed and unbilled receivables, to the Company’s historical receivables turnover ratio.
We compared the days outstanding for the current billed and unbilled receivables as of December 31, 2019, to the days
outstanding for the Company’s historical billed and unbilled receivables.

/s/ KPMG LLP

We have served as the Company's auditor since 2006.

McLean, Virginia
February 25, 2020

62

FTI Consulting, Inc. and Subsidiaries

Consolidated Balance Sheets
(in thousands, except per share data)

Assets

Current assets

Cash and cash equivalents
Accounts receivable:
Billed receivables
Unbilled receivables
Allowance for doubtful accounts and unbilled services

Accounts receivable, net

Current portion of notes receivable
Prepaid expenses and other current assets

Total current assets

Property and equipment, net
Operating lease assets
Goodwill
Other intangible assets, net
Notes receivable, net
Other assets

Total assets

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable, accrued expenses and other
Accrued compensation
Billings in excess of services provided

Total current liabilities

Long-term debt, net
Noncurrent operating lease liabilities
Deferred income taxes
Other liabilities

Total liabilities

Commitments and contingent liabilities (Note 15)
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 — 37,390 (2019) and 38,147 (2018)

Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss

Total stockholders' equity

Total liabilities and stockholders' equity

December 31,

2019

2018

$

369,373

$

312,069

540,584
418,288
(265,500)
693,372
35,106
80,810
1,178,661
93,672
159,777
1,202,767
38,432
69,033
40,800
2,783,142

158,936
416,903
36,698
612,537
275,609
176,378
151,352
78,124
1,294,000

$

$

437,797
319,205
(202,394)
554,608
29,228
69,448
965,353
84,577
—
1,172,316
34,633
84,471
37,771
2,379,121

104,600
333,536
44,434
482,570
265,571
—
155,088
127,067
1,030,296

—

—

374
216,162
1,413,453
(140,847)
1,489,142
2,783,142

$

381
299,534
1,196,727
(147,817)
1,348,825
2,379,121

$

$

$

See accompanying notes to consolidated financial statements.

63

FTI Consulting, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income
(in thousands, except per share data)

Revenues

Operating expenses

Direct cost of revenues

Selling, general and administrative expenses

Special charges

Amortization of other intangible assets

Operating income

Other income (expense)

Interest income and other

Interest expense

Gain on sale of business
Loss on early extinguishment of debt

Income before income tax provision (benefit)

Income tax provision (benefit)

Net income

Earnings per common share — basic

Earnings per common share — diluted

Other comprehensive income (loss), net of tax

Foreign currency translation adjustments, net of tax

expense of $—, $373 and $—

Other comprehensive income (loss), net of tax

Comprehensive income

Year Ended December 31,

2019
2,352,717

$

2018
2,027,877

$

2017
1,807,732

$

1,215,560

432,013

40,885

10,563

1,699,021

108,711

3,752

(25,358)

—
—

(21,606)

87,105

(20,857)

107,962

2.79

2.75

1,534,896

504,074

—

8,152

2,047,122

305,595

1,328,074

465,636

—

8,162

1,801,872

226,005

4,977

(27,149)

13,031
(9,072)

(18,213)

207,792

57,181

150,611

4.06

3.93

$

$

$

2,061

(19,206)

—
—

(17,145)

288,450

71,724

216,726

5.89

5.69

6,970

6,970

223,696

$

$

$

$

$

$

$

$

$

$

(27,602) $

(27,602)

30,664

30,664

123,009

$

138,626

See accompanying notes to consolidated financial statements.

64

FTI Consulting, Inc. and Subsidiaries

Consolidated Statements of Stockholders’ Equity
(in thousands)

Common Stock

Shares

Amount

Additional
Paid-in
Capital

Retained
Earnings

Accumulated
Other
Comprehensive
Loss

Total

Purchase and retirement of common stock

(4,674)

Balance at December 31, 2016

42,037

$

420

$

416,816

$

941,001

— $

— $

— $

107,962

Net income

Other comprehensive income:

Cumulative translation adjustment

Issuance of common stock in connection with:

Exercise of options

Restricted share grants, less net settled shares

of 92

Stock units issued under incentive

compensation plan

Cumulative effect due to adoption of new

accounting standard

Share-based compensation

Balance at December 31, 2017

Net income

Other comprehensive loss:

Cumulative translation adjustment

Issuance of common stock in connection with:

Exercise of options

Restricted share grants, less net settled shares

of 58

Stock units issued under incentive

compensation plan

Purchase and retirement of common stock

Cumulative effect due to adoption of new

accounting standard

Conversion feature of convertible senior notes, due 2023,

net

Share-based compensation

Balance at December 31, 2018

Net income

Other comprehensive income:

Cumulative translation adjustment

Issuance of common stock in connection with:

Exercise of options

Restricted share grants, less net settled shares

of 78

Stock units issued under incentive

compensation plan

Purchase and retirement of common stock

Share-based compensation

Balance at December 31, 2019

—

123

243

—

—

—

—

1

2

—

(46)

—

—

—

4,132

(4,442)

1,547

(168,048)

—

—

—

—

—

—

(3,189)

16,030

—

37,729

$

377

$

266,035

$ 1,045,774

— $

— $

— $

150,611

—

1,051

319

—

(952)

—

—

—

—

11

3

—

(10)

—

—

—

—

41,557

(3,097)

1,059

(55,728)

—

34,131

15,577

—

—

—

—

—

342

—

—

38,147

$

381

$

299,534

$ 1,196,727

— $

— $

— $

216,726

—

256

245

—

(1,258)

—

—

3

3

—

(13)

—

—

9,685

(6,520)

1,413

(105,928)

17,978

—

—

—

—

—

—

$

$

$

$

$

$

(150,879) $ 1,207,358

— $

107,962

30,664

30,664

—

—

—

—

—

—

4,133

(4,440)

1,547

(168,094)

(3,189)

16,030

(120,215) $ 1,191,971

— $

150,611

(27,602)

(27,602)

—

—

—

—

—

—

—

41,568

(3,094)

1,059

(55,738)

342

34,131

15,577

(147,817) $ 1,348,825

— $

216,726

6,970

6,970

—

—

—

—

—

9,688

(6,517)

1,413

(105,941)

17,978

37,390

$

374

$

216,162

$ 1,413,453

$

(140,847) $ 1,489,142

See accompanying notes to consolidated financial statements.

65

FTI Consulting, Inc. and Subsidiaries

Consolidated Statements of Cash Flows
(in thousands)

Operating activities

Net income
Adjustments to reconcile net income to net cash provided by operating activities:

$

216,726

$

150,611

$

107,962

Year Ended December 31,

2019

2018

2017

Depreciation and amortization
Amortization and impairment of other intangible assets
Acquisition-related contingent consideration
Provision for doubtful accounts
Share-based compensation
Amortization of debt discount and issuance costs
Loss on early extinguishment of debt
Gain on sale of business
Deferred income taxes
Other
Changes in operating assets and liabilities, net of effects from

acquisitions:
Accounts receivable, billed and unbilled
Notes receivable
Prepaid expenses and other assets
Accounts payable, accrued expenses and other
Income taxes
Accrued compensation
Billings in excess of services provided

Net cash provided by operating activities

Investing activities

Proceeds from sale of business
Payments for acquisition of businesses, net of cash received
Purchases of property and equipment
Other

Net cash provided by (used in) investing activities

Financing activities

Borrowings under revolving line of credit
Repayments under revolving line of credit
Proceeds from issuance of convertible notes
Payments of long-term debt
Payments of debt issue and debt prepayment costs
Purchase and retirement of common stock
Net issuance of common stock under equity compensation plans
Payments for business acquisition liabilities
Deposits and other

Net cash used in financing activities

Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
Supplemental cash flow disclosures

Cash paid for interest
Cash paid for income taxes, net of refunds

Non-cash investing and financing activities:

30,153
8,152
2,372
19,602
17,978
11,615
—
—
(3,712)
302

(141,894)
10,445
(22,648)
(8,907)
24,496
61,339
(8,133)
217,886

—
(18,791)
(42,072)
257
(60,606)

45,000
(45,000)
—
—
—
(105,797)
3,171
(2,282)
1,597
(103,311)
3,335
57,304
312,069
369,373

7,606
50,941

$

$
$

Issuance of stock units under incentive compensation plans
Business acquisition liabilities not yet paid

1,413
9,746
See accompanying notes to consolidated financial statements.

$
$

31,536
8,162
479
17,872
15,577
5,456
9,072
(13,031)
20,831
769

(72,034)
8,987
(2,258)
8,908
(8,890)
52,510
(3,885)
230,672

50,283
—
(32,270)
731
18,744

233,500
(333,500)
316,250
(300,000)
(16,149)
(55,738)
38,475
(3,029)
2,672
(117,519)
(9,789)
122,108
189,961
312,069

21,687
45,568

$

$
$

1,059

$
— $

31,177
10,563
2,291
15,386
16,030
1,984
—
—
(51,579)
611

(50,831)
14,928
629
4,421
25,811
1,795
16,447
147,625

—
(8,929)
(32,004)
295
(40,638)

422,000
(392,000)
—
—
—
(168,094)
(504)
(5,161)
2,825
(140,934)
7,750
(26,197)
216,158
189,961

23,285
4,929

1,547
3,426

$

$
$

$
$

66

FTI Consulting, Inc. and Subsidiaries

Notes to Consolidated Financial Statements
(dollar and share amounts in tables expressed in thousands, except per share data)

1. 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 and 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 the determination of the allowance for doubtful accounts and unbilled services, the assessment of
the recoverability of goodwill, the realization of deferred tax assets and the fair value of acquisition-related contingent
consideration. Management bases its estimates on historical trends, 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, 2019, we derived
approximately 34% 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, 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 evaluate our revenue contracts with customers based on the five-step model under Revenue from Contracts with

Customers: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine
the transaction price; (4) allocate the transaction price to separate performance obligations; and (5) recognize revenues when

67

(or as) each performance obligation is satisfied. 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 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 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, based on the efforts or hours incurred
as a percentage of total efforts or hours expected to be incurred (i.e., proportional performance method). Certain time
and materials arrangements may be subject to third-party approval, e.g., a court or other regulatory institution, with
interim billing and payments made and received based upon preliminarily agreed-upon rates. In such cases, we record
revenues for the portion of our services based on our assessment of the expected probability of amounts ultimately to
be agreed upon by the court or regulator. These assessments are made on a case-by-case basis depending on the nature
of the engagement, client economics, historical experience and other appropriate factors.

Fixed-fee arrangements require the client to pay a pre-established fee in exchange for a predetermined set of
professional services. We recognize revenues for these arrangements based on the proportional performance related to
individual performance obligations within each arrangement; however, these arrangements generally 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 by
applying the proportional performance method.

In addition, we generate certain revenues from our Technology segment that are based on units of data stored or
processed. Unit-based revenues are recognized as services are provided, based on either the amount of data stored or processed,
the number of concurrent users accessing the information or the number of pages or images processed for a client, and agreed-
upon per unit rates.

Certain of our time and expense and fixed-fee billing arrangements may include client incentives in the form of volume-

based discounts, where if certain fee levels are reached, the client can receive future services at a discounted hourly rate.
Contracts with customers that have a prospective discounted pricing option based on predetermined volume thresholds are
evaluated to determine whether they include a material right, which is an option that provides a customer the right to acquire
free or discounted goods or services in the future. If the option provides a material right to the customer, we allocate a portion
of the transaction price to the material right and defer revenues during the pre-discount period, compared with our previous
practice of recognizing the reduction in revenues when customers became eligible to receive the volume discount.

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.

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, as well as depreciation expense on the 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 share 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

68

condition is unlikely to be met or is expected to be lower than originally expected. For performance share units that contain
performance-based vesting conditions, the compensation cost is adjusted each reporting period based on the probability of the
awards vesting.

We use the Black-Scholes pricing model to determine the fair value of stock options on the date of grant. The Black-

Scholes pricing model requires the development of assumptions, including volatility and expected term, which are based on our
historical experience. The risk-free interest rate is based on the term of U.S. Treasury interest rates that is consistent with the
expected term of the share-based award.

For all our share-based awards, we recognize forfeitures in compensation cost when they occur.

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 $18.6 million, $15.5 million and $14.8 million
for the years ended December 31, 2019, 2018 and 2017, respectively, and are included in “Selling, general and administrative
expenses” on the Consolidated Statements of Comprehensive Income.

Acquisition-Related Contingent Consideration

The fair value of acquisition-related contingent consideration is estimated at the acquisition date utilizing either a

probability weighted estimate of future cash flow adjusted for the expected timing of each payment or a Monte Carlo
simulation. 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 acquisition-related 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 expenses” on the Consolidated Statements of Comprehensive
Income.

Income Taxes

Our income tax provision (benefit) 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., as well as 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.

Allowance for Doubtful Accounts and Unbilled Services

We maintain an allowance for doubtful accounts and unbilled services for estimated losses resulting from potential fee

reductions negotiated with specific clients or imposed by bankruptcy courts or other regulatory agencies and the inability of
specific clients to pay our fees, as well as from disputes that affect our ability to fully collect our billed accounts receivable.
Even if a bankruptcy court approves our services, the court has the discretion to require us to refund all or a portion of our fees
due to the outcome of the case or a variety of other factors. We estimate the allowance for all receivable risks by reviewing the
status of each matter and recording reserves based on our experience and knowledge of specific client collections and the
Company's historical collection patterns for similar client collections. However, our actual experience may vary significantly
from our estimates. If the financial condition of our clients were to deteriorate, resulting in their inability or unwillingness to
pay our fees, or bankruptcy courts require us to refund certain fees, we may need to record additional allowances or write-offs
in future periods. This risk related to a client’s non-payment may be mitigated to the extent that we receive a retainer from
some of our clients prior to performing services.

We record adjustments to the allowance for doubtful accounts and unbilled services as a reduction in revenues when

there are changes in estimates of fee reductions that may be imposed by bankruptcy courts and other regulatory institutions for

69

both billed and unbilled receivables. The allowance for doubtful accounts and unbilled services is also adjusted after the related
work has been billed to the client and we discover that collectability is not reasonably assured. These adjustments are recorded
to “Selling, general and administrative expenses” on the Consolidated Statements of Comprehensive Income. Our bad debt
expense totaled $19.6 million, $17.9 million and $15.4 million for the years ended December 31, 2019, 2018 and 2017,
respectively.

Property and Equipment

We record property and equipment, including improvements that extend useful lives, at cost, while maintenance and

repairs are expensed as incurred. We calculate depreciation using the straight-line method based on estimated useful lives
ranging from three years to seven 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 furniture, equipment and software and is amortized over the estimated useful life of the software, which is
generally three 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 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. 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. 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 ratably 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 to the portion of the principal forgiven on the forgiveness date.

Goodwill and Other 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. Other intangible assets may include customer relationships, trademarks and acquired software.

We test our goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth
quarter or 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. Entities have an option, under certain circumstances, to perform a qualitative assessment
regarding the reporting unit’s fair value to determine whether it is necessary to perform the quantitative impairment test.

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, an entity determines 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

70

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.

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.

Intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment whenever
events or changes in circumstances indicate an asset’s carrying value may not be recoverable. We amortize our acquired finite-
lived intangible assets on a straight-line basis over periods ranging from three 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

As of January 1, 2019, the Company adopted Accounting Standards Update ("ASU") 2016-02, Leases, which was

amended in some respects by subsequent ASUs (collectively Accounting Standards Codification (“ASC") 842 ("ASC 842"))
and supersedes existing lease guidance. The standard requires us to record operating lease assets and corresponding lease
liabilities on the balance sheet and disclose key quantitative and qualitative information about our lease contracts.

Under ASC 842, 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 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. 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 and our equipment leases. We apply a portfolio approach for
certain equipment leases to effectively account for the operating lease assets and liabilities.

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

On August 20, 2018, we issued 2.0% convertible senior notes due 2023 ("2023 Convertible Notes") with an aggregate
principal amount of $316.3 million, payable semiannually in arrears on February 15 and August 15 of each year, beginning on
February 15, 2019. The 2023 Convertible Notes will mature on August 15, 2023, unless earlier converted or repurchased.
Upon conversion, the 2023 Convertible Notes may be settled, at our election in cash, shares of our common stock, or a
combination of cash and shares of our common stock.

71

We separately recorded the liability and equity components of the 2023 Convertible Notes. The carrying amount of the

liability component was calculated by measuring the fair value of a similar debt instrument that does not have an associated
convertible feature. The carrying amount of the equity component representing the conversion option was determined by
deducting the fair value of the liability component from the par value of the 2023 Convertible Notes. The equity component is
not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the
liability component over its carrying amount ("debt discount") is amortized to interest expense over the term of the 2023
Convertible Notes using the effective interest rate method.

We record debt issuance costs as an adjustment to the carrying amount of the related liability and equity components of

our 2023 Convertible Notes. We amortize the debt discount and debt issuance costs on the liability component using the
effective interest rate method over the expected life of the debt instrument.

2. New Accounting Standards

Recently Adopted Accounting Standards

In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with

Customers. On January 1, 2018, we adopted ASC 606 using the modified retrospective method and recorded an immaterial
cumulative effect adjustment to the beginning balance of retained earnings for revenue contracts that existed at the adoption
date. Under the modified retrospective method, prior year information has not been adjusted and continues to be reported under
the accounting standards in effect for periods prior to the adoption date. We have not retroactively restated the existing
contracts for modifications that occurred before January 1, 2018.

See Note 1, "Description of Business and Summary of Significant Accounting Policies" for a description of the
significant accounting policies and methods used in preparation of the Consolidated Financial Statements. See Note 4,
“Revenues” for the disclosures required under ASC 606. The adoption of ASC 606 had an immaterial impact on our
Consolidated Statements of Comprehensive Income and Consolidated Balance Sheets and had no impact on our Consolidated
Statements of Cash Flows.

In February 2016, the FASB issued ASU 2016-02, Leases, which was amended in some respects by subsequent ASUs.

We adopted ASC 842 using the modified retrospective basis for reporting. In addition, we elected the package of practical
expedients permitted under the transition guidance within the new standard, which allowed us to carry forward the historical
lease classification for existing leases on the adoption date, and allowed us not to reassess whether an existing contract contains
a lease or initial direct costs. As permitted by the guidance, prior comparative periods will not be adjusted under this method.

See Note 1, "Description of Business and Summary of Significant Accounting Policies" for a description of the

significant accounting policies for our operating leases. See Note 14, "Leases" for the disclosures required under ASC 842. The
adoption of this standard resulted in recognition of operating lease assets in the amount of $148.5 million and lease liabilities in
the amount of $206.7 million for operating leases on our Consolidated Balance Sheets as of January 1, 2019. Our existing
deferred rent and cease-use liabilities were $62.3 million as of December 31, 2018 and were included as a reduction to the
initial measurement of our operating lease assets. Our existing prepaid rent balance was $4.1 million as of December 31, 2018
and was included as a reduction to the initial measurement of our operating lease liabilities. There was no material impact on
the Consolidated Statements of Comprehensive Income, Consolidated Statements of Stockholders’ Equity or Consolidated
Statements of Cash Flows.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes

to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure
requirements for fair value measurements. The guidance promotes a framework to help improve the effectiveness of disclosures
in the notes to the financial statements and is effective for annual and interim periods beginning after December 15, 2019. We
elected, as permitted by the standard, to early adopt ASU 2018-13 as of December 31, 2019 and have prospectively applied the
modifications which are limited to presentation and disclosure changes that did not have a material impact on the consolidated
financial statements.

Accounting Standards Not Yet Adopted

In August 2018, the FASB issued ASU 2018-15, Internal Use Software (Subtopic 350-40): Customer's Accounting for

Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which requires the Company to
capitalize implementation costs of a hosting arrangement that is a service contract and expense those costs over the term of the
hosting arrangement. The guidance is effective for annual and interim periods beginning after December 15, 2019 although
early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its consolidated
financial statements.

72

3. 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 restricted shares and stock options, each using the treasury stock method.

Because we expect to settle the principal amount of the outstanding 2023 Convertible Notes in cash, we use the treasury
stock method for calculating the potential dilutive effect of the conversion feature on earnings per common share, if applicable.
The conversion feature had a dilutive impact on earnings per common share for the year ended December 31, 2019, as the
average market price per share of our common stock for the period exceeded the conversion price of $101.38 per share. See
Note 13, "Debt" for additional information about the 2023 Convertible Notes.

Numerator — basic and diluted

Net income

Denominator

Year Ended December 31,

2019

2018

2017

$

216,726

$

150,611

$

107,962

Weighted average number of common shares outstanding — basic
Effect of dilutive convertible notes

Effect of dilutive stock options

Effect of dilutive restricted shares

36,774
62

455

820

37,098
—

491

729

Weighted average number of common shares outstanding — diluted

38,111

38,318

Earnings per common share — basic

Earnings per common share — diluted

Antidilutive stock options and restricted shares

$

$

$

$

5.89

5.69

19

$

$

4.06

3.93

175

38,697
—

117

378

39,192

2.79

2.75

1,561

4. Revenues

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 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 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.

Fixed-fee arrangements require the client to pay a pre-established fee in exchange for a predetermined set of
professional services. We recognize revenues for these arrangements based on the proportional performance related to
individual performance obligations within each arrangement; however, these arrangements generally 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 by
applying the proportional performance method.

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.

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 $28.9 million and $16.1 million for the
years ended December 31, 2019 and 2018, respectively.

73

Unfulfilled performance obligations represent the remaining contract transaction prices allocated to the performance

obligations that are unsatisfied. Unfulfilled performance obligations primarily consist of fees not yet recognized on a
proportional performance basis for fixed-fee arrangements and performance-based and contingent arrangements. As of
December 31, 2019 and December 31, 2018, the aggregate amount of the remaining contract transaction price allocated to
unfulfilled performance obligations was $2.3 million and $8.8 million, respectively, and we expect to recognize the majority of
the related revenues over the next 24 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 revenue 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 $1.3 million and $2.4 million as of December 31, 2019 and 2018, 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 us upfront fees before we begin work for them. The contract
liability balance was immaterial as of December 31, 2019 and 2018.

5. Special Charges

There were no special charges recorded during the years ended December 31, 2019 and December 31, 2018.

During the year ended December 31, 2017, we recorded special charges of $40.9 million. The charges related to certain
targeted reductions in areas of each segment where we needed to realign our workforce with then-current business demand. In
addition, cost-cutting actions were taken in certain corporate departments where we were able to streamline support activities
and reduce our real estate costs. The special charge included the following components:

•

•

•

$23.5 million of employee severance and other employee-related costs;

$14.4 million of exit costs associated with the curtailment of our lease on our executive office in Washington, D.C.;
and

$3.0 million of other expenses, including costs related to disposing or closing several small international offices.

6. Share-Based Compensation

Share-Based Incentive Compensation Plans

Under the Company's 2017 Omnibus Incentive Compensation Plan, effective as of June 7, 2017, there were 1,396,183

shares of common stock available for grant as of December 31, 2019.

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, 2019, 2018 and 2017.

Income Statement Classification
Direct cost of revenues

Selling, general and administrative expenses

Special charges

Total

2019

2018

2017

Options (1)
497
$

2,628

—

$

3,125

Restricted
Shares (2)
$ 11,869
9,005

—
$ 20,874

Options (1)
780
$

2,027

—

$

2,807

Restricted
Shares (2)
9,804

$

8,191

—
$ 17,995

Options (1)
370
$

1,207

—

$

1,577

Restricted
Shares (2)
9,691

$

4,870

269
$ 14,830

(1)

(2)

Includes options and cash-settled stock appreciation rights.

Includes restricted share awards, restricted stock units, performance stock units and cash-settled restricted stock units.

74

Stock Options

We did not grant any options during the years ended December 31, 2019 and 2018. We used the Black-Scholes option-
pricing model to determine the fair value of our option grants during the year ended December 31, 2017 using the assumptions
in the table below.

Assumptions
Risk-free interest rate
Dividend yield
Expected term
Stock price volatility

Year Ended December 31,

2017
1.60%
—%
3 years
31.94%

A summary of our stock option activity during the year ended December 31, 2019 is presented below. The aggregate

intrinsic value of stock options outstanding and exercisable, or fully vested, at December 31, 2019 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 2019 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, 2019. The aggregate intrinsic value changes
based on fluctuations in the fair market value per share of our common stock.

Stock options outstanding at December 31, 2018

Stock options granted

Stock options exercised

Stock options forfeited

Stock options outstanding at December 31, 2019

Stock options exercisable at December 31, 2019

Weighted
Average
Exercise
Price

Options

935

$

—

(256) $

(1) $

678

605

$

$

36.50

N/A

37.88

30.28

35.98

35.75

Weighted
Average
Remaining
Contractual
Term
(in Years)

Aggregate
Intrinsic
Value

4.7

4.6

$

$

50,669

45,343

Cash received from option exercises for the years ended December 31, 2019, 2018 and 2017 was $9.7 million, $41.6

million and $4.1 million, respectively. The tax benefit realized from stock options exercised totaled $0.7 million, $4.0 million
and $1.1 million for the years ended December 31, 2019, 2018 and 2017, respectively.

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,
2019, 2018 and 2017 was $13.2 million, $26.4 million and $0.9 million, respectively.

75

The following is a summary of stock options outstanding and exercisable as of December 31, 2019.

Exercise Price Range
$26.68-$33.95

$34.33-$34.62

$35.73-$36.87

$36.89-$40.36

$41.69-$41.69

Options Outstanding

Options Exercisable

Options

Weighted
Average Exercise
Price

$

$

$

$

$

137

138

195

202

6

678

31.46

34.40

36.67

39.28

41.69

Weighted
Average
Remaining
Contractual
Term (in Years)
3.7

5.4

4.4

5.4

0.3

Shares

Weighted
Average Exercise
Price

$

$

$

$

$

124

138

188

149

6

605

31.53

34.40

36.68

39.12

41.69

As of December 31, 2019, there was $0.1 million of unrecognized compensation cost related to unvested stock options.

That cost is expected to be recognized ratably over a weighted average period of 0.2 years.

Restricted Share Awards

A summary of our restricted share activity during the year ended December 31, 2019 is presented below.

Unvested restricted share awards outstanding at December 31, 2018

Restricted share awards granted

Restricted share awards vested

Restricted share awards forfeited

Unvested restricted share awards outstanding at December 31, 2019

Weighted
Average Grant
Date Fair
Value

Shares

992

$

222

$
(229) $

(28) $

957

$

43.76

81.64

43.04

38.87

52.86

As of December 31, 2019, there was $27.5 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 4.0 years. The total fair value of
restricted share awards that vested during the years ended December 31, 2019, 2018 and 2017 was $18.6 million, $10.4 million
and $9.9 million, respectively.

Restricted Stock Units

A summary of our restricted stock units activity during the year ended December 31, 2019 is presented below.

Restricted stock units outstanding at December 31, 2018

Restricted stock units granted
Restricted stock units released
Restricted stock units forfeited

Restricted stock units outstanding at December 31, 2019

Weighted
Average Grant
Date Fair
Value

Shares

$
335
30
$
(52) $
—
313

$

39.72
82.39
42.15
N/A
43.45

As of December 31, 2019, there was $0.8 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 2.8 years. The total fair value of
restricted stock units released for the years ended December 31, 2019, 2018 and 2017 was $4.5 million, $5.4 million and $4.1
million, respectively.

76

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 for all of our performance stock units typically range 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, 2019 is presented below.

Performance stock units outstanding at December 31, 2018

Performance stock units granted (1)
Performance stock units released

Performance stock units forfeited

Performance stock units outstanding at December 31, 2019

Weighted
Average Grant
Date Fair
Value

Shares

275

170

$

$

(84) $

—
361

$

42.60

77.67

35.75

N/A
60.67

(1)

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

As of December 31, 2019, there was $6.3 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 1.1 years. The total fair value of
performance stock units that released during the years ended December 31, 2019 and 2018 was $5.8 million and $1.4 million,
respectively. There were no performance stock units that released during the year ended December 31, 2017.

The table below reflects the weighted average grant date fair value per share of stock options, restricted share awards,

restricted stock units and performance stock units awarded during the years ended December 31, 2019, 2018 and 2017. The fair
value of our stock options is calculated using the Black-Scholes option-pricing model. The fair value of our restricted stock
awards, restricted stock units and our 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 that
are subject to market conditions reflects the market conditions as of the grant date using a Monte Carlo simulation.

Year Ended December 31,

2019

2018

2017

Weighted average fair value of grants

Stock options
Restricted share awards, restricted stock units and performance stock

units

$

$

— $

— $

9.56

80.10

$

51.73

$

38.88

7. Interest Income and Other

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

Comprehensive Income.

Interest Income and Other
Interest income

Foreign exchange transaction gains (losses), net

Other

Total

Year Ended December 31,

2019

2018

2017

$

$

4,761

$

5,448

$

(3,056)

356

261

(732)

2,061

$

4,977

$

3,968

(77)

(139)

3,752

77

8. Balance Sheet Details

Prepaid expenses and other current assets

Prepaid expenses

Income tax receivable

Other current assets

Total

Accounts payable, accrued expenses and other

Accounts payable

Accrued expenses

Accrued interest payable

Accrued taxes payable

Current operating lease liabilities

Other current liabilities

Total

9. Property and Equipment

Property and equipment consist of the following.

Leasehold improvements
Construction in progress
Furniture and equipment
Computer equipment and software

Accumulated depreciation
Property and equipment, net

December 31,

2019

2018

39,740

$

$

$

8,161

32,909

80,810

18,346

46,511

2,243

35,895

35,727

20,214
158,936

$

35,762

18,947

14,739

69,448

17,728

52,461

2,358

13,119

—

18,934
104,600

December 31,

2019

2018

99,837
4,359
36,698
119,904
260,798
(167,126)
93,672

$

$

88,623
2,754
34,865
106,318
232,560
(147,983)
84,577

$

$

$

$

$

$

Depreciation expense for property and equipment totaled $30.1 million, $26.2 million and $24.4 million during the years

ended December 31, 2019, 2018 and 2017, respectively.

78

10. Goodwill and Other Intangible Assets

Goodwill

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

Corporate
Finance

FLC

Economic
Consulting

Technology

Strategic
Communications

Total

Balance at December 31, 2017

Goodwill

$

454,816

$ 233,719

$ 268,995

$ 117,740

$

323,672

$ 1,398,942

Accumulated goodwill impairment

—

—

—

—

(194,139)

(194,139)

Goodwill, net at December 31, 2017

454,816

233,719

268,995

117,740

129,533

1,204,803

Sale of business (1)
Foreign currency translation

adjustment and other

Balance at December 31, 2018

—

—

— (20,928)

—

(20,928)

(3,819)

(2,182)

(448)

(89)

(5,021)

(11,559)

Goodwill

450,997

231,537

268,547

96,723

318,651

1,366,455

Accumulated goodwill impairment

Goodwill, net at December 31, 2018

Acquisitions (2)
Foreign currency translation

adjustment and other

Balance at December 31, 2019

—

450,997

27,389

456

—

—

—

(194,139)

(194,139)

231,537

268,547

96,723

124,512

1,172,316

—

583

—

130

—

47

—

27,389

1,846

3,062

Goodwill

478,842

232,120

268,677

96,770

320,497

1,396,906

Accumulated goodwill impairment
Goodwill, net at December 31, 2019 $

—

—

—

—

(194,139)

(194,139)

478,842

$ 232,120

$ 268,677

$ 96,770

$

126,358

$ 1,202,767

(1)

(2)

During the year ended December 31, 2018, we sold a business within our Technology segment for proceeds of $50.3
million. We wrote off $20.9 million in goodwill as a result of the sale.

During the year ended December 31, 2019, we acquired a restructuring business that was assigned to the Corporate
Finance segment. We recorded $27.4 million in goodwill based on a preliminary purchase price allocation as a result
of the acquisition. We have included the results of the acquired business’s operations in the Corporate Finance
segment since its acquisition date.

79

Other Intangible Assets

Other intangible assets were as follows:

December 31, 2019

December 31, 2018

Weighted
Average
Useful Life
in Years

Gross
Carrying
Amount

Accumulated
Amortization

Net
Carrying
Amount

Gross
Carrying
Amount

Accumulated
Amortization

Net
Carrying
Amount

14.2

6.0

9.1

13.4

$ 99,613

$

76,808

$ 22,805

$ 99,080

$

71,036

$ 28,044

9,855

3,386

653

2,061

9,202

1,325

—

3,107

—

—

1,618

1,489

112,854

79,522

33,332

102,187

72,654

29,533

Amortizing intangible assets
Customer relationships (1)
Trademarks (1)
Acquired software and other (1)

Non-amortizing intangible assets

Trademarks

Total

Indefinite

5,100

—

5,100

5,100

—

5,100

$ 117,954

$

79,522

$ 38,432

$107,287

$

72,654

$ 34,633

(1)

During the year ended December 31, 2019, we acquired a restructuring business and its related intangible assets that
were assigned to the Corporate Finance segment.

Other intangible assets with finite lives are amortized over their estimated useful lives. We recorded amortization

expense of $8.2 million, $8.2 million and $10.6 million during the years ended December 31, 2019, 2018 and 2017,
respectively.

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

Year
2020

2021

2022

2023

2024

Thereafter

As of
December 31, 2019 (1)
9,393
$

8,861

7,028

3,604

2,207

2,239

$

33,332

(1)

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

80

11. Notes Receivable from Employees

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

Notes receivable from employees — beginning

Notes granted

Repayments

Amortization

Cumulative translation adjustment and other

Notes receivable from employees — ending

Less: current portion

December 31,

2019
113,699

$

2018
123,796

$

28,879

(13,179)

(26,294)

1,034

104,139

(35,106)

32,937

(5,405)

(36,418)

(1,211)

113,699

(29,228)

Notes receivable from employees, net of current portion

$

69,033

$

84,471

As of December 31, 2019 and 2018, there were 303 and 294 notes outstanding, respectively. Total amortization expense

for the years ended December 31, 2019, 2018 and 2017 was $26.3 million, $36.4 million and $26.8 million, respectively.

12. Financial Instruments

The following table presents the carrying amounts and estimated fair values of our other financial instruments by

hierarchy level as of December 31, 2019 and 2018.

December 31, 2019

Hierarchy Level
(Fair Value)

Carrying
Amount

Level 1

Level 2

Level 3

Liabilities

Acquisition-related contingent consideration, including

current portion (1) (2)

Long-term debt (3)

Total

$

$

14,826

275,609

290,435

$

$

— $

—

— $

14,826

398,016

—

— $

398,016

$

14,826

December 31, 2018

Hierarchy Level
(Fair Value)

Carrying
Amount

Level 1

Level 2

Level 3

Liabilities

Acquisition-related contingent consideration, including

current portion (1)
Long-term debt (3)

Total

$

$

3,698

265,571

269,269

$

$

— $

—

— $

291,837

— $

291,837

$

3,698

—

3,698

(1)

(2)

(3)

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.

During the year ended December 31, 2019, we acquired a restructuring business that was assigned to the Corporate
Finance segment.

The carrying values include unamortized deferred debt issue costs and debt discount.

The fair value of financial instruments not included in this table are estimated to be equal to their carrying value as of

December 31, 2019 and 2018.

81

We estimate the fair value of our 2023 Convertible Notes based on their last actively traded prices. The fair value of our

debt is classified within Level 2 of the fair value hierarchy because it is traded in less active markets.

We estimate the fair value of acquisition-related contingent consideration using either a probability-weighted discounted
cash flow model or a Monte Carlo simulation. 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 subject to the probability-weighted discounted cash flow
model was valued using significant unobservable inputs including a discount rate of 13.5% and future cash flows. The
acquisition-related contingent consideration subject to the Monte Carlo simulation was valued using significant unobservable
inputs including a volatility rate of 30.0% and a discount rate of 13.6%, which reflects the weighted average of our cost of debt
and adjusted cost of equity of the acquired company. Significant increases (decreases) in these unobservable inputs in isolation
would result in a significantly lower (higher) fair value. 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:

Balance at December 31, 2016

Additions (1)
Accretion for time value of money (2)
Remeasurement gain (3)
Payments

Transfer out

Balance at December 31, 2017

Accretion for time value of money (2)

Payments

Balance at December 31, 2018

Additions (1)
Accretion for time value of money (2)
Payments
Foreign currency translation adjustment (4)

Balance at December 31, 2019

Liability for Acquisition-Related
Contingent Consideration

$

$

$

$

5,692
3,426

1,589

702

(5,161)

(2,498)

3,750

479

(531)

3,698
9,746

2,372

(1,000)

10

14,826

(1)

(2)

(3)

(4)

We acquired restructuring businesses that were assigned to the Corporate Finance segment during the years ended
December 31, 2017 and 2019.

Accretion for the time value of money is included in "Selling, general and administrative expenses" on the
Consolidated Statements of Comprehensive Income.

Remeasurement gain or loss resulting from a change in the fair value of an acquisition's contingent consideration
liability is recorded in “Selling, general and administrative expenses” on the Consolidated Statements of
Comprehensive Income.

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

82

13. Debt

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

2023 Convertible Notes

Total debt

Less: deferred debt discount

Less: deferred debt issue costs
Long-term debt, net (1)
Additional paid-in capital

Discount attribution to equity

Equity component, net

December 31,

2019
316,250

316,250

(35,393)

(5,248)

275,609

35,306

(1,175)

34,131

$

$

$

$

2018
316,250

316,250

(43,998)

(6,681)

265,571

35,306

(1,175)

34,131

$

$

$

$

(1)

There were no current portions of long-term debt as of December 31, 2019 and 2018.

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 bear interest at a fixed rate of 2.0% per year, payable semiannually in arrears on February 15 and
August 15 of each year, and will mature on August 15, 2023, unless earlier converted or repurchased. The 2023 Convertible
Notes are senior unsecured obligations of the Company.

The 2023 Convertible Notes are convertible at an initial conversion rate of 9.8643 shares of our common stock per
$1,000 principal amount of the 2023 Convertible Notes (equivalent to an initial conversion price of approximately $101.38 per
share of common stock). Holders may convert their 2023 Convertible Notes at any time prior to the close of business on the
business day immediately preceding May 15, 2023 only under the following circumstances: (1) during any calendar quarter
commencing after the calendar quarter ending on September 30, 2018 (and only during such calendar quarter), if the last
reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30
consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater
than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any
five consecutive trading day period (the “Measurement Period”) in which the trading price (as defined in the indenture
governing the 2023 Convertible Notes) per $1,000 principal amount of the 2023 Convertible Notes for each trading day of the
Measurement Period was less than 98% of the product of the last reported sale price of our common stock and the conversion
rate in effect on each such trading day; or (3) upon the occurrence of specified corporate events. On or after May 15, 2023, until
the close of business on the business day immediately preceding the maturity date of August 15, 2023, holders may convert
their 2023 Convertible Notes at any time, regardless of the foregoing circumstances. The circumstances required to allow the
holders to convert their 2023 Convertible Notes were not met as of December 31, 2019.

If we undergo a fundamental change (as defined in the indenture governing the 2023 Convertible Notes), subject to

certain conditions, holders may require us to repurchase for cash all or part of their 2023 Convertible Notes.

The debt discount is amortized to interest expense over the term of the 2023 Convertible Notes using the effective

interest rate method.

We incurred debt issue costs and allocated the total amount to the liability and equity components of the 2023
Convertible Notes based on their relative values. The debt issue costs attributable to the liability component are amortized to
interest expense over the term of the 2023 Convertible Notes using the effective interest rate method. Issuance costs attributable
to the equity component were netted with the equity component in stockholders' equity.

83

The table below summarizes the amount of interest cost recognized by us for both the contractual interest expense and

amortization of the debt discount for the 2023 Convertible Notes:

Contractual interest expense
Amortization of debt discount (1)

Total

December 31,

2019

2018

$

$

6,325

8,606

14,931

$

$

2,302

3,018

5,320

(1)

The effective interest rate of the liability component was 5.45%.

2022 Notes

On November 15, 2018, we redeemed the $300.0 million outstanding principal amount of our 6.0% senior notes due

2022 ("2022 Notes"), pursuant to the terms of the indenture governing the 2022 Notes. We recognized a loss on early
extinguishment of debt of $9.1 million, consisting primarily of a redemption premium of $6.0 million and a $3.1 million non-
cash write-off of unamortized deferred financing costs. This loss has been recorded in “Loss on early extinguishment of debt”
within the Consolidated Statements of Comprehensive Income.

Credit Facility

On June 26, 2015, we entered into a credit agreement, which provides for a $550.0 million senior secured revolving

credit facility ("Original Credit Facility") maturing on June 26, 2020. In November 2018, we amended and restated the credit
agreement to the Original Credit Facility, to, among other things, extend the maturity to November 30, 2023 and incurred an
additional $1.7 million of debt issuance costs (the Original Credit Facility as amended and restated, the “Credit Facility”). At
the Company’s option, borrowings under the Credit Facility in USD, euro and British pound will bear interest at either one-,
two- or three-month London Interbank Offered Rate ("LIBOR") or an alternative base rate, in each case plus the applicable
margin. The applicable margin will fluctuate between 1.25% per annum and 2.00% per annum, in the case of LIBOR
borrowings, or between 0.25% per annum and 1.00% per annum, in the case of base rate borrowings, in each case, based upon
the Company’s Consolidated Total Net Leverage Ratio (as defined in the Credit Facility) at such time. The lenders have a
security interest in substantially all of the assets of the Company and substantially all of its domestic subsidiaries.

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.

There were no borrowings outstanding under the Credit Facility as of December 31, 2019 and 2018. Additionally, $1.0

million of the borrowing limit was used (and, therefore, unavailable) as of December 31, 2019 for letters of credit.

There were $2.0 million and $3.6 million of unamortized debt issue costs related to the Credit Facility as of
December 31, 2019 and 2018, respectively. These amounts were included in “Other assets” on our Consolidated Balance
Sheets.

14. Leases

We lease office space and equipment under non-cancelable operating leases. We recognize operating lease expense on a

straight-line basis over the lease term. 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. Most leases include one or more options to renew, with renewal terms that can extend the
lease term from six months 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.

84

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

Leases
Assets

Classification

Operating lease assets

Operating lease assets

Total lease assets

Liabilities
Current

Operating lease liabilities Accounts payable, accrued expenses and other

Noncurrent

Operating lease liabilities Noncurrent operating lease liabilities

Total lease liabilities

The table below summarizes total lease costs for the year ended December 31, 2019:

Lease Cost
Operating lease costs

Short-term lease costs

Variable lease costs

Sublease income

Total lease cost

As of
December 31, 2019

$

$

$

$

159,777

159,777

35,727

176,378

212,105

Year Ended
December 31,

2019

$

$

45,144

3,173

11,962

(5,015)

55,264

We sublease certain of our leased office spaces to third parties. Our sublease portfolio consists of leases of office space
that we have vacated before the lease term expiration. Operating lease expense on vacated office space is reduced by sublease
rental income, which is recorded to selling, general and administrative (“SG&A”) expenses on the Consolidated Statements of
Comprehensive Income. Our sublease arrangements do not contain renewal options or restrictive covenants. We estimate future
sublease rental income to be $4.9 million in 2020, $4.5 million in 2021, $0.7 million in 2022, $0.6 million in 2023, $0.6 million
in 2024 and $0.3 million in years beyond 2024.

The maturity analysis below summarizes the remaining future undiscounted cash flows for our operating leases, a
reconciliation to operating lease liabilities reported on the Consolidated Balance Sheets, our weighted average remaining lease
term and weighted average discount rate:

85

2020
2021
2022
2023
2024
Thereafter

Total future lease payments
Less: imputed interest

Total

Weighted average remaining lease term (years)

Operating leases

Weighted average discount rate

Operating leases

The table below summarizes cash paid for our operating lease liabilities and other non-cash information:

Cash paid for amounts included in the measurement of operating lease liabilities

Operating lease assets obtained in exchange for lease liabilities

Operating Lease Commitments

As of
December 31,
2019
45,849
51,331
32,194
26,896
23,654
77,162
257,086
(44,981)
212,105

$

$

6.5

5.6%

Year Ended
December 31,

2019

46,079

37,774

$

$

Under ASC 840, Leases, our future minimum payments for all operating lease obligations that have initial non-cancelable

lease terms exceeding one year, net of rental income from subleases as of December 31, 2018, were as follows:

2019

2020

2021

2022

2023

Thereafter

Total

Operating
Leases

Sublease Rental
Income

$

49,757

$

47,084

44,480

24,471

20,309

75,190

4,760

3,944

3,864

707

614

939

$

261,291

$

14,828

15. Commitments and Contingencies

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 do not believe any
settlement or judgment relating to any pending legal action would materially affect our financial position or results of
operations.

16. Income Taxes

On December 22, 2017, the 2017 U.S. Tax Cuts and Jobs Act (the “2017 Tax Act”) was signed into law. The 2017 Tax
Act included a number of changes to the U.S. Internal Revenue Code, including a reduction of the U.S. corporate income tax

86

rate from 35% to 21% for tax years beginning after December 31, 2017, and a one-time transition tax on certain unrepatriated
foreign earnings (the “Transition Tax”). Prospective changes from the 2017 Tax Act that began in 2018 include imposed
limitations on the deductibility of executive compensation and interest, a general elimination of U.S. federal income taxes on
dividends from foreign subsidiaries, and a new provision designed to tax global intangible low-taxed income ("GILTI"). The
Company has made an accounting policy election to account for the tax effects of the GILTI provision as a period cost.

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

Deferred tax assets

Allowance for doubtful accounts

Accrued vacation and bonus

Deferred rent

Share-based compensation

Notes receivable from employees

State net operating loss carryforward

Foreign net operating loss carryforward

Federal tax credit and capital loss carryforward

Deferred compensation

Operating lease assets

Employee benefits obligations

Other, net

Total deferred tax assets

Deferred tax liabilities
Revenue recognition

Operating lease liabilities

Property and equipment, net

Equity debt discount

Goodwill and other intangible assets

Total deferred tax liabilities

Foreign withholding tax

Valuation allowance

Net deferred tax liabilities

Year Ended December 31,

2019

2018

$

13,041

$

27,438

—

12,647

12,187

2,066

9,388

7,336

2,117

43,397

1,191

1,898

132,706

(6,732)

(29,671)

(3,797)

(8,890)

(209,250)

(258,340)

(1,195)

(19,865)

11,792

23,545

9,016

11,837

12,993

3,510

9,857

9,470

1,801

—

943

186

94,950

(5,087)

—

(6,652)

(11,014)

(199,964)

(222,717)

(413)

(21,929)

$

(146,694) $

(150,109)

As of December 31, 2019 and 2018, the Company recorded certain deferred tax assets related to foreign tax credits,

capital losses and foreign net operating loss carryforwards, which can be carried forward for periods ranging from 10 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 $19.9 million and $21.9 million are recorded against the
Company’s deferred tax assets as of December 31, 2019 and 2018, respectively.

As of December 31, 2019, the Company has not recorded a $22.9 million deferred tax liability related to the basis

difference in the investment in our foreign subsidiaries, as the investment is considered permanent in nature.

87

The table below summarizes the components of income before income tax provision (benefit) from continuing

operations.

Domestic

Foreign

Total

Year Ended December 31,

2019
150,860

137,590

288,450

$

$

$

$

2018

2017

96,543

111,249

207,792

$

$

30,013

57,092

87,105

The table below summarizes the components of income tax provision (benefit) from continuing operations.

Current

Federal

State

Foreign

Deferred
Federal

State

Foreign

Year Ended December 31,

2019

2018

2017

$

30,651

$

10,847

$

15,164

7,702

37,083

75,436

(1,767)

785

(2,730)

(3,712)

4,447

21,056

36,350

14,538

503

5,790

20,831

8,430

3,425

260
4,362

2,504

—

(1,088)

(2,097)

(4,447)

(200)

4,950

3,655

(450)
3,543

(132)

(706)

50

3,798

(1,371)

208

742

14,816

30,722

(47,820)

(152)

(3,607)

(51,579)

(20,857)

781

(8,500)

253
2,466

456

(63,525)

18,655

—

809

(2,739)

(20,857)

Year Ended December 31,

2019

2018

2017

$

60,575

$

43,636

$

30,487

Income tax provision (benefit)

$

71,724

$

57,181

$

Our income tax provision (benefit) from continuing operations resulted in effective tax rates that varied from the

statutory federal income tax rate as summarized below.

Income tax expense at federal statutory rate

State income taxes, net of federal benefit

Detriment (benefit) from foreign tax rates

Valuation allowance on foreign net operating loss carryforward
Other expenses not deductible for tax purposes

Adjustment to reserve for uncertain tax positions

Impact of 2017 U.S. tax reform — deferred tax

Impact of 2017 U.S. tax reform — Transition Tax

Sale of Ringtail business

Equity-based compensation

Other adjustments, net

Income tax provision (benefit)

$

71,724

$

57,181

$

The income tax expense for the years ended December 31, 2019 and 2018 was $71.7 million and $57.2 million,
respectively. The increase in expense is primarily attributable to higher pre-tax income in 2019 as compared with 2018.

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 2015. We are also
no longer subject to state and local or foreign tax examinations by tax authorities for years prior to 2013.

88

Our liability for uncertain tax positions was $11.1 million and $3.7 million as of December 31, 2019 and 2018,

respectively. The Company does not expect any of the uncertain tax positions to settle within the next 12 months. As of
December 31, 2019, our accrual for the payment of tax-related interest and penalties was not significant.

17. 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 and February 21, 2019, our Board of Directors
authorized an additional $100.0 million, respectively, increasing the Repurchase Program to an aggregate authorization of
$400.0 million. 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,
2019, we have $66.6 million available under this program to repurchase additional shares.

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

Shares of common stock repurchased and retired
Average price per share

Total cost

2018 Repurchase Transaction

Year Ended December 31,

2019

2018

2017

1,258
84.16

105,915

$

$

$

$

756
53.88

40,722

$

$

4,674
35.94

168,001

On August 13, 2018, our Board of Directors authorized the use of a portion of the proceeds from the issuance of the

2023 Convertible Notes to repurchase up to $25.0 million of common stock. On August 16, 2018, 196,050 shares of our
common stock were repurchased at $76.51 per share for a total cost of $15.0 million. This is a separate repurchase transaction
outside of the Repurchase Program.

18. 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. Effective in 2018, we increased our
matching percentage. We made contributions related to the plan of $17.4 million, $15.2 million and $11.6 million during the
years ended December 31, 2019, 2018 and 2017, respectively.

We also maintain several defined contribution pension plans for our employees in the United Kingdom and other foreign
countries. We contributed to these plans $7.3 million, $7.7 million and $6.4 million during the years ended December 31, 2019,
2018 and 2017, respectively.

19. 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 and delivers a wide range of service offerings related to restructuring, business transformation and
transactions. Our restructuring practice includes corporate restructuring, including bankruptcy and interim management
services. Our business transformation and transactions practices include financial, operational and performance improvement
services, as well as due diligence, financing advisory, mergers and acquisitions ("M&A") advisory, M&A integration, carveout
support and valuations.

Our FLC segment provides law firms, companies, government clients and other interested parties with multidisciplinary
and independent services related to risk advisory, investigations and disputes. We have expertise in anti-corruption/anti-money
laundering investigations and compliance, cybersecurity, data analytics, export controls and sanctions, and monitorship. We
offer specialized industry expertise in the areas of insurance, construction, healthcare, environmental and trial services.

89

Our Economic Consulting segment provides law firms, companies, government entities and other interested parties with

analysis of complex economic issues for use in legal, regulatory and international arbitration proceedings, strategic decision
making and public policy debates in the U.S. and around the world.

Our Technology segment provides companies and law firms with a comprehensive and global portfolio of consulting

and services for information governance, privacy and security, electronic discovery and insight analytics. Our consulting
expertise enables clients to more confidently govern, secure, find, analyze and rapidly understand their data in the context of
compliance and risk.

Our Strategic Communications segment designs and executes communications strategies for CEOs, management teams

and boards of directors that help them seize opportunities, manage financial, regulatory and reputational challenges, navigate
market disruptions, articulate their corporate brand, stake a competitive position, and preserve their freedom to operate.

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’

The table below presents revenues and Adjusted Segment EBITDA for our reportable segments for the years ended

December 31, 2019, 2018 and 2017.

Revenues

Corporate Finance

FLC

Economic Consulting

Technology

Strategic Communications

Total revenues

Adjusted Segment EBITDA

Corporate Finance

FLC

Economic Consulting

Technology

Strategic Communications

Total Adjusted Segment EBITDA

Year Ended December 31,

2019

2018

2017

$

723,721

$

564,479

$

$

$

577,780

592,542

215,584

243,090

2,352,717

160,735

104,435

84,112

45,688

44,544

$

$

520,333

533,979

185,755

223,331

2,027,877

121,660

96,821

69,955

27,387

42,918

$

$

482,041

462,324

496,029

174,850

192,488

1,807,732

82,863

72,705

61,964

22,171

27,732

$

439,514

$

358,741

$

267,435

90

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.

Net income
Add back:

Income tax provision (benefit)

Interest income and other

Interest expense

Gain on sale of business

Loss on early extinguishment of debt

Unallocated corporate expenses

Segment depreciation expense

Amortization of intangible assets
Segment special charges

Remeasurement of acquisition-related contingent consideration

Year Ended December 31,

2019
216,726

$

2018
150,611

$

2017
107,962

$

71,724

(2,061)

19,206

—

—

98,398

27,369

8,152
—

—

57,181

(4,977)

27,149

(13,031)

9,072

96,595

27,979

8,162
—

—

(20,857)

(3,752)

25,358

—

—

83,140

27,112

10,563
37,207

702

Total Adjusted Segment EBITDA

$

439,514

$

358,741

$

267,435

The table below presents assets by segment. Segment assets primarily include accounts and notes receivable, fixed

assets purchased specifically for the segment, goodwill and other intangible assets.

Corporate Finance

FLC

Economic Consulting

Technology

Strategic Communications

Total segment assets
Unallocated corporate assets

Total assets

December 31,

2019
814,820

$

2018
707,924

$

462,155

543,475

200,430

217,129

2,238,009

545,133

412,667

516,123

171,002

212,147

2,019,863

359,258

$

2,783,142

$

2,379,121

The table below details information on our revenues for the years ended December 31, 2019, 2018 and 2017. Revenues

have been attributed to locations based on the location of the legal entity generating the revenues.

U.S.

United Kingdom

All other foreign countries

Total revenues

Year Ended December 31,

2019
1,555,133

389,338

408,246
2,352,717

$

$

2018
1,372,116

302,576

353,185
2,027,877

$

$

$

$

2017
1,262,682

251,843

293,207
1,807,732

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

91

The table below details information on our long-lived assets and net assets by geographic location, which is based on the

location of the legal entity holding the assets. We define net assets as total assets less total liabilities.

December 31, 2019

December 31, 2018

U.S.

United
Kingdom

All Other
Foreign
Countries

U.S.

United
Kingdom

All Other
Foreign
Countries

Property and equipment, net

Net assets

$

$

63,563

925,288

$

$

16,423

196,087

$

$

13,686

367,767

$

$

59,611

867,321

$

$

14,023

160,894

$

$

10,943

320,610

20. Quarterly Financial Data (unaudited)

2019
Revenues
Operating expenses

Direct cost of revenues
Selling, general and administrative expenses
Amortization of other intangible assets

Operating income
Interest income and other
Interest expense
Income before income tax provision
Income tax provision
Net income
Earnings per common share — basic (1)
Earnings per common share — diluted (1)
Weighted average common shares outstanding

Basic
Diluted

March 31

June 30

September 30

December 31

Quarter Ended

$

551,274

$

606,119

$

593,106

$

602,218

349,066
113,185
1,861
464,112
87,162
159
(4,746)
82,575
19,930
62,645
1.69
1.64

36,981
38,219

$
$
$

386,266
129,906
1,852
518,024
88,095
2,609
(4,793)
85,911
21,313
64,598
1.75
1.69

36,960
38,168

$
$
$

380,892
127,951
2,125
510,968
82,138
2,973
(4,832)
80,279
19,857
60,422
1.65
1.59

36,617
37,938

$
$
$

418,672
133,032
2,314
554,018
48,200
(3,680)
(4,835)
39,685
10,624
29,061
0.80
0.76

36,545
38,126

$
$
$

92

2018
Revenues
Operating expenses

Direct cost of revenues
Selling, general and administrative expenses
Amortization of other intangible assets

Operating income
Interest income and other
Interest expense
Gain on sale of business
Loss on early extinguishment of debt
Income before income tax provision
Income tax provision
Net income
Earnings per common share — basic (1)
Earnings per common share — diluted (1)
Weighted average common shares outstanding

Basic
Diluted

March 31

June 30

September 30

December 31

Quarter Ended

$

497,774

$

512,098

$

513,012

$

504,993

321,117
112,128
2,270
435,515
62,259
(1,800)
(6,244)
—
—
54,215
15,270
38,945
1.06
1.04

36,700
37,612

$
$
$

330,318
117,897
2,052
450,267
61,831
2,474
(6,583)
—
—
57,722
14,113
43,609
1.18
1.14

37,001
38,271

$
$
$

336,477
117,448
1,975
455,900
57,112
1,400
(7,246)
13,031
—
64,297
19,964
44,333
1.19
1.14

37,318
38,756

$
$
$

340,162
118,163
1,865
460,190
44,803
2,903
(7,076)
—
(9,072)
31,558
7,834
23,724
0.63
0.61

37,368
38,628

$
$
$

(1)

The sum of the quarterly earnings per share amounts may not equal the annual amounts due to changes in the weighted
average number of common shares outstanding during each quarterly period.

93

ITEM 9.
FINANCIAL DISCLOSURE

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND

None.

ITEM 9A.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

An evaluation of the effectiveness of the design and operation of our “disclosure controls and procedures” (as defined in

Rule 13a-15(e) under the Exchange Act), as of the end of the period covered by this Annual Report on Form 10-K was made
under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial
Officer. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure
controls and procedures (a) were effective to ensure that information required to be disclosed by us in reports filed or submitted
under the Exchange Act is timely recorded, processed, summarized and reported, and (b) included, without limitation, controls
and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the
Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief
Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Management’s Report on Internal Control over Financial Reporting

Management’s report on internal control over financial reporting is included in Part II, Item 8, “Financial Statements and

Supplementary Data.”

Changes in Internal Control over Financial Reporting

There have not been any changes in our internal control over financial reporting that occurred during the quarter ended

December 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.

ITEM 9B.

OTHER INFORMATION

None.

94

PART III

Certain information required in Part III is omitted from this report but is incorporated herein by reference from our

definitive proxy statement for the 2020 Annual Meeting of Stockholders to be filed within 120 days after the end of our fiscal
year ended December 31, 2019, pursuant to Regulation 14A with the U.S. Securities and Exchange Commission ("SEC").

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information contained in our proxy statement under the captions “Information About the Board of Directors and
Committees,” “Corporate Governance” and “Information About Our Executive Officers and Compensation” is incorporated
herein by reference.

We have adopted the FTI Consulting, Inc. Code of Ethics and Business Conduct (“Code of Ethics”), which applies to

our Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer and
Controller, and our other financial professionals, as well as all our other executive officers, including chief strategy and
transformation officer, chief human resources officer, general counsel, and chief risk officer, and our other officers, directors,
employees and independent contractors. The Code of Ethics is publicly available on our website at http://
www.fticonsulting.com/~/media/Files/us-files/our-firm/guidelines/fti-code-of-conduct.pdf. If we make any substantive
amendments to the Code of Ethics or grant any waiver, including any implicit waiver, from a provision of the Code of Ethics to
our President, Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer and Controller or persons performing
similar functions, other executive officers or directors, we will disclose the nature of such amendment or waiver on our website
within four business days following the date of the amendment or waiver, or in a Current Report on Form 8-K filed with the
SEC. We will provide a copy of our Code of Ethics without charge upon request to our Corporate Secretary, FTI Consulting,
Inc., 6300 Blair Hill Lane, Suite 303, Baltimore, Maryland 21209.

ITEM 11.

EXECUTIVE COMPENSATION

The information contained in our proxy statement under the caption “Information About Our Executive Officers and

Compensation” is incorporated herein by reference.

ITEM 12.
RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND

The information contained in our proxy statement under the captions “Security Ownership of Certain Beneficial Owners

and Management” and this Annual Report under the caption Part II, Item 5, “Market for the Registrant’s Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities — Securities Authorized for Issuance under Equity
Compensation Plans” is incorporated herein by reference.

ITEM 13.
INDEPENDENCE

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR

The information contained in our proxy statement under the captions “Certain Relationships and Related Party

Transactions,” “Information About the Board of Directors and Committees,” and “Corporate Governance” is incorporated
herein by reference.

ITEM 14.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information contained in our proxy statement under the caption “Principal Accountant Fees and Services” is

incorporated herein by reference.

95

ITEM 15.

EXHIBITS AND FINANCIAL STATEMENT SCHEDULE

(a)

(1) The following financial statements are included in this Annual Report:
Management’s Report on Internal Control over Financial Reporting

PART IV

Report of Independent Registered Public Accounting Firm — Internal Control over Financial Reporting

Report of Independent Registered Public Accounting Firm — Consolidated Financial Statements

Consolidated Balance Sheets — December 31, 2019 and 2018

Consolidated Statements of Comprehensive Income — Years Ended December 31, 2019, 2018 and 2017

Consolidated Statements of Stockholders’ Equity — Years Ended December 31, 2019, 2018 and 2017

Consolidated Statements of Cash Flows — Years Ended December 31, 2019, 2018 and 2017

Notes to Consolidated Financial Statements

(2) The following financial statement schedule is included in this Annual Report:

Schedule II — Valuation and Qualifying Accounts

All schedules, other than the schedule listed above, are omitted as the information is not required or is otherwise
provided.

96

FTI Consulting, Inc. and Subsidiaries
Schedule II — Valuation and Qualifying Accounts
(in thousands)

Description
Year Ended December 31, 2019

Reserves and allowances deducted from asset

accounts:

Allowance for doubtful accounts and unbilled

services

Valuation allowance for deferred tax asset

Year Ended December 31, 2018

Reserves and allowances deducted from asset

accounts:

Allowance for doubtful accounts and unbilled

services

Valuation allowance for deferred tax asset

Year Ended December 31, 2017

Reserves and allowances deducted from asset

accounts:

Allowance for doubtful accounts and unbilled

services

Valuation allowance for deferred tax asset

Additions

Balance
at
Beginning
of Period

Charged
to
Expense

Charged
to Other
Accounts*

Deductions**

Balance
at End
of
Period

$ 202,394

$

21,929

$

$

19,602

$

56,238

$

12,734

$ 265,500

— $

— $

2,064

$ 19,865

$ 180,687
21,621
$

$
$

17,872
308

$
$

25,300

$
— $

21,465

$ 202,394
— $ 21,929

$ 178,819

$

18,900

$

$

15,386

2,721

$

$

9,656

$

23,174

$ 180,687

— $

— $ 21,621

* Includes estimated provision for unbilled services recorded as a reduction to revenues (i.e., fee, rate and other adjustments).
** Includes estimated direct write-offs of uncollectible and unrealizable accounts receivable.

97

Exhibit
Number

Description of Exhibits

3.1

3.2

3.3

3.4

3.5

4.1

4.2

4.3 †

10.1 *

10.2 *

10.3 *

10.4 *

10.5 *

10.6 *

Articles of Incorporation of FTI Consulting, Inc., as Amended and Restated. (Filed with the Securities and
Exchange Commission on May 23, 2003 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-
K dated May 21, 2003 and incorporated herein by reference.)

Articles of Amendment dated June 1, 2011 to Charter of FTI Consulting, Inc. (Filed with the Securities and
Exchange Commission on June 2, 2011 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K
dated June 1, 2011 and incorporated herein by reference.)

Bylaws of FTI Consulting, Inc., as Amended and Restated on June 1, 2011. (Filed with the Securities and
Exchange Commission on June 2, 2011 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K
dated June 1, 2011 and incorporated herein by reference.)

Amendment No. 1 to Bylaws of FTI Consulting, Inc. (Filed with the Securities and Exchange Commission
on December 16, 2013 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated December
13, 2013 and incorporated herein by reference.)

Amendment No. 2 to Amended and Restated Bylaws of FTI Consulting, Inc. (Filed with the SEC on
September 22, 2014 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated September
17, 2014 and incorporated herein by reference.)

Indenture, dated as of August 20, 2018, between FTI Consulting, Inc. and U.S. Bank National Association,
as Trustee. (Filed with the Securities and Exchange Commission on August 20, 2018 as an exhibit to FTI
Consulting, Inc.’s Current Report on Form 8-K dated August 20, 2018 and incorporated herein by
reference.)

Form of 2.0% Convertible Senior Notes due 2023 (included in Exhibit 4.1). (Filed with the Securities and
Exchange Commission on August 20, 2018 as an exhibit to FTI Consulting, Inc.’s Current Report on
Form 8-K dated August 14, 2018 and incorporated herein by reference.)

Description of Securities.

FTI Consulting, Inc. 2004 Long-Term Incentive Plan, as Amended and Restated as of April 27, 2005. (Filed
with the Securities and Exchange Commission on May 24, 2005 as an exhibit to FTI Consulting, Inc.’s
Current Report on Form 8-K dated May 18, 2005 and incorporated herein by reference.)

Form of Incentive Stock Option Agreement used with 2004 Long-Term Incentive Plan. (Filed with the
Securities and Exchange Commission on November 9, 2004 as an exhibit to FTI Consulting, Inc.’s
Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 and incorporated herein by
reference.)

Form of Restricted Stock Agreement used with 2004 Long-Term Incentive Plan, as amended. (Filed with
the Securities and Exchange Commission on November 9, 2004 as an exhibit to FTI Consulting, Inc.’s
Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 and incorporated herein by
reference.)

FTI Consulting, Inc. Non-Employee Director Compensation Plan established effective April 27, 2005.
(Filed with the Securities and Exchange Commission on May 24, 2005 as an exhibit to FTI Consulting,
Inc.’s Current Report on Form 8-K dated May 18, 2005 and incorporated herein by reference.)

Form of FTI Consulting, Inc. Non-Employee Director Compensation Plan Stock Option Agreement. (Filed
with the Securities and Exchange Commission on May 24, 2005 as an exhibit to FTI Consulting, Inc.’s
Current Report on Form 8-K dated May 18, 2005 and incorporated herein by reference.)

Form of FTI Consulting, Inc. Non-Employee Director Compensation Plan Restricted Stock Agreement.
(Filed with the Securities and Exchange Commission on May 24, 2005 as an exhibit to FTI Consulting,
Inc.’s Current Report on Form 8-K dated May 18, 2005 and incorporated herein by reference.)

98

Exhibit
Number

10.7 *

10.8 *

10.9 *

10.10 *

10.11 *

10.12 *

10.13 *

10.14 *

10.15 *

10.16 *

10.17 *

10.18 *

10.19 *

10.20 *

Description of Exhibits

Form of FTI Consulting, Inc. Non-Employee Director Compensation Plan Stock Unit Agreement. (Filed
with the Securities and Exchange Commission on May 24, 2005 as an exhibit to FTI Consulting, Inc.’s
Current Report on Form 8-K dated May 18, 2005 and incorporated herein by reference.)

Form of Nonqualified Stock Option Agreement used with 2004 Long-Term Incentive Plan. (Filed with the
Securities and Exchange Commission on January 13, 2006 as an exhibit to FTI Consulting, Inc.’s
Registration Statement on Form S-4/A and incorporated herein by reference.)

Amendment to FTI Consulting, Inc. 2004 Long-Term Incentive Plan, as Amended and Restated Effective
April 27, 2005. (Filed with the Securities and Exchange Commission on March 31, 2006 as an exhibit to
FTI Consulting, Inc.’s Current Report on Form 8-K dated March 29, 2006 and incorporated herein by
reference.)

Amendment dated as of June 6, 2006 to the FTI Consulting, Inc. Non-Employee Director Compensation
Plan. (Filed with the Securities and Exchange Commission on June 7, 2006 as an exhibit to FTI Consulting,
Inc.’s Current Report on Form 8-K dated June 6, 2006 and incorporated herein by reference.)

Amendment dated as of June 6, 2006 to the FTI Consulting, Inc. 2004 Long-Term Incentive Plan, as
Amended and Restated Effective as of April 27, 2005, as further amended. (Filed with the Securities and
Exchange Commission on June 7, 2006 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K
dated June 6, 2006 and incorporated herein by reference.)

FTI Consulting, Inc. 2006 Global Long-Term Incentive Plan. (Filed with the Securities and Exchange
Commission on June 6, 2006 as exhibit 4.3 to FTI Consulting, Inc.’s Registration Statement on Form S-8
(333-134789) and incorporated herein by reference.)

Form of FTI Consulting, Inc. 2006 Global Long-Term Incentive Plan Incentive Stock Option Agreement.
(Filed with the Securities and Exchange Commission on June 6, 2006 as an exhibit to FTI Consulting, Inc.’s
Registration Statement on Form S-8 (333-134789) and incorporated herein by reference.)

Form of FTI Consulting, Inc. 2006 Global Long-Term Incentive Plan Restricted Stock Agreement. (Filed
with the Securities and Exchange Commission on June 6, 2006 as an exhibit to FTI Consulting, Inc.’s
Registration Statement on Form S-8 (333-134789) and incorporated herein by reference.)

FTI Consulting, Inc. Deferred Compensation Plan for Key Employees and Non-Employee Directors. (Filed
with the Securities and Exchange Commission on April 28, 2006 as an exhibit to FTI Consulting, Inc.’s
Definitive Proxy Statement on Schedule 14A and incorporated herein by reference.)

Form of FTI Consulting, Inc. Deferred Compensation Plan For Key Employees and Non-Employee
Directors Restricted Stock Unit Agreement for Non-Employee Directors. (Filed with the Securities and
Exchange Commission on June 6, 2006 as an exhibit to FTI Consulting, Inc.’s Registration Statement on
Form S-8 (333-134790) and incorporated herein by reference.)

Form of FTI Consulting, Inc. Deferred Compensation Plan For Key Employees and Non-Employee
Directors Stock Unit Agreement for Non-Employee Directors. (Filed with the Securities and Exchange
Commission on June 6, 2006 as an exhibit to FTI Consulting, Inc.’s Registration Statement on Form S-8
(333-134790) and incorporated herein by reference.)

FTI Consulting, Inc. 2007 Employee Stock Purchase Plan. (Filed with the Securities and Exchange
Commission on April 28, 2006 as an exhibit to FTI Consulting, Inc.’s Definitive Proxy Statement on
Schedule 14A and incorporated herein by reference.)

FTI Consulting, Inc. 2006 Global Long-Term Incentive Plan, Amended and Restated Effective October 25,
2006. (Filed with the Securities and Exchange Commission on October 26, 2006 as an exhibit to FTI
Consulting, Inc.’s Current Report on Form 8-K dated October 25, 2006 and incorporated herein by
reference.)

FTI Consulting, Inc. 2006 Global Long-Term Incentive Plan/Appendix II: Australian Sub-Plan. (Filed with
the Securities and Exchange Commission on December 15, 2006 as an exhibit to FTI Consulting, Inc.’s
Registration Statement on Form S-4 (File No. 333-139407) and incorporated herein by reference.)

99

Exhibit
Number

10.21 *

10.22 *

10.23 *

10.24 *

10.25 *

10.27 *

10.28 *

10.29 *

10.30 *

10.31 *

10.32 *

10.33 *

Description of Exhibits

FTI Consulting, Inc. 2006 Global Long-Term Incentive Plan/Appendix III: Ireland Sub-Plan. (Filed with the
Securities and Exchange Commission on December 15, 2006 as an exhibit to FTI Consulting, Inc.’s
Registration Statement on Form S-4 (File No. 333-139407) and incorporated herein by reference.)

FTI Consulting, Inc. 2006 Global Long-Term Incentive Plan/Appendix IV: United Kingdom Sub-Plan.
(Filed with the Securities and Exchange Commission on December 15, 2006 as an exhibit to FTI
Consulting, Inc.’s Registration Statement on Form S-4 (File No. 333-139407) and incorporated herein by
reference.)

FTI Consulting, Inc. Non-Employee Director Compensation Plan Stock Option Agreement under FTI
Consulting, Inc. 2006 Global Long-Term Incentive Plan. (Filed with the Securities and Exchange
Commission on December 13, 2006 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K
dated December 11, 2006 and incorporated herein by reference.)

FTI Consulting, Inc. Non-Employee Director Compensation Plan Restricted Stock Agreement under FTI
Consulting, Inc. 2006 Global Long-Term Incentive Plan. (Filed with the Securities and Exchange
Commission on December 13, 2006 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K
dated December 11, 2006 and incorporated herein by reference.)

FTI Consulting, Inc. Non-Qualified Stock Option Agreement under FTI Consulting, Inc. 2006 Global Long-
Term Incentive Plan. (Filed with the Securities and Exchange Commission on May 9, 2007 as an exhibit to
FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 and
incorporated herein by reference.)

FTI Consulting, Inc. Non-Employee Director Compensation Plan Amended and Restated Effective as of
February 20, 2008. (Filed with the Securities and Exchange Commission on May 7, 2008 as an exhibit to
FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 and
incorporated herein by reference.)

FTI Consulting, Inc. Deferred Compensation Plan For Key Employees and Non-Employee Directors
Restricted Stock Unit Agreement for Non-Employee Directors Under the Non-Employee Director
Compensation Plan, as Amended and Restated Effective as of February 20, 2008. (Filed with the Securities
and Exchange Commission on May 7, 2008 as an exhibit to FTI Consulting, Inc.’s Quarterly Report on
Form 10-Q for the quarter ended March 31, 2008 and incorporated herein by reference.)

FTI Consulting, Inc. 2006 Global Long-Term Incentive Plan Restricted Stock Agreement Under the Non-
Employee Director Compensation Plan, as Amended and Restated Effective as of February 20, 2008. (Filed
with the Securities and Exchange Commission on May 7, 2008 as an exhibit to FTI Consulting, Inc.’s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 and incorporated herein by
reference.)

Form of Restricted Stock Unit Agreement for Non-Employee Directors under the Non-Employee Director
Compensation Plan, as Amended and Restated Effective as of February 20, 2008. (Filed with the Securities
and Exchange Commission on August 7, 2008 as an exhibit to FTI Consulting, Inc.’s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2008 and incorporated herein by reference.)

Form of Stock Unit Agreement for Non-Employee Directors under the Non-Employee Director
Compensation Plan, as Amended and Restated Effective as of February 20, 2008. (Filed with the Securities
and Exchange Commission on August 7, 2008 as an exhibit to FTI Consulting, Inc.’s Quarterly Report on
Form 10-Q for the quarter ended June 30, 2008 and incorporated herein by reference.)

Form of FTI Consulting, Inc. 2004 Long-Term Incentive Plan Incentive Stock Option Agreement. (Filed
with the Securities and Exchange Commission on August 7, 2008 as an exhibit to FTI Consulting, Inc.’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 and incorporated herein by reference.)

FTI Consulting, Inc. 2006 Global Long-Term Incentive Plan (Amended and Restated Effective as of
May 14, 2008). (Filed with the Securities and Exchange Commission on August 7, 2008 as an exhibit to FTI
Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 and incorporated
herein by reference.)

100

Exhibit
Number

10.34 *

10.36 *

10.37 *

10.38 *

10.39 *

10.40 *

10.41 *

10.42 *

10.43 *

10.44 *

10.45 *

10.46 *

10.47 *

Description of Exhibits

Form of FTI Consulting, Inc. 2006 Global Long-Term Incentive Plan Restricted Stock Agreement under the
Non-Employee Director Compensation Plan, as Amended and Restated Effective as of February 20, 2008.
(Filed with the Securities and Exchange Commission on August 7, 2008 as an exhibit to FTI Consulting,
Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 and incorporated herein by
reference.)

Form of Incentive Stock Option Agreement under the FTI Consulting, Inc. 2006 Global Long-Term
Incentive Plan, as Amended and Restated. (Filed with the Securities and Exchange Commission on
November 6, 2008 as an exhibit to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter
ended September 30, 2008 and incorporated herein by reference.)

FTI Consulting, Inc. 2009 Omnibus Incentive Compensation Plan. (Filed with the Securities and Exchange
Commission on April 23, 2009 as an exhibit to FTI Consulting, Inc.’s Definitive Proxy Statement and
incorporated herein by reference.)

Form of FTI Consulting, Inc. 2009 Omnibus Incentive Compensation Plan Incentive Stock Option
Agreement. (Filed with the Securities and Exchange Commission on June 3, 2009 as an exhibit to FTI
Consulting, Inc.’s Current Report on Form 8-K dated June 3, 2009 and incorporated herein by reference.)

Form of FTI Consulting, Inc. 2009 Omnibus Incentive Compensation Plan Restricted Stock Agreement.
(Filed with the Securities and Exchange Commission on June 3, 2009 as an exhibit to FTI Consulting, Inc.’s
Current Report on Form 8-K dated June 3, 2009 and incorporated herein by reference.)

Form of FTI Consulting, Inc. 2009 Omnibus Incentive Compensation Plan Restricted Stock Unit Agreement
for Non-Employee Directors. (Filed with the Securities and Exchange Commission on June 3, 2009 as an
exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated June 3, 2009 and incorporated herein by
reference).

Form of FTI Consulting, Inc. 2009 Omnibus Incentive Compensation Plan Stock Unit Agreement for Non-
Employee Directors. (Filed with the Securities and Exchange Commission on June 3, 2009 as an exhibit to
FTI Consulting, Inc.’s Current Report on Form 8-K dated June 3, 2009 and incorporated herein by
reference.)

Form of FTI Consulting, Inc. 2009 Omnibus Incentive Compensation Plan Restricted Stock Agreement for
Non-Employee Directors. (Filed with the Securities and Exchange Commission on June 3, 2009 as an
exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated June 3, 2009 and incorporated herein by
reference.)

Form of FTI Consulting, Inc. 2009 Omnibus Incentive Compensation Plan Nonstatutory Stock Option
Agreement. (Filed with the Securities and Exchange Commission on June 3, 2009 as an exhibit to FTI
Consulting, Inc.’s Current Report on Form 8-K dated June 3, 2009 and incorporated herein by reference.)

FTI Consulting, Inc. 2009 Omnibus Incentive Compensation Plan Cash-Based Performance Award
Agreement. (Filed with the Securities and Exchange Commission on March 29, 2010 as an exhibit to FTI
Consulting, Inc.’s Current Report on Form 8-K dated March 25, 2010 and incorporated herein by
reference.)

FTI Consulting, Inc. 2009 Omnibus Incentive Compensation Plan as Amended and Restated Effective as of
June 2, 2010. (Filed with the Securities and Exchange Commission on April 23, 2010 as Appendix A to FTI
Consulting, Inc.’s Definitive Proxy Statement dated April 23, 2010 and incorporated herein by reference.)

FTI Consulting, Inc. Incentive Compensation Plan. (Filed with the Securities and Exchange Commission on
April 18, 2011 as an exhibit to FTI Consulting, Inc.’s Definitive Proxy Statement on Schedule 14A and
incorporated herein by reference.)

Employment Agreement dated as of December 13, 2013, by and between FTI Consulting, Inc. and Steven
Gunby. (Filed with the Securities and Exchange Commission on December 16, 2013 as an exhibit to FTI
Consulting, Inc.’s Current Report on Form 8-K dated December 13, 2013 and incorporated herein by
reference.)

101

Exhibit
Number

10.48 *

10.49 *

10.50 *

10.51 *

10.52 *

10.53 *

10.54 *

10.55 *

10.56 *

10.57 *

10.58 *

10.59 *

10.60 **

Description of Exhibits

Form of Cash-Based Stock Appreciation Right Award Agreement. (Filed with the Securities and Exchange
Commission on March 27, 2014 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated
March 26, 2014 and incorporated herein by reference.)

Form of Cash Unit Award Agreement. (Filed with the Securities and Exchange Commission on March 27,
2014 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated March 26, 2014 and
incorporated herein by reference.)

Form of Cash-Based Performance Award Agreement. (Filed with the Securities and Exchange Commission
on March 27, 2014 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated March 26,
2014 and incorporated herein by reference.)

Form of FTI Consulting, Inc. Restricted Stock Agreement for Employment Inducement Awards to Chief
Financial Officer and Chief Strategy and Transformation Officer. (Filed with the Securities and Exchange
Commission on August 22, 2014 as an exhibit to FTI Consulting, Inc.’s Registration Statement on Form S-8
(File No.: 333-198311) and incorporated herein by reference.)

Form of FTI Consulting, Inc. Non-Statutory Stock Option Agreement for Employment Inducement Award
to Chief Financial Officer and Chief Strategy and Transformation Officer. (Filed with the Securities and
Exchange Commission on August 22, 2014 as an exhibit to FTI Consulting, Inc.’s Registration Statement on
Form S-8 (File No.: 333-198311) and incorporated herein by reference.)

Offer of Employment Letter dated July 15, 2014, by and between FTI Consulting, Inc. and Paul Linton.
(Filed with the Securities and Exchange Commission on October 30, 2014 as an exhibit to FTI Consulting,
Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 and incorporated herein by
reference.)

Offer of Employment Letter dated July 2, 2014, by and between FTI Consulting, Inc. and Holly Paul. (Filed
with the Securities and Exchange Commission on October 30, 2014 as an exhibit to FTI Consulting, Inc.’s
Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 and incorporated herein by
reference.)

Amendment No. 1 to Offer of Employment Letter dated July 27, 2014, by and between FTI Consulting, Inc.
and Holly Paul. (Filed with the Securities and Exchange Commission on October 30, 2014 as an exhibit to
FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 and
incorporated herein by reference.)

The FTI Consulting, Inc. 2009 Omnibus Incentive Compensation Plan (Amended and Restated Effective as
of June 3, 2015). (Filed as Appendix A to FTI Consulting, Inc.’s Definitive Proxy Statement on Schedule
14A filed with the SEC on April 21, 2015.)

Form of Non-Statutory Stock Option Award Agreement under FTI Consulting, Inc. 2009 Omnibus Incentive
Compensation Plan (Amended and Restated Effective as of June 3, 2015). (Filed with the Securities and
Exchange Commission on February 25, 2016 as an exhibit to FTI Consulting, Inc.’s Annual Report on Form
10-K for the year ended December 31, 2015 and incorporated herein by reference.)

Form of Incentive Stock Option Award Agreement under FTI Consulting, Inc. 2009 Omnibus Incentive
Compensation Plan (Amended and Restated Effective as of June 3, 2015). (Filed with the Securities and
Exchange Commission on February 25, 2016 as an exhibit to FTI Consulting, Inc.’s Annual Report on Form
10-K for the year ended December 31, 2015 and incorporated herein by reference.)

Form of Restricted Stock Award [or Restricted Stock Unit] Agreement under FTI Consulting, Inc. 2009
Omnibus Incentive Compensation Plan (Amended and Restated Effective as of June 3, 2015). (Filed with
the Securities and Exchange Commission on February 25, 2016 as an exhibit to FTI Consulting, Inc.’s
Annual Report on Form 10-K for the year ended December 31, 2015 and incorporated herein by reference.)

Security Agreement dated as of June 26, 2015, by and among FTI Consulting, Inc., the other grantors party
thereto and Bank of America, N.A., as administrative agent. (Filed as an exhibit to FTI Consulting, Inc.’s
Current Report on Form 8-K dated June 26, 2015 filed with the SEC on June 30, 2015 and incorporated
herein by reference.)

102

Exhibit
Number

10.61 **

10.62 *

10.63

10.64

10.65

10.66

10.67 *

10.68 *

10.69 *

10.70 *

10.71 *

10.72 *

Description of Exhibits

Pledge Agreement, dated as of June 26, 2015, by and among FTI Consulting, Inc., the other pledgors party
thereto and Bank of America, N.A., as administrative agent. (Filed as an exhibit to FTI Consulting, Inc.’s
Current Report on Form 8-K dated June 26, 2015 filed with the SEC on June 30, 2015 and incorporated
herein by reference.)

Employment Letter dated May 14, 2015 between FTI Consulting, Inc. and Curtis Lu. (Filed as an exhibit to
FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed with the
Securities and Exchange Commission on July 30, 2015 and incorporated by reference herein.)

FTI Consulting, Inc. Non-Employee Director Compensation Plan Amended and Restated as of January 1,
2016. (Filed with the Securities and Exchange Commission on February 25, 2016 as an exhibit to FTI
Consulting, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015 and incorporated
herein by reference.)

Form of Deferred Restricted Stock Unit Award Agreement for Non-Employee Directors Pursuant to the FTI
Consulting, Inc. Non-Employee Director Compensation Plan Amended and Restated as of January 1, 2016.
(Filed with the Securities and Exchange Commission on February 25, 2016 as an exhibit to FTI Consulting,
Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015 and incorporated herein by
reference.)

Form of Restricted Stock Unit Award Agreement for Non-Employee Directors Pursuant to the FTI
Consulting, Inc. Non-Employee Director Compensation Plan Amended and Restated as of January 1, 2016.
(Filed with the Securities and Exchange Commission on February 25, 2016 as an exhibit to FTI Consulting,
Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015 and incorporated herein by
reference.)

Form of Restricted Stock [or Restricted Stock Unit] Award Agreement for Non-Employee Directors
Pursuant to the FTI Consulting, Inc. Non-Employee Director Compensation Plan Amended and Restated as
of January 1, 2016. (Filed with the Securities and Exchange Commission on February 25, 2016 as an exhibit
to FTI Consulting, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2015 and
incorporated herein by reference.)

FTI Consulting, Inc. Incentive Compensation Plan. (Filed with the Securities and Exchange Commission as
Appendix A to FTI Consulting, Inc.’s Definitive Proxy Statement on Schedule 14A dated April 20, 2016
filed with the SEC on April 20, 2016 and incorporated herein by reference.)

Offer of Employment Letter dated as of July 5, 2016, by and between FTI Consulting, Inc. and Ajay
Sabherwal. (Filed with the Securities and Exchange Commission as an exhibit to FTI Consulting, Inc.’s
Current Report on Form 8-K dated July 14, 2016 filed with the SEC on July 18, 2016 and incorporated
herein by reference.)

Amendment No. 1 dated as of December 5, 2016 to Employment Agreement made and entered into as of
December 13, 2013, by and between FTI Consulting, Inc. and Steven Gunby. (Filed with the Securities and
Exchange Commission as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated December
5, 2016 filed with the SEC on December 5, 2016 and incorporated herein by reference.)

Amendment No. 2 effective as of March 21, 2017 to Employment Agreement dated as of December 13,
2013, as amended, by and between FTI Consulting, Inc. and Steven Gunby. (Filed with the Securities and
Exchange Commission as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated March 21,
2017, filed with the SEC on March 23, 2017 and incorporated herein by reference.)

Amendment No. 1 effective as of March 21, 2017 to Offer of Employment Letter dated as of July 5, 2016,
by and between FTI Consulting, Inc. and Ajay Sabherwal. (Filed with the Securities and Exchange
Commission as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated March 21, 2017,
filed with the SEC on March 23, 2017 and incorporated herein by reference.)

Amendment No. 1 effective as of March 21, 2017 to Offer of Employment Letter dated July 15, 2014, by
and between FTI Consulting, Inc. and Paul Linton. (Filed with the Securities and Exchange Commission as
an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated March 21, 2017, filed with the SEC
on March 23, 2017 and incorporated herein by reference.)

103

Exhibit
Number

10.73 *

10.74 *

10.75 *

10.76 *

10.77 *

10.78 *

10.79 *

10.80 *

10.81 *

10.82 *

10.83 *

10.84 *

Description of Exhibits

Amendment No. 1 effective as of March 21, 2017 to Employment Letter dated May 14, 2015, by and
between FTI Consulting, Inc. and Curtis Lu. (Filed with the Securities and Exchange Commission as an
exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated March 21, 2017, filed with the SEC on
March 23, 2017 and incorporated herein by reference.)

Amendment No. 2 effective as of March 21, 2017 to Offer of Employment Letter dated July 15, 2014, by
and between FTI Consulting, Inc. and Holly Paul. (Filed with the Securities and Exchange Commission as
an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated March 21, 2017, filed with the SEC
on March 23, 2017 and incorporated herein by reference.)

FTI Consulting, Inc. 2017 Omnibus Incentive Compensation Plan (Effective as of June 7, 2017). (Included
as Appendix A to FTI Consulting, Inc.’s Definitive Proxy Statement on Schedule 14A filed on April 25,
2017 and incorporated herein by reference.)

Form of Executive Long-Term Incentive Pay Restricted Stock Award Agreement under the FTI Consulting,
Inc. 2017 Omnibus Incentive Compensation Plan. (Filed with the Securities and Exchange Commission as
an exhibit to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017,
filed with the SEC on July 27, 2017 and incorporated herein by reference.)

Form of Executive Long-Term Incentive Pay Incentive Stock Option Award Agreement under the FTI
Consulting, Inc. 2017 Omnibus Incentive Compensation Plan. (Filed with the Securities and Exchange
Commission as an exhibit to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended
June 30, 2017, filed with the SEC on July 27, 2017 and incorporated herein by reference.)

Form of Executive Long-Term Incentive Pay Performance-Based Restricted Stock Unit Award Agreement
under the FTI Consulting, Inc. 2017 Omnibus Incentive Compensation Plan. (Filed with the Securities and
Exchange Commission as an exhibit to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2017, filed with the SEC on July 27, 2017 and incorporated herein by reference.)

Form of General Restricted Stock Award Agreement under the FTI Consulting, Inc. 2017 Omnibus
Incentive Compensation Plan. (Filed with the Securities and Exchange Commission as an exhibit to FTI
Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the SEC
on July 27, 2017 and incorporated herein by reference.)

Form of General Restricted Stock Unit Award Agreement under the FTI Consulting, Inc. 2017 Omnibus
Incentive Compensation Plan. (Filed with the Securities and Exchange Commission as an exhibit to FTI
Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the SEC
on July 27, 2017 and incorporated herein by reference.)

Form of General Incentive Stock Option Agreement under the FTI Consulting, Inc. 2017 Omnibus Incentive
Compensation Plan. (Filed with the Securities and Exchange Commission as an exhibit to FTI Consulting,
Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the SEC on July 27,
2017 and incorporated herein by reference.)

Form of General Nonstatutory Stock Option Agreement under the FTI Consulting, Inc. 2017 Omnibus
Incentive Compensation Plan. (Filed with the Securities and Exchange Commission as an exhibit to FTI
Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the SEC
on July 27, 2017 and incorporated herein by reference.)

Form of General Performance-Based Restricted Stock Unit Award Agreement under the FTI Consulting,
Inc. 2017 Omnibus Incentive Compensation Plan. (Filed with the Securities and Exchange Commission as
an exhibit to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017,
filed with the SEC on July 27, 2017 and incorporated herein by reference.)

Form of General Cash Unit Award Agreement under the FTI Consulting, Inc. 2017 Omnibus Incentive
Compensation Plan. (Filed with the Securities and Exchange Commission as an exhibit to FTI Consulting,
Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the SEC on July 27,
2017 and incorporated herein by reference.)

104

Exhibit
Number

10.85 *

10.86 *

10.87 *

10.88 *

10.89 *

10.90 *

10.91 *

10.92 **

10.93 *

10.94 *

10.95 *

10.96 *

Description of Exhibits

Form of General Cash-Based Stock Appreciation Right Award Agreement under the FTI Consulting, Inc.
2017 Omnibus Incentive Compensation Plan. (Filed with the Securities and Exchange Commission as an
exhibit to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed
with the SEC on July 27, 2017 and incorporated herein by reference.)

Form of General Cash-Based Performance Unit Award Agreement under the FTI Consulting, Inc. 2017
Omnibus Incentive Compensation Plan. (Filed with the Securities and Exchange Commission as an exhibit
to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the
SEC on July 27, 2017 and incorporated herein by reference.)

Form of Restricted Stock Award Agreement for Non-Employee Directors under the FTI Consulting, Inc.
2017 Omnibus Incentive Compensation Plan. (Filed with the Securities and Exchange Commission as an
exhibit to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed
with the SEC on July 27, 2017 and incorporated herein by reference.)

Form of Restricted Stock Unit Award Agreement for Non-Employee Directors under the FTI Consulting,
Inc. 2017 Omnibus Incentive Compensation Plan. (Filed with the Securities and Exchange Commission as
an exhibit to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017,
filed with the SEC on July 27, 2017 and incorporated herein by reference.)

Form of Deferred Stock Unit Award Agreement for Non-Employee Directors under the FTI Consulting, Inc.
2017 Omnibus Incentive Compensation Plan. (Filed with the Securities and Exchange Commission as an
exhibit to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed
with the SEC on July 27, 2017 and incorporated herein by reference.)

Form of Deferred Restricted Stock Unit Award Agreement for Non-Employee Directors under the FTI
Consulting, Inc. 2017 Omnibus Incentive Compensation Plan. (Filed with the Securities and Exchange
Commission as an exhibit to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended
June 30, 2017, filed with the SEC on July 27, 2017 and incorporated herein by reference.)

Amendment No. 3 dated March 16, 2018 to that Employment Agreement dated as of December 13, 2013,
by and between FTI Consulting, Inc. and Steven H. Gunby. (Filed with the Securities and Exchange
Commission as an exhibit to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2018, filed with the SEC on April 26, 2018 and incorporated herein by reference.)

Amendment and Restatement Agreement, dated as of November 30, 2018, among FTI Consulting, Inc., a
Maryland corporation, the Subsidiaries of the Company party thereto, as Guarantors, the Lenders and L/C
Issuers party thereto and Bank of America, N.A., as administrative agent (including Annex C-Amended and
Restated Credit Agreement dated as of November 30, 2018), by and among FTI Consulting, Inc., the
designated borrowers party thereto, the guarantors party thereto, the lenders party thereto, and Bank of
America, N.A., as administrative agent. (Filed with the Securities and Exchange Commission on December
3, 2018 as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated November 30, 2018 and
incorporated herein by reference.)

Amendment No. 4 dated as of February 28, 2019 to Employment Agreement dated as of December 13,
2013, by and between FTI Consulting, Inc. and Steven H. Gunby. (Filed with the Securities and Exchange
Commission as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated February 28, 2020,
filed with the SEC on March 4, 2019 and incorporated herein by reference.)

Amendment No. 2 effective as of February 28, 2019 to Offer of Employment Letter dated as of July 5,
2016, by and between FTI Consulting, Inc. and Ajay Sabherwal. (Filed with the Securities and Exchange
Commission as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated February 28, 2020,
filed with the SEC on March 4, 2019 and incorporated herein by reference.)

Amendment No. 2 effective as of February 28, 2019 to Offer of Employment Letter dated as of July 15,
2014, by and between FTI Consulting, Inc. and Paul Linton. (Filed with the Securities and Exchange
Commission as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated February 28, 2020,
filed with the SEC on March 4, 2019 and incorporated herein by reference.)

Amendment No. 2 effective as of February 28, 2019 to Offer of Employment Letter dated as of May 14,
2015, by and between FTI Consulting, Inc. and Curtis Lu. (Filed with the Securities and Exchange
Commission as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated February 28, 2020,
filed with the SEC on March 4, 2019 and incorporated herein by reference.)

105

Exhibit
Number

10.97 *

10.98 *

10.99 *

11.1 †

14.0

21.1 †

23.0 †

31.1 †

31.2 †

32.1 †

32.2 †

99.1

99.2

99.3

99.4

Description of Exhibits

Amendment No. 3 effective as of February 28, 2019 to Offer of Employment Letter dated as of July 15,
2014, by and between FTI Consulting, Inc. and Holly Paul. (Filed with the Securities and Exchange
Commission as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated February 28, 2020,
filed with the SEC on March 4, 2019 and incorporated herein by reference.)

Offer Letter dated as of March 1, 2019, by and between FTI Consulting, Inc. and Brendan Keating. (Filed
with the Securities and Exchange Commission as an exhibit to FTI Consulting, Inc.’s Current Report on
Form 8-K dated March 6, 2020, filed with the SEC on March 7, 2019 and incorporated herein by reference.)

Amendment No. 5 made and entered into as of January 8, 2020 to Employment Agreement dated December
13, 2013, by and between FTI Consulting, Inc. and Steven H. Gunby. (Filed with the Securities and
Exchange Commission as an exhibit to FTI Consulting, Inc.’s Current Report on Form 8-K dated January 9,
2020, filed with the SEC on January 13, 2020 and incorporated herein by reference.)

Computation of Earnings per Share (included in Note 3 to the Consolidated Financial Statements included
in Part II, Item 8 herein).

FTI Consulting, Inc. Code of Ethics and Business Conduct, as Amended and Restated effective February 21,
2018. (Filed with the Securities and Exchange Commission as an exhibit to FTI Consulting, Inc.’s Annual
Report on Form 10-K for the Year Ended December 31, 2018, filed with the SEC on February 27, 2019 and
incorporated herein by reference.)

Subsidiaries of FTI Consulting, Inc.

Consent of KPMG LLP.

Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities
Exchange Act of 1934, as amended (Section 302 of the Sarbanes-Oxley Act of 2002).

Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities
Exchange Act of 1934, as amended (Section 302 of the Sarbanes-Oxley Act of 2002).

Certification of Principal Executive Officer Pursuant to 18 USC. Section 1350 (Section 906 of the
Sarbanes-Oxley Act of 2002).

Certification of Principal Financial Officer Pursuant to 18 USC. Section 1350 (Section 906 of the Sarbanes-
Oxley Act of 2002).

Policy on Disclosure Controls, as Amended and Restated Effective as of January 1, 2016. (Filed with the
Securities and Exchange Commission as an exhibit to FTI Consulting, Inc.’s Annual Report on Form 10-K
for the year ended December 31, 2016, filed with the SEC on February 28, 2017 and incorporated herein by
reference.)

Policy on Inside Information and Insider Trading, as Amended and Restated Effective January 1, 2016.
(Filed with the Securities and Exchange Commission as an exhibit to FTI Consulting, Inc.’s Annual Report
on Form 10-K for the year ended December 31, 2016, filed with the SEC on February 28, 2017 and
incorporated herein by reference.)

Corporate Governance Guidelines, as last Amended and Restated Effective as of September 20, 2018. (Filed
with the Securities and Exchange Commission as an exhibit to FTI Consulting, Inc.’s Annual Report on
Form 10-K for the Year Ended December 31, 2018, filed with the SEC on February 27, 2019 and
incorporated herein by reference.)

Categorical Standards of Director Independence, as last Amended and Restated Effective as of February 25,
2009. (Filed with the Securities and Exchange Commission on February 28, 2013 as an exhibit to FTI
Consulting, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012 and incorporated
herein by reference.)

106

Exhibit
Number

99.5

99.6

99.7

99.8

101

104

Description of Exhibits

Charter of Audit Committee of the Board of Directors, as last Amended and Restated Effective as of
February 23, 2011. (Filed with the Securities and Exchange Commission on April 18, 2011 as an exhibit to
FTI Consulting, Inc.’s Definitive Proxy Statement on Schedule 14A and incorporated herein by reference.)

Charter of the Compensation Committee of the Board of Directors, as last Amended and Restated Effective
as of February 27, 2013. (Filed with the Securities and Exchange Commission on May 9, 2013 as an exhibit
to FTI Consulting, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 and
incorporated herein by reference.)

Charter of the Nominating and Corporate Governance Committee, as last Amended and Restated Effective
as of December 16, 2009. (Filed with the Securities and Exchange Commission on February 26, 2010 as an
exhibit to FTI Consulting, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2009 and
incorporated herein by reference.)

Anti-Corruption Policy, as Amended and Restated Effective February 19, 2014. (Filed with the Securities
and Exchange Commission on May 2, 2014 as an exhibit to FTI Consulting, Inc.’s Quarterly Report on
Form 10-Q for the quarter ended March 31, 2014 and incorporated herein by reference.)

The following financial information from the Annual Report on Form 10-K of FTI Consulting, Inc. for the
year ended December 31, 2019, included herewith, and formatted in Inline XBRL (eXtensible Business
Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Comprehensive
Income; (iii) Consolidated Statements of Stockholders’ Equity; (iv) Consolidated Statements of Cash Flows;
and (v) Notes to the Consolidated Financial Statements, tagged as blocks of text.

The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2019,
formatted in Inline XBRL (included as Exhibit 101).

* Management contract or compensatory plan or arrangement.
† Filed or furnished herewith.
** With certain exceptions, annexes, exhibits and schedules (or similar attachments) to the Amendment and Restatement

Agreement and exhibits and Schedules to the Amended and Restated Credit Agreement are not filed. FTI Consulting, Inc.
will furnish supplementally a copy of any omitted annex, exhibit or schedule to the Securities and Exchange Commission
upon request.

ITEM 16.

FORM 10-K SUMMARY

None.

107

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned; thereunto duly authorized this 25th day of February 2020.

SIGNATURES

FTI CONSULTING, INC.

By:
Name:
Title:

/s/ STEVEN H. GUNBY

Steven H. Gunby

President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following

persons on behalf of the Registrant and in the capacities and on the dates indicated.

SIGNATURE

CAPACITY IN WHICH SIGNED

DATE

/s/ STEVEN H. GUNBY

Steven H. Gunby

/s/ AJAY SABHERWAL

Ajay Sabherwal

/s/ BRENDAN KEATING

Brendan Keating
/s/ GERARD E. HOLTHAUS

Gerard E. Holthaus
/s/ BRENDA J. BACON

Brenda J. Bacon
/s/ MARK S. BARTLETT

Mark S. Bartlett
/s/ CLAUDIO COSTAMAGNA

Claudio Costamagna
/s/ VERNON ELLIS

Vernon Ellis
/s/ NICHOLAS C. FANANDAKIS

Nicholas C. Fanandakis
/s/ LAUREEN E. SEEGER

Laureen E. Seeger

President, Chief Executive Officer
and Director
(Principal Executive Officer)

February 25, 2020

Chief Financial Officer
(Principal Financial Officer)

February 25, 2020

Chief Accounting Officer and Controller
(Principal Accounting Officer)

February 25, 2020

Director and Chairman of the Board

February 25, 2020

February 25, 2020

February 25, 2020

February 25, 2020

February 25, 2020

February 25, 2020

February 25, 2020

Director

Director

Director

Director

Director

Director

108

Performance Graph

The graph below compares the cumulative total stockholder return on our common stock from December 31, 2014 through December 
(cid:1061)(cid:1059)(cid:1103)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:50)(cid:36)(cid:47)(cid:35)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:30)(cid:48)(cid:40)(cid:48)(cid:39)(cid:28)(cid:47)(cid:36)(cid:49)(cid:32)(cid:1)(cid:47)(cid:42)(cid:47)(cid:28)(cid:39)(cid:1)(cid:45)(cid:32)(cid:47)(cid:48)(cid:45)(cid:41)(cid:1)(cid:42)(cid:33)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:20)(cid:1057)(cid:17)(cid:1)(cid:1063)(cid:1058)(cid:1058)(cid:1)(cid:10)(cid:41)(cid:31)(cid:32)(cid:51)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:42)(cid:48)(cid:45)(cid:1)(cid:30)(cid:48)(cid:46)(cid:47)(cid:42)(cid:40)(cid:36)(cid:53)(cid:32)(cid:31)(cid:1)(cid:43)(cid:32)(cid:32)(cid:45)(cid:1)(cid:34)(cid:45)(cid:42)(cid:48)(cid:43)(cid:1)(cid:30)(cid:42)(cid:41)(cid:46)(cid:36)(cid:46)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:42)(cid:33)(cid:1)(cid:1894)(cid:49)(cid:32)(cid:1)(cid:30)(cid:42)(cid:40)(cid:43)(cid:28)(cid:41)(cid:36)(cid:32)(cid:46)(cid:1104)(cid:1)(cid:4)(cid:19)(cid:2)(cid:1)
(cid:10)(cid:41)(cid:47)(cid:32)(cid:45)(cid:41)(cid:28)(cid:47)(cid:36)(cid:42)(cid:41)(cid:28)(cid:39)(cid:1103)(cid:1)(cid:10)(cid:41)(cid:30)(cid:1102)(cid:1105)(cid:1)(cid:9)(cid:42)(cid:48)(cid:39)(cid:36)(cid:35)(cid:28)(cid:41)(cid:1)(cid:13)(cid:42)(cid:38)(cid:32)(cid:52)(cid:1)(cid:10)(cid:41)(cid:30)(cid:1102)(cid:1105)(cid:1)(cid:9)(cid:48)(cid:45)(cid:42)(cid:41)(cid:1)(cid:4)(cid:42)(cid:41)(cid:46)(cid:48)(cid:39)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:8)(cid:45)(cid:42)(cid:48)(cid:43)(cid:1)(cid:10)(cid:41)(cid:30)(cid:1102)(cid:1105)(cid:1)(cid:14)(cid:42)(cid:32)(cid:39)(cid:36)(cid:46)(cid:1)(cid:1057)(cid:1)(cid:4)(cid:42)(cid:1102)(cid:1105)(cid:1)(cid:28)(cid:41)(cid:31)(cid:1)(cid:17)(cid:11)(cid:21)(cid:1)(cid:17)(cid:28)(cid:45)(cid:47)(cid:41)(cid:32)(cid:45)(cid:46)(cid:1103)(cid:1)(cid:10)(cid:41)(cid:30)(cid:1102)(cid:1)(cid:1136)(cid:30)(cid:42)(cid:39)(cid:39)(cid:32)(cid:30)(cid:47)(cid:36)(cid:49)(cid:32)(cid:39)(cid:52)(cid:1103)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:1115)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:17)(cid:32)(cid:32)(cid:45)(cid:1)
Group”). Our 2019 Peer Group is the same as our self-selected peer group for the year ended December 31, 2018, except that it excludes 
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Comparison of 5-Year Cumulative Total Return*
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$300

$250

$200

$150

$100

$50

$0

12/14

12/15

12/16

12/17

12/18

12/19

FTI Consulting, Inc.

S&P 500

2019 Peer Group

*$100 invested on 12/31/14 in stock or index, including reinvestment of dividends. 
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Copyright© 2020 Standard & Poor’s, a division of S&P Global. All rights reserved.

FTI Consulting, Inc.

S&P 500

2019 Peer Group

12/14

100.00

100.00

100.00

12/15

89.72

101.38

86.70

12/16

116.70

113.51

91.07

12/17

111.21

138.29

111.43

12/18

172.51

132.23

100.79

12/19

286.46

173.86

122.38

Copyright© 2020 Standard & Poor’s, a division of S&P Global. All rights reserved. 

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CORPORATE LEADERSHIP

BUSINESS LEADERSHIP

BOARD OF DIRECTORS 

CORPORATE INFORMATION

Steven H. Gunby

Michael C. Eisenband

Gerard E. Holthaus

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Global Segment Co-Leader  

Non-Executive Chairman of the Board 

555 12th Street NW 

Ajay Sabherwal

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Corporate Finance & Restructuring

of FTI Consulting, Inc. and 

Washington, D.C. 20004 

Non-Executive Chairman of the Board 

+1.202.312.9100

Carlyn R. Taylor

of WillScot Corporation

Global Segment Co-Leader  

Principal Maryland Place  

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Corporate Finance & Restructuring and 

Steven H. Gunby

of Business 

Head of Corporate Business  

FTI Consulting Industry  

President and Chief Executive  

16701 Melford Blvd.

Development and Chief Marketing 

Initiative Leader

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+1.800.334.5701

Paul S. Ficca

Brenda J. Bacon

Brendan J. Keating

Global Segment Leader  

President and Chief Executive  

Annual Shareholder Meeting

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Forensic and Litigation Consulting

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The 2020 Annual Meeting of 

John Klick

Senior Vice President

Paul Linton

Charles D. Overstreet

Global Practice Leader  

Health Solutions

Living LLC

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June 3, 2020, at 9:30 a.m. at 

Mark S. Bartlett

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Former Partner at Ernst & Young LLP

Washington, D.C. 20004*

Chief Strategy and Transformation

Sophie Ross

Claudio Costamagna

Independent Registered Public  

(cid:16)(cid:514)(cid:36)(cid:30)(cid:32)(cid:45)

Global Segment Leader  

Chairman of CC e Soci S.r.l.

Accounting Firm

Curtis P. Lu

General Counsel

Technology

Sir Vernon Ellis

KPMG LLP 

Baltimore, MD

Mark McCall

Former Chair of the Board of Trustees 

Global Segment Leader  

of the British Council

Transfer Agent

Matthew Pachman

Strategic Communications

American Stock Transfer  

Vice President, Chief Risk and  

Nicholas C. Fanandakis

& Trust Company 

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Leslie H. Moeller

Senior Advisor to the Chief Executive 

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Chairman of North and South America

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Holly Paul

Stock

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Kevin Hewitt

Laureen E. Seeger

FTI Consulting’s common stock  

Chairman of Europe, the Middle East 

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& Africa

American Express Company

Exchange (NYSE) under the  

symbol FCN

Investor Relations

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200 State Street, 8th Floor 

Boston, MA 02109 

+ 1.617.747.1791

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(cid:47)(cid:35)(cid:32)(cid:1)(cid:30)(cid:42)(cid:45)(cid:42)(cid:41)(cid:28)(cid:49)(cid:36)(cid:45)(cid:48)(cid:46)(cid:1)(cid:31)(cid:36)(cid:46)(cid:32)(cid:28)(cid:46)(cid:32)(cid:1)(cid:1060)(cid:1058)(cid:1059)(cid:1067)(cid:1)(cid:1136)(cid:4)(cid:42)(cid:49)(cid:36)(cid:31)(cid:1123)(cid:1059)(cid:1067)(cid:1137)(cid:1103)(cid:1)(cid:50)(cid:32)(cid:1)(cid:28)(cid:45)(cid:32)(cid:1)(cid:43)(cid:39)(cid:28)(cid:41)(cid:41)(cid:36)(cid:41)(cid:34)(cid:1)(cid:33)(cid:42)(cid:45)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:43)(cid:42)(cid:46)(cid:46)(cid:36)(cid:29)(cid:36)(cid:39)(cid:36)(cid:47)(cid:52)(cid:1)(cid:47)(cid:35)(cid:28)(cid:47)(cid:1)(cid:47)(cid:35)(cid:32)(cid:1)(cid:28)(cid:41)(cid:41)(cid:48)(cid:28)(cid:39)(cid:1)(cid:40)(cid:32)(cid:32)(cid:47)(cid:36)(cid:41)(cid:34)(cid:1)(cid:40)(cid:28)(cid:52)(cid:1)(cid:29)(cid:32)(cid:1)(cid:35)(cid:32)(cid:39)(cid:31)(cid:1)(cid:46)(cid:42)(cid:39)(cid:32)(cid:39)(cid:52)(cid:1)(cid:29)(cid:52)(cid:1)(cid:40)(cid:32)(cid:28)(cid:41)(cid:46)(cid:1)(cid:42)(cid:33)(cid:1)(cid:45)(cid:32)(cid:40)(cid:42)(cid:47)(cid:32)(cid:1)
communication. If we take that step, we will announce the decision to do so in advance, and details on how to participate will be set forth in 
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555 12th Street NW 
Washington, D.C. 20004 
+1.202.312.9100

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NYSE: FCN

EXPERTS WITH IMPACTTM

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