Last year was a difficult year for our company. We look forward to 2013 being a much better one. We leave 2012 in a strong financial position with businesses and markets primed to produce good cash flow. We will continue to repurchase our own stock and opportunistically invest in the areas of our business where there is potential to unlock significant advantage and produce profitable results. We will continue to seek ways to reduce our costs and improve our margins. Despite its challenges, the actions we took in 2012 very much helped set the stage for a promising 2013.
- we produced record revenues of $1.58 billion;
- adjusted earnings per diluted share were $2.30 and adjusted EBITDA margin was 16%;
- revenue growth was led by solid performances in our Economic Consulting and Corporate Finance & Restructuring segments, growing at rates of 11% and 7%, respectively;
- 26% of our revenues were generated internationally, compared with 25% in 2011 and 22% in 2010;
- we completed a debt financing that increased our access to capital and extended our debt maturities at lower effective interest rates;
- we created new industry groups in healthcare and energy;
- we strengthened our insurance and our telecommunications, media and technology groups with senior hires and acquisitions;
- we repurchased 1,681,029 of our shares at an average price of $29.76 per share; and
- we reinvested $126 million of the cash flow we produced to strengthen our regional presence and domain expertise.
Based on these accomplishments, as we emphasized above, in 2013 we will focus on organic growth and margin expansion to drive core earnings and cash flow and enhance stockholder returns. We confront a global marketplace that is evolving and reinventing itself more than ever. This should be an excellent environment for a firm that for over 30 years has been dedicated to helping its clients navigate and, indeed, thrive on change.