FTI Consulting, Inc. Reports 2010 Fourth Quarter and Full Year Results

- Record Fourth Quarter Revenues of $356.2 Million; Full Year of $1.4 Billion- Fourth Quarter Diluted EPS of $0.23 including Brand Consolidation Charge of $0.33; Adjusted EPS of $0.56- Full Year Diluted EPS of $1.51; Adjusted EPS of $2.29- Cash and Equivalents of $384.6 Million

WEST PALM BEACH, Fla., Feb. 24, 2011 /PRNewswire via COMTEX/ --

FTI Consulting, Inc. (NYSE: FCN), the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, today reported its financial results for the fourth quarter and the full year ended December 31, 2010.

Revenues for the fourth quarter of 2010 were a fourth quarter record $356.2 million compared to $342.9 million in the prior year period and $346.1 million in the prior sequential quarter. Adjusted earnings per diluted share (EPS) were $0.56 compared to $0.71 in the prior year period. Adjusted EPS exclude a previously announced non-cash charge of approximately $21.8 million, or $0.33 impact on earnings per diluted share, resulting from the decision to unify substantially all operations under a consolidated brand - FTI Consulting - and the associated write off of trade names from certain acquired businesses. GAAP EPS were $0.23. Adjusted EBITDA was $69.3 million, or 19.5 percent of revenues, compared to $80.8 million, or 23.6 percent of revenues, in the prior year period. Adjusted EBITDA, Adjusted Segment EBITDA and Adjusted EPS (which appear in the accompanying tables) are non-GAAP measures and are described in further detail below.

Commenting on these results, Jack Dunn, President and Chief Executive Officer of the Company, said, "Our 2010 fourth quarter results continued the positive momentum we experienced in the third quarter and the validation of our strategy to offer clients a diversified suite of complementary services around the globe for every cycle of the economy. While in the third quarter our four procyclical businesses offset the decline in our core restructuring activities from the prior year, in the fourth quarter, they more than made up the difference, growing at an impressive average combined rate of 12.9%, led by Technology at 23.6% and FLC at 14.2%, while the rate of decline in Corporate Finance/Restructuring continued to slow. Our business outside the U.S. grew by 13% to 21% of total revenue from 19% in the same period last year.

"Just as importantly, we saw the continuing validation of our intellectual capital and market position. In December, our Corporate Finance/Restructuring practice was again recognized by The Deal magazine as the largest global crisis management firm in both dollar volume and number of transactions at more than two and a half times the nearest competitor. Global Competition Review magazine ranked our Economic Consulting team number one amongst competition specialists for its work in such signature matters as Oracle's acquisition of Sun Microsystems and the United Airlines/Continental merger. Our International Arbitration practice was recognized as the leader in the Expert Witness Research category by Who's Who Legal, and our Strategic Communications practice was awarded PR Firm of the Year by Financial Times/mergermarket, leading the league tables in Europe for an unprecedented 10th straight time.

"We enter 2011 with practices that are leaders in their respective markets and a strong financial position, with nearly $385 million in cash and equivalents for acquisitions, share repurchases and investments in our franchise and brand."

During the quarter, the Company generated $99.2 million in cash from operations, and repurchased approximately 416,000 shares of its common stock for a total purchase price of approximately $14.5 million.

Fourth Quarter Segment Results

Corporate Finance/Restructuring

Revenues in the Corporate Finance/Restructuring segment decreased 9.4 percent to $113.2 million from $124.9 million in the fourth quarter of the prior year. Adjusted Segment EBITDA was $28.9 million, or 25.5 percent of segment revenues, compared with $43.8 million, or 35.1 percent of segment revenues, in the prior year quarter. Demand for restructuring services continued to decline from near-record levels a year-ago as a result of continued improvements in the credit markets and the macroeconomic environment. In addition, the segment saw a decline in healthcare and transaction advisory services compared to the fourth quarter of last year. This was partially offset by contributions from its acquired business in Asia, as well as continued growth in Europe. Adjusted Segment EBITDA margins declined from the prior year due to lower demand and a shift in the revenue mix.

Forensic and Litigation Consulting

Revenues in the Forensic and Litigation Consulting segment increased 14.2 percent to $81.0 million from $70.9 million in the fourth quarter of the prior year. Adjusted Segment EBITDA increased to $18.9 million, or 23.4 percent of segment revenues, compared to $16.6 million, or 23.3 percent of segment revenues, in the prior year quarter. Demand improved in litigation and regulated industries, particularly healthcare, as well as trial services and in Asia.

Economic Consulting

Revenues in the Economic Consulting segment increased 1.9 percent to $64.4 million from $63.2 million in the fourth quarter of the prior year. Adjusted Segment EBITDA was $12.9 million, or 20.0 percent of segment revenues, compared to $13.2 million, or 20.9 percent of segment revenues, for the prior year quarter. The segment continued to see growth in its Financial Economics and International Arbitration practices. M&A activity also strengthened.

Technology

Revenues in the Technology segment increased 23.6 percent to $47.7 million from $38.6 million in the fourth quarter of the prior year. Adjusted Segment EBITDA was $17.9 million, or 37.4 percent of segment revenues, compared to $13.6 million, or 35.1 percent of segment revenues, in the prior year quarter. Demand improved in litigation and investigation matters. During the quarter the segment also benefitted from increased direct license revenues and the continued growth of its Acuity(TM) offering. Adjusted Segment EBITDA margins improved from the prior year quarter due to the higher revenues.

Strategic Communications

Revenues in the Strategic Communications segment increased 10.2 percent to $49.9 million from $45.3 million in the fourth quarter of the prior year. Adjusted Segment EBITDA was $7.4 million, or 14.9 percent of segment revenues, compared to $6.7 million, or 14.8 percent of segment revenues, in the prior year quarter. Primary regional contributors to the segment's growth during the quarter were the Americas and Asia-Pacific, which offset a small decline in the UK.

2011 Guidance

Based on current market conditions, the Company estimates that revenues for the year will be between $1.43 billion and $1.49 billion and diluted EPS will be between $2.00 and $2.20. Organic revenue growth is expected to be modest as the trends of the last several quarters are expected to continue. Margins are expected to be lower due to the previously announced costs associated with brand conversion, investments in strengthening infrastructure to support future growth in international markets, higher compensation expense, and increased interest costs associated with the cash raised in October through a bond offering. This guidance assumes no acquisitions and no share repurchases.

Fourth Quarter Conference Call

FTI will hold a conference call for analysts and investors to discuss fourth quarter financial results at 9:00 AM Eastern Time on February 24, 2011. The call can be accessed live and will be available for replay over the Internet for 90 days by logging onto the Company's website, http://www.fticonsulting.com/.

About FTI Consulting

FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 3,600 employees located in most major business centers in the world, we work closely with clients every day to anticipate, illuminate, and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. More information can be found at http://www.fticonsulting.com/.

Use of Non-GAAP Measure

Note: We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets and special charges plus non-operating litigation settlements. We define Adjusted Segment EBITDA as the segment's share of consolidated operating income before depreciation, amortization of intangible assets and special charges plus non-operating litigation settlements. We define Adjusted earnings per diluted share (Adjusted EPS) as earnings per diluted share excluding the per share impact of the special charges and debt extinguishment costs that were incurred in that year. Although Adjusted EBITDA, Adjusted Segment EBITDA and Adjusted EPS are not measures of financial condition or performance determined in accordance with generally accepted accounting principles ("GAAP"), we believe that these measures can be a useful operating performance measure for evaluating our results of operations as compared from period to period and as compared to our competitors. EBITDA is a common alternative measure of operating performance used by investors, financial analysts and rating agencies to value and compare the financial performance of companies in our industry. We use Adjusted EBITDA and Adjusted Segment EBITDA to evaluate and compare the operating performance of our segments.

Adjusted EBITDA, Adjusted Segment EBITDA and Adjusted EPS are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. These non-GAAP measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our statements of income. Reconciliations of operating profit to Adjusted EBITDA, segment operating profit to Adjusted Segment EBITDA and EPS to Adjusted EPS are included in the accompanying tables to today's press release.

Safe Harbor Statement

This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that involve uncertainties and risks. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues, future results and performance, expectations, plans or intentions relating to acquisitions and other matters, business trends and other information that is not historical, including statements regarding estimates of our future financial results. When used in this press release, words such as "estimates," expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts" and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, estimates of our future financial results, are based upon our expectations at the time we make them and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved or that actual results will not differ from expectations. The Company has experienced fluctuating revenues, operating income and cash flow in some prior periods and expects this will occur from time to time in the future. The Company's actual results may differ from our expectations. Further, preliminary results are subject to normal year-end adjustments. Other factors that could cause such differences include adverse financial and real estate market and general economic conditions, the pace and timing of the consummation and integration of past and future acquisitions, the Company's ability to realize cost savings and efficiencies, competitive and general economic conditions, retention of staff and clients and other risks described under the heading "Item 1A. Risk Factors" in the Company's most recent Form 10-K and in the Company's other filings with the Securities and Exchange Commission. We are under no duty to update any of the forward-looking statements to conform such statements to actual results or events and do not intend to do so.

FINANCIAL TABLES FOLLOW

FTI CONSULTING, INC.

CONSOLIDATED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

(in thousands, except per share data)






Year Ended December 31,


2010


2009







Revenues

$ 1,401,461


$ 1,399,946





Operating expenses




Direct cost of revenues

815,776


767,387

Selling, general and administrative expense

341,314


344,318

Special charges

52,020


-

Amortization of other intangible assets

23,910


24,701


1,233,020


1,136,406





Operating income

168,441


263,540





Other income (expense)




Interest income and other

4,423


8,408

Interest expense

(50,263)


(44,923)

Loss on early extinguishment of debt

(5,161)


-


(51,001)


(36,515)





Income before income tax provision

117,440


227,025





Income tax provision

45,550


83,999





Net income

$ 71,890


$ 143,026









Earnings per common share - basic

$ 1.58


$ 2.86

Weighted average common shares outstanding - basic

45,557


49,963





Earnings per common share - diluted

$ 1.51


$ 2.70

Weighted average common shares outstanding - diluted

47,471


53,044

FTI CONSULTING, INC.

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED DECEMBER 31, 2010 AND 2009

(in thousands, except per share data)

(unaudited)






Three Months Ended


December 31,


2010


2009







Revenues

$ 356,248


$ 342,938





Operating expenses




Direct cost of revenues

205,190


187,590

Selling, general and administrative expense

88,915


81,747

Special charges

21,775


-

Amortization of other intangible assets

5,681


6,331


321,561


275,668





Operating income

34,687


67,270





Other income (expense)




Interest income and other

(317)


2,073

Interest expense

(15,663)


(11,446)


(15,980)


(9,373)





Income before income tax provision

18,707


57,897





Income tax provision

8,031


21,324





Net income

$ 10,676


$ 36,573









Earnings per common share - basic

$ 0.24


$ 0.75

Weighted average common shares outstanding - basic

45,110


48,612





Earnings per common share - diluted

$ 0.23


$ 0.71

Weighted average common shares outstanding - diluted

46,693


51,433

FTI CONSULTING, INC.

OPERATING RESULTS BY BUSINESS SEGMENT

(unaudited)










Average


Revenue-




Adjusted






Billable


Generating


Revenues


EBITDA (1)


Margin


Utilization


Rate


Headcount


(in thousands)









Three Months Ended December 31, 2010












Corporate Finance/Restructuring

$ 113,220


$ 28,913


25.5%


69%


$ 425


725

Forensic and Litigation Consulting

(4)

81,023


18,925


23.4%


69%


$ 322


806

Economic Consulting

64,384


12,878


20.0%


80%


$ 472


297

Technology (2)

47,722


17,870


37.4%


N/M


N/M


257

Strategic Communications (2)

49,899


7,421


14.9%


N/M


N/M


583


$ 356,248


86,007


24.1%


N/M


N/M


2,668

Corporate



(16,668)









Adjusted EBITDA (1)



$ 69,339


19.5%



















Year Ended December 31, 2010












Corporate Finance/Restructuring

$ 451,518


$ 116,317


25.8%


70%


$ 435


725

Forensic and Litigation Consulting

(4)

324,478


78,244


24.1%


72%


$ 324


806

Economic Consulting

255,660


49,783


19.5%


79%


$ 472


297

Technology (2)

176,607


64,896


36.7%


N/M


N/M


257

Strategic Communications (2)

193,198


29,021


15.0%


N/M


N/M


583


$ 1,401,461


338,261


24.1%


N/M


N/M


2,668

Corporate



(62,556)









Adjusted EBITDA (1)



$ 275,705


19.7%



















Three Months Ended December 31, 2009












Corporate Finance/Restructuring

$ 124,940


$ 43,801


35.1%


64%


$ 453


758

Forensic and Litigation Consulting

(3) (4)

70,935


16,559


23.3%


69%


$ 316


754

Economic Consulting

63,176


13,224


20.9%


78%


$ 453


302

Technology (2) (3)

38,622


13,559


35.1%


N/M


N/M


251

Strategic Communications (2)

45,265


6,709


14.8%


N/M


N/M


573


$ 342,938


93,852


27.4%


N/M


N/M


2,638

Corporate



(13,010)









Adjusted EBITDA (1)



$ 80,842


23.6%



















Year Ended December 31, 2009












Corporate Finance/Restructuring

$ 514,260


$ 175,551


34.1%


73%


$ 439


758

Forensic and Litigation Consulting

(3) (4)

300,710


77,906


25.9%


76%


$ 320


754

Economic Consulting

234,723


47,845


20.4%


76%


$ 456


302

Technology (2) (3)

170,174


57,390


33.7%


N/M


N/M


251

Strategic Communications (2)

180,079


24,941


13.9%


N/M


N/M


573


$ 1,399,946


383,633


27.4%


N/M


N/M


2,638

Corporate



(66,378)









Adjusted EBITDA (1)



$ 317,255


22.7%



















(1) We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets and special charges plus non-operating litigation settlements. Amounts presented in the Adjusted EBITDA column for each segment reflect the segments' respective Adjusted Segment EBITDA. We define Adjusted Segment EBITDA as a segment's share of consolidated operating income before depreciation, amortization of intangible assets and special charges plus non-operating litigation settlements. Although Adjusted EBITDA, and Adjusted Segment EBITDA are not measures of financial condition or performance determined in accordance with generally accepted accounting principles ("GAAP"), we believe that these measures can be a useful operating performance measure for evaluating our results of operations as compared from period to period and as compared to our competitors. EBITDA is a common alternative measure of operating performance used by investors, financial analysts and rating agencies to value and compare the financial performance of companies in our industry. We use Adjusted EBITDA and Adjusted Segment EBITDA to evaluate and compare the operating performance of our segments.


Adjusted EBITDA and Adjusted Segment EBITDA are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. These non-GAAP measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Statements of Income. See also our reconciliation of non-GAAP financial measures.


(2) The majority of the Technology and Strategic Communications segments' revenues are not generated based on billable hours. Accordingly,

utilization and average billable rate metrics are not presented as they are not meaningful as a segment-wide metric.


(3) Effective January 1, 2010, we implemented a change in our organizational structure that resulted in the movement of our Financial and Enterprise Data Analytics subpractice from our Technology segment to our Forensic and Litigation Consulting segment. This change has been reflected in our segment reporting for all periods presented.


(4) 2010 utilization and average billable rate calculations for our Forensic and Litigation Consulting segment include information related to non-domestic operations that was not available in 2009.

FTI CONSULTING, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(unaudited)










Three Months Ended


Year Ended


December 31,


December 31,


2010


2009


2010


2009









Net income

$ 10,676


$ 36,573


$ 71,890


$ 143,026









Add back: Special charges, net of tax

15,553


-


33,622


-

Add back: Loss on early extinguishment of debt, net of tax

-


-


3,019


-

Adjusted net income (1)

$ 26,229


$ 36,573


$ 108,531


$ 143,026









Earnings per common share - diluted

$ 0.23


$ 0.71


$ 1.51


$ 2.70









Adjusted earnings per common share - diluted (1)

$ 0.56


$ 0.71


$ 2.29


$ 2.70









Weighted average number of common shares outstanding - diluted

46,693


51,433


47,471


53,044









(1) We define Adjusted net income and Adjusted earnings per diluted share as net income and earnings per diluted share, respectively, excluding the impact of the special charges and loss on early extinguishment of debt that were incurred in that period, and their related income tax effects.

RECONCILIATION OF OPERATING INCOME AND NET INCOME TO ADJUSTED EBITDA

(in thousands)

(unaudited)

















Three Months Ended December 31, 2010

Corporate

Finance /

Restructuring


Forensic and

Litigation

Consulting (2)


Economic

Consulting


Technology (2)


Strategic

Communi-

cations


Corp HQ



Total

















Net income














$ 10,676


Interest income and other














317


Interest expense














15,663


Loss on early extinguishment of debt














-


Income tax provision














8,031

Operating income

$ 22,503


$ 17,883


$ 12,180


$ 2,180


$ (2,374)


$ (17,685)



$ 34,687


Depreciation and amortization

940


853


549


2,872


774


1,208



7,196


Amortization of other intangible assets

1,593


723


296


1,832


1,237


-



5,681


Special charges

3,877


(534)


(147)


10,986


7,784


(191)



21,775

Adjusted EBITDA (1)

$ 28,913


$ 18,925


$ 12,878


$ 17,870


$ 7,421


$ (16,668)



$ 69,339

































Year Ended December 31, 2010































Net income














$ 71,890


Interest income and other














(4,423)


Interest expense














50,263


Loss on early extinguishment of debt














5,161


Income tax provision














45,550

Operating income

$ 95,652


$ 66,240


$ 39,482


$ 28,107


$ 11,652


$ (72,692)



$ 168,441


Depreciation and amortization

3,736


3,325


2,418


13,397


3,226


5,232



31,334


Amortization of other intangible assets

6,463


3,653


1,216


7,479


5,099


-



23,910


Special charges

10,466


5,026


6,667


15,913


9,044


4,904



52,020

Adjusted EBITDA (1)

$ 116,317


$ 78,244


$ 49,783


$ 64,896


$ 29,021


$ (62,556)



$ 275,705

































Three Months Ended December 31, 2009































Net income














$ 36,573


Interest income and other














(2,073)


Interest expense














11,446


Income tax provision














21,324

Operating income

$ 41,282


$ 14,987


$ 12,263


$ 8,614


$ 4,570


$ (14,446)



$ 67,270


Depreciation and amortization

949


692


490


2,888


786


1,436



7,241


Amortization of other intangible assets

1,570


880


471


2,057


1,353


-



6,331

Adjusted EBITDA (1)

$ 43,801


$ 16,559


$ 13,224


$ 13,559


$ 6,709


$ (13,010)



$ 80,842

































Year Ended December 31, 2009































Net income














$ 143,026


Interest income and other














(8,408)


Interest expense














44,923


Income tax provision














83,999

Operating income

$ 165,757


$ 72,386


$ 43,928


$ 37,669


$ 16,455


$ (72,655)



$ 263,540


Depreciation and amortization

3,462


2,714


1,798


11,478


3,285


6,027



28,764


Amortization of other intangible assets

6,332


2,806


2,119


8,243


5,201


-



24,701


Non-operating litigation settlements

-


-


-


-


-


250



250

Adjusted EBITDA (1)

$ 175,551


$ 77,906


$ 47,845


$ 57,390


$ 24,941


$ (66,378)



$ 317,255
















(1) We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets and special charges plus non-operating litigation settlements. Amounts presented in the Adjusted EBITDA column for each segment reflect the segments' respective Adjusted Segment EBITDA. We define Adjusted Segment EBITDA as a segment's share of consolidated operating income before depreciation, amortization of intangible assets and special charges plus non-operating litigation settlements. Although Adjusted EBITDA, and Adjusted Segment EBITDA are not measures of financial condition or performance determined in accordance with generally accepted accounting principles ("GAAP"), we believe that these measures can be a useful operating performance measure for evaluating our results of operations as compared from period to period and as compared to our competitors. EBITDA is a common alternative measure of operating performance used by investors, financial analysts and rating agencies to value and compare the financial performance of companies in our industry. We use Adjusted EBITDA and Adjusted Segment EBITDA to evaluate and compare the operating performance of our segments.


Adjusted EBITDA and Adjusted Segment EBITDA are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. These non-GAAP measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our Statements of Income. See also our reconciliation of non-GAAP financial measures.


(2) Effective January 1, 2010, we implemented a change in our organizational structure that resulted in the movement of our Financial and Enterprise Data Analytics subpractice from our Technology segment to our Forensic and Litigation Consulting segment. This change has been reflected in our segment reporting for all periods.


FTI CONSULTING, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED December 31, 2010 and 2009

(in thousands)








Year Ended December 31,


2010


2009



Operating activities




Net income

$ 71,890


$ 143,026

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

31,334


28,765

Amortization and impairment of other intangible assets

47,666


24,702

Provision for doubtful accounts

10,720


19,866

Non-cash share-based compensation

27,121


25,631

Excess tax benefits from share-based compensation

(204)


(5,193)

Non-cash interest expense

12,670


7,214

Other

1,667


(1,604)

Changes in operating assets and liabilities, net of effects from acquisitions:




Accounts receivable, billed and unbilled

(18,881)


(13,314)

Notes receivable

(24,500)


(18,364)

Prepaid expenses and other assets

1,136


1,334

Accounts payable, accrued expenses and other

19,033


(14,179)

Income taxes

12,176


29,877

Accrued compensation

9,357


20,090

Billings in excess of services provided

(6,131)


2,918

Net cash provided by operating activities

195,054


250,769





Investing activities




Payments for acquisition of businesses, including contingent payments,




net of cash received

(63,086)


(46,710)

Purchases of property and equipment

(22,600)


(28,557)

Purchases of short-term investments

-


(35,717)

Proceeds from sale or maturity of short-term investments

15,000


20,576

Other

(400)


520

Net cash used in investing activities

(71,086)


(89,888)





Financing activities




Borrowings under revolving line of credit

20,000


-

Payments of revolving line of credit

(20,000)


-

Payments of long-term debt and capital lease obligations

(209,747)


(13,761)

Issuance of debt securities

390,445


-

Payments of debt financing fees

(3,054)


-

Cash received for settlement of interest rate swaps

-


2,288

Purchase and retirement of common stock

(40,634)


(250,000)

Net issuance of common stock under equity compensation plans

6,196


15,699

Excess of tax benefits from share-based compensation

204


5,193

Other

442


303

Net cash provided by (used in) financing activities

143,852


(240,278)





Effect of exchange rate changes on cash and cash equivalents

(2,122)


6,427





Net increase (decrease) in cash and cash equivalents

265,698


(72,970)

Cash and cash equivalents, beginning of period

118,872


191,842

Cash and cash equivalents, end of period

$ 384,570


$ 118,872

FTI CONSULTING, INC.

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2010 AND DECEMBER 31, 2009

(in thousands, except per share amounts)






December 31,


December 31,


2010


2009

Assets




Current assets




Cash and cash equivalents

$ 384,570


$ 118,872

Restricted cash

10,518


-

Accounts receivable:




Billed receivables

268,386


241,911

Unbilled receivables

120,896


104,959

Allowance for doubtful accounts and unbilled services

(63,205)


(59,328)

Accounts receivable, net

326,077


287,542

Current portion of notes receivable

26,130


20,853

Prepaid expenses and other current assets

28,174


45,157

Income taxes receivable

13,246


7,015

Deferred income taxes

-


20,476

Total current assets

788,715


499,915





Property and equipment, net of accumulated depreciation

73,238


80,678

Goodwill

1,269,447


1,195,949

Other intangible assets, net of amortization

134,970


175,962

Notes receivable, net of current portion

87,677


69,213

Other assets

60,312


55,621





Total assets

$ 2,414,359


$ 2,077,338





Liabilities and Stockholders' Equity




Current liabilities




Accounts payable, accrued expenses and other

$ 105,864


$ 81,193

Accrued compensation

143,971


152,807

Current portion of long-term debt and capital lease obligations

7,559


138,101

Billings in excess of services provided

27,836


34,101

Deferred income taxes

4,052


-

Total current liabilities

289,282


406,202





Long-term debt and capital lease obligations, net of current portion

785,563


417,397

Deferred income taxes

92,134


95,704

Other liabilities

80,061


53,821

Total liabilities

1,247,040


973,124





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 -- 46,144 (2010) and 46,985 (2009)

461


470

Additional paid-in capital

532,929


535,754

Retained earnings

687,419


615,529

Accumulated other comprehensive loss

(53,490)


(47,539)

Total stockholders' equity

1,167,319


1,104,214





Total liabilities and stockholders' equity

$ 2,414,359


$ 2,077,338

SOURCE FTI Consulting, Inc.

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