Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 19, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FCN | |
Entity Registrant Name | FTI CONSULTING INC | |
Entity Central Index Key | 887,936 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,956,648 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 157,961 | $ 216,158 |
Accounts receivable: | ||
Billed receivables | 415,090 | 365,385 |
Unbilled receivables | 328,526 | 288,331 |
Allowance for doubtful accounts and unbilled services | (196,484) | (178,819) |
Accounts receivable, net | 547,132 | 474,897 |
Current portion of notes receivable | 23,924 | 31,864 |
Prepaid expenses and other current assets | 59,196 | 60,252 |
Total current assets | 788,213 | 783,171 |
Property and equipment, net of accumulated depreciation | 70,982 | 61,856 |
Goodwill | 1,204,164 | 1,180,001 |
Other intangible assets, net of amortization | 46,788 | 52,120 |
Notes receivable, net of current portion | 106,462 | 104,524 |
Other assets | 43,984 | 43,696 |
Total assets | 2,260,593 | 2,225,368 |
Current liabilities | ||
Accounts payable, accrued expenses and other | 108,054 | 87,320 |
Accrued compensation | 232,291 | 261,500 |
Billings in excess of services provided | 26,521 | 29,635 |
Total current liabilities | 366,866 | 378,455 |
Long-term debt, net | 461,095 | 365,528 |
Deferred income taxes | 181,293 | 173,799 |
Other liabilities | 120,410 | 100,228 |
Total liabilities | 1,129,664 | 1,018,010 |
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 — 37,941 (2017) and 42,037 (2016) | 379 | 420 |
Additional paid-in capital | 273,765 | 416,816 |
Retained earnings | 978,886 | 941,001 |
Accumulated other comprehensive loss | (122,101) | (150,879) |
Total stockholders' equity | 1,130,929 | 1,207,358 |
Total liabilities and stockholders' equity | $ 2,260,593 | $ 2,225,368 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 37,941,000 | 42,037,000 |
Common stock, shares outstanding | 37,941,000 | 42,037,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenues | $ 448,962,000 | $ 438,042,000 | $ 1,340,021,000 | $ 1,368,474,000 |
Operating expenses | ||||
Direct cost of revenues | 294,851,000 | 293,702,000 | 907,994,000 | 902,532,000 |
Selling, general and administrative expenses | 103,909,000 | 106,220,000 | 318,546,000 | 318,074,000 |
Special charges | 0 | 0 | 30,074,000 | 6,811,000 |
Acquisition-related contingent consideration | 252,000 | 201,000 | 1,424,000 | 1,541,000 |
Amortization of other intangible assets | 2,882,000 | 2,845,000 | 7,797,000 | 8,041,000 |
Costs and Expenses, Total | 401,894,000 | 402,968,000 | 1,265,835,000 | 1,236,999,000 |
Operating income | 47,068,000 | 35,074,000 | 74,186,000 | 131,475,000 |
Other income (expense) | ||||
Interest income and other | 1,103,000 | 3,213,000 | 3,300,000 | 9,895,000 |
Interest expense | (6,760,000) | (6,304,000) | (18,811,000) | (18,836,000) |
Other (expense) income | (5,657,000) | (3,091,000) | (15,511,000) | (8,941,000) |
Income before income tax provision | 41,411,000 | 31,983,000 | 58,675,000 | 122,534,000 |
Income tax provision | 9,197,000 | 10,292,000 | 17,601,000 | 44,115,000 |
Net income | $ 32,214,000 | $ 21,691,000 | $ 41,074,000 | $ 78,419,000 |
Earnings per common share — basic | $ 0.86 | $ 0.53 | $ 1.05 | $ 1.92 |
Earnings per common share — diluted | $ 0.85 | $ 0.52 | $ 1.03 | $ 1.88 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments, net of tax expense of $0 | $ 11,234,000 | $ (4,478,000) | $ 28,778,000 | $ (23,645,000) |
Total other comprehensive income (loss), net of tax | 11,234,000 | (4,478,000) | 28,778,000 | (23,645,000) |
Comprehensive income | $ 43,448,000 | $ 17,213,000 | $ 69,852,000 | $ 54,774,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Foreign currency translation adjustments, tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Dec. 31, 2016 | $ 1,207,358 | $ 420 | $ 416,816 | $ 941,001 | $ (150,879) |
Beginning Balance (in shares) at Dec. 31, 2016 | 42,037 | 42,037 | |||
Net income | $ 41,074 | 41,074 | |||
Other comprehensive income: | |||||
Cumulative translation adjustment | 28,778 | 28,778 | |||
Issuance of common stock in connection with: | |||||
Exercise of options | 1,990 | $ 1 | 1,989 | ||
Exercise of options (in shares) | 57 | ||||
Restricted share grants, less net settled shares of 87 | (4,232) | $ 2 | (4,234) | ||
Restricted share grants, less net settled shares of 87 (in shares) | 213 | ||||
Stock units issued under incentive compensation plan | 1,547 | 1,547 | |||
Purchase and retirement of common stock | (155,285) | $ (44) | (155,241) | ||
Purchase and retirement of common stock (in shares) | (4,366) | ||||
Cumulative effect due to adoption of new accounting standard | (3,189) | (3,189) | |||
Share-based compensation | 12,888 | 12,888 | |||
Ending Balance at Sep. 30, 2017 | $ 1,130,929 | $ 379 | $ 273,765 | $ 978,886 | $ (122,101) |
Ending Balance (in shares) at Sep. 30, 2017 | 37,941 | 37,941 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) shares in Thousands | 9 Months Ended |
Sep. 30, 2017shares | |
Statement Of Stockholders Equity [Abstract] | |
Restricted share grants, net settled shares | 87 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities | ||
Net income | $ 41,074 | $ 78,419 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 23,768 | 25,359 |
Amortization and impairment of other intangible assets | 7,797 | 8,041 |
Acquisition-related contingent consideration | 1,547 | 1,541 |
Provision for doubtful accounts | 10,510 | 5,903 |
Non-cash share-based compensation | 12,888 | 13,381 |
Non-cash interest expense | 1,489 | 1,489 |
Other | 297 | (1,159) |
Changes in operating assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable, billed and unbilled | (72,640) | (67,318) |
Notes receivable | 8,449 | (3,674) |
Prepaid expenses and other assets | 935 | (3,575) |
Accounts payable, accrued expenses and other | 16,823 | 10,900 |
Income taxes | 8,876 | 28,204 |
Accrued compensation | (34,123) | 4,486 |
Billings in excess of services provided | (3,657) | 9,578 |
Net cash provided by operating activities | 24,033 | 111,575 |
Investing activities | ||
Payments for acquisition of businesses, net of cash received | (8,929) | (56) |
Purchases of property and equipment | (20,021) | (22,855) |
Other | 74 | 74 |
Net cash used in investing activities | (28,876) | (22,837) |
Financing activities | ||
Borrowings under revolving line of credit, net | 95,000 | (25,000) |
Deposits | 3,585 | 2,806 |
Purchase and retirement of common stock | (155,285) | (2,903) |
Net issuance of common stock under equity compensation plans | (2,354) | 18,394 |
Other | (79) | 357 |
Net cash used in financing activities | (59,133) | (6,346) |
Effect of exchange rate changes on cash and cash equivalents | 5,779 | (6,968) |
Net increase (decrease) in cash and cash equivalents | (58,197) | 75,424 |
Cash and cash equivalents, beginning of period | 216,158 | 149,760 |
Cash and cash equivalents, end of period | 157,961 | 225,184 |
Supplemental cash flow disclosures | ||
Cash paid for interest | 12,424 | 12,590 |
Cash paid for income taxes, net of refunds | 8,742 | 15,909 |
Non-cash investing and financing activities: | ||
Issuance of stock units under incentive compensation plans | $ 1,547 | $ 1,842 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 1. Basis of Presentation and Significant Accounting Policies The unaudited condensed consolidated financial statements of FTI Consulting, Inc., including its consolidated subsidiaries (collectively, the “Company,” “we,” “our,” or “FTI Consulting”), presented herein, have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and under the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Some of the information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and regulations. Certain prior period amounts have been reclassified to conform to the current period presentation. In management’s opinion, the interim financial statements reflect all adjustments that are necessary for a fair presentation of the results for the interim periods presented. All adjustments made were normal recurring accruals. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 2. 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 stock options and restricted shares, each using the treasury stock method. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator — basic and diluted Net income $ 32,214 $ 21,691 $ 41,074 $ 78,419 Denominator Weighted average number of common shares outstanding — basic 37,431 41,239 39,301 40,856 Effect of dilutive stock options 31 350 96 266 Effect of dilutive restricted shares 284 476 318 483 Weighted average number of common shares outstanding — diluted 37,746 42,065 39,715 41,605 Earnings per common share — basic $ 0.86 $ 0.53 $ 1.05 $ 1.92 Earnings per common share — diluted $ 0.85 $ 0.52 $ 1.03 $ 1.88 Antidilutive stock options and restricted shares 2,328 753 1,755 1,595 |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Standards | 3. New Accounting Standards Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting We adopted this standard as of January 1, 2017, and since then we have recorded the excess benefits realized from stock compensation transactions in the Condensed Consolidated Statement of Comprehensive Income. Additionally, we elected to recognize forfeiture expense as forfeitures occur, rather than estimating forfeitures based on historical data. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory , which removes the prohibition against immediate recognition of current and deferred income tax effects on intra-entity transfers of assets other than inventory. We elected to early adopt this standard as of January 1, 2017, and recorded a $3.2 million cumulative effect adjustment to the beginning balance of retained earnings on January 1, 2017 which resulted in a net impact of increasing deferred tax assets by $2.6 million and decreasing a deferred tax charge in other assets by $5.8 million related to a prior period intra-entity transfer of intellectual property. Accounting Standards Not Yet Adopted In January 2017, the FASB issued ASU 2017-04 : Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This standard requires entities to measure goodwill impairment using the difference between the carrying amount and the fair value of the reporting unit, instead of performing a hypothetical purchase price allocation. This guidance is effective beginning January 1, 2020, although early adoption is permitted. The adoption of this guidance would only impact the measurement of a future goodwill impairment to the extent applicable. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) We believe that the adoption of this standard will primarily impact contracts that contain some form of variable consideration, where the Company will earn revenues if certain predefined outcomes occur in the future and which will be subject to probability assessments as defined by the new standard. Contracts with success fees – The Company may recognize revenue under certain contract arrangements that contain success fees earlier upon the adoption of this standard than we do under current practice, when the related performance obligations are satisfied over time. The Company will estimate revenue using either the expected value method or the most likely amount method, as appropriate, and in an amount that is probable not to result in a significant reversal of cumulative revenue recognized. Fixed-fee contract arrangements – The Company will recognize revenue as individual performance obligations are satisfied, using a measure of progress that is based on the efforts and costs incurred (i.e. an input method measure of progress). This may lead to a difference from current practice when applying the definition of a performance obligation under the new standard. Other – We believe this standard could affect the timing of revenue recognition for contracts that provide volume-based discounts, time-and-expense contract arrangements that have a cap on total fees, and contract arrangement fees that are subject to third-party approval, among others. We continue to evaluate the potential impacts of the new guidance on the measurement and presentation of our revenues, as well as required enhancements to disclosures. The Company is underway in its implementation plan which includes information system and process changes to identify and assess contracts which are impacted by the new revenue recognition criteria and accumulate data to satisfy new disclosure requirements. We are unable to provide an assessment of the financial impact which will be recognized upon adoption as our assessment is dependent on an analysis of individual contracts which exist at the date of adoption. |
Special Charges
Special Charges | 9 Months Ended |
Sep. 30, 2017 | |
Special Charges [Abstract] | |
Special Charges | 4. Special Charges There were no special charges recorded during the three months ended September 30, 2017. • $16.1 million of employee severance and other employee related costs associated with the reduction in workforce of 201 employees in our segments and certain corporate departments. All of these amounts will be paid in cash; • $12.4 million of exit costs associated with the curtailment of our lease on our executive office in Washington, D.C. $20.5 million of the charge will be paid in cash. The exit costs include an $8.1 million non-cash reduction to expense primarily for the reversal of a deferred rent liability; and • $1.6 million of other expenses, including costs related to disposing or closing several small international offices, of which $0.6 million was a non-cash expense. There were no special charges recorded during the three months ended September 30, 2016. During the nine months ended September 30, 2016, we recorded special charges of $6.8 million related to employee terminations in the health solutions practice of our Forensic and Litigation Consulting segment and employee terminations in our Technology segment. The following table details the special charges by segment for the nine months ended September 30, 2017 and 2016: Nine Months Ended September 30 Special Charges by Segment 2017 2016 Corporate Finance & Restructuring $ 3,049 $ — Forensic and Litigation Consulting 10,445 1,750 Economic Consulting 5,910 — Technology 3,827 5,061 Strategic Communications 3,599 — 26,830 6,811 Unallocated Corporate 3,244 — Total $ 30,074 $ 6,811 Activity related to the liability for the special charges for the nine months ended September 30, 2017 is as follows: Employee Lease Termination Termination Other Costs Costs Costs Total Balance at December 31, 2016 $ 8,225 $ 3,335 $ — $ 11,560 Additions 15,980 19,985 570 36,535 Reductions (15,947 ) (2,941 ) (526 ) (19,414 ) Foreign currency translation adjustment and other 153 (19 ) 6 140 Balance at September 30, 2017 (1) $ 8,411 $ 20,360 $ 50 $ 28,821 (1) Of the $28.8 million remaining liability for the special charges, $5.2 million is expected to be paid in the remainder of 2017, $10.5 million is expected to be paid in 2018, $4.8 million is expected to be paid in 2019, $4.0 million is expected to be paid in 2020 and the remaining balance of $4.3 million is expected to be paid from 2021 to 2025. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts and Unbilled Services | 9 Months Ended |
Sep. 30, 2017 | |
Allowance For Doubtful Accounts And Unbilled Services [Abstract] | |
Allowance for Doubtful Accounts and Unbilled Services | 5. Allowance for Doubtful Accounts and Unbilled 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 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 Condensed Consolidated Statements of Comprehensive Income and totaled $4.5 million and $10.5 million for the three and nine months ended September 30, 2017, respectively, and $1.6 million and $5.9 million for the three and nine months ended September 30, 2016, respectively. |
Research and Development Costs
Research and Development Costs | 9 Months Ended |
Sep. 30, 2017 | |
Research And Development [Abstract] | |
Research and Development Costs | 6. Research and Development Costs Research and development costs related to software development totaled $3.3 million and $11.8 million for the three and nine months ended September 30, 2017, respectively, and $4.5 million and $13.0 million for the three and nine months ended September 30, 2016 respectively. Research and development costs are included in “Selling, general and administrative expenses” on the Condensed Consolidated Statements of Comprehensive Income. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 7. Financial Instruments We consider the recorded value of certain financial assets and liabilities, which consist primarily of cash equivalents, accounts receivable and accounts payable, to approximate the fair value of the respective assets and liabilities at September 30, 2017 and December 31, 2016, based on the short-term nature of the assets and liabilities. The fair value of our total debt at September 30, 2017 was million compared to a carrying value of million. At December 31, 2016, the fair value of our total debt was million compared to a carrying value of million. We determine the fair value of our long-term debt primarily based on quoted market prices for our 6% Senior Notes Due (“ Notes”). The fair value of our borrowings on our $550.0 million senior secured bank revolving credit facility (“Senior Bank Credit Facility”) approximates the carrying amount. The fair value of our long-term debt is classified within Level 2 of the fair value hierarchy, because it is traded in less active markets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets Goodwill The table below summarizes the changes in the carrying amount of goodwill by reportable segment: Corporate Forensic Finance & Litigation Economic Strategic Restructuring Consulting Consulting Technology Communications Total Balance at December 31, 2016 Goodwill $ 440,666 $ 230,544 $ 268,209 $ 117,607 $ 317,114 $ 1,374,140 Accumulated goodwill impairment — — — — (194,139 ) (194,139 ) Goodwill, net at December 31, 2016 440,666 230,544 268,209 117,607 122,975 1,180,001 Acquisitions 11,900 — — — — 11,900 Foreign currency translation adjustment and other 2,292 2,967 712 122 6,170 12,263 Balance at September 30, 2017 Goodwill 454,858 233,511 268,921 117,729 323,284 1,398,303 Accumulated goodwill impairment — — — — (194,139 ) (194,139 ) Goodwill, net at September 30, 2017 $ 454,858 $ 233,511 $ 268,921 $ 117,729 $ 129,145 $ 1,204,164 During the three months ended September 30, 2017, we made an initial payment of $8.9 million at closing to acquire a restructuring business within our Corporate Finance & Restructuring segment. We recorded $11.9 million in goodwill as a result of the acquisition. We have included the results of the acquired business’ operations in the Corporate Finance & Restructuring segment since its acquisition date. Other Intangible Assets Other intangible assets with finite lives are amortized over their estimated useful lives. We recorded amortization expense of $2.9 million and $7.8 million for the three and nine months ended September 30, 2017, respectively, and $2.8 million and $8.0 million for the three and nine months ended September 30, 2016, respectively. We estimate our future amortization expense for our intangible assets with finite lives to be as follows: Year As of September 30, 2017 (1) 2017 (remaining) $ 2,771 2018 8,223 2019 7,561 2020 7,387 2021 6,773 Thereafter 8,473 $ 41,188 (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. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. Long-Term Debt The components of long-term debt obligations are presented in the table below: September 30, December 31, 2017 2016 2022 Notes $ 300,000 $ 300,000 Senior Bank Credit Facility 165,000 70,000 Total debt 465,000 370,000 Less: deferred debt issue costs (3,905 ) (4,472 ) Long-term debt, net $ 461,095 $ 365,528 The Company has classified the borrowings under the Company’s Senior Bank Credit Facility as long-term debt in the accompanying Condensed Consolidated Balance Sheets as amounts due under the credit agreement entered into as of June 26, 2015, which expires on June 26, 2020, are not contractually required or expected to be liquidated for more than one year from the applicable balance sheet date. Additionally, $0.7 million of the borrowing limit was utilized for letters of credit as of September 30, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. 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. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 11. Share-Based Compensation During the nine months ended September 30, 2017, we granted 248,509 restricted stock awards, stock options exercisable for up to 130,650 shares, 53,175 restricted stock units and 100,052 performance-based restricted stock units. These awards are recorded as equity on the Condensed Consolidated Balance Sheets. During the nine months ended September 30, 2017, stock options exercisable for up to 96,802 shares and 24,920 shares of restricted stock awards were forfeited prior to the completion of the vesting requirements. Total share-based compensation expense, net of forfeitures, for the three months and nine months ended September 30, 2017 and 2016 is detailed in the following table: Three Months Ended September 30, Nine Months Ended September 30, Income Statement Classification 2017 2016 2017 2016 Direct cost of revenues $ 1,350 $ 2,243 $ 8,371 $ 8,370 Selling, general and administrative expenses 1,781 2,617 3,833 7,825 Special charges — — 96 105 Total share-based compensation expense $ 3,131 $ 4,860 $ 12,300 $ 16,300 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 12. Stockholders’ Equity On June 2, 2016, our Board of Directors authorized a stock repurchase program of up to $100.0 million (the “Stock Repurchase Program”). On May 18, 2017, our Board of Directors authorized an additional $100.0 million increasing the Stock Repurchase Program to an aggregate authorization of $200.0 million. No time limit has been established for the completion of the program, and the program may be suspended, discontinued or replaced by the Board of Directors at any time without prior notice. As of September 30, 2017, we have $26.1 million available under this program to repurchase additional shares. The following table details our stock repurchases: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Shares of common stock repurchased and retired 1,599 — 4,366 85 Average price paid per share $ 32.98 N/A $ 35.55 $ 34.12 Total cost $ 52,741 N/A $ 155,198 $ 2,903 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. Segment Reporting We manage our business in five reportable segments: Corporate Finance & Restructuring, Forensic and Litigation Consulting, Economic Consulting, Technology and Strategic Communications. Our Corporate Finance & Restructuring segment focuses on the strategic, operational, financial and capital needs of our clients around the world and delivers a wide range of distressed and non-distressed practice offerings. Our distressed practice offerings include corporate restructuring (and bankruptcy) and interim management services. Our non-distressed practice offerings include financings, mergers and acquisitions (“M&A”), M&A integration, valuations and tax advice, as well as financial, operational and performance improvement services. Our Forensic and Litigation Consulting segment provides law firms, companies, government clients and other interested parties with multidisciplinary, independent dispute advisory, investigations, data analytics, forensic accounting, business intelligence and risk mitigation services, as well as interim management and performance improvement services for our health solutions practice clients. 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 offers a comprehensive portfolio of information governance and e-discovery software, services and consulting support to companies, law firms, courts and government agencies worldwide. Our services allow our clients to control the risk and expense of e-discovery events, as well as manage their data in the context of compliance and risk. Our Strategic Communications segment designs and executes communications strategies for management teams and boards of directors to help them seize opportunities, manage financial, regulatory and reputational challenges, navigate market disruptions, articulate their brand, stake a competitive position, and preserve and grow their operations. We evaluate the performance of our operating segments based on 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 define Total Adjusted Segment EBITDA, a non-GAAP financial measure, as the total of Adjusted Segment EBITDA for all segments, which excludes unallocated corporate expenses. We use Adjusted Segment EBITDA 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. The table below presents revenues and Adjusted Segment EBITDA for our reportable segments: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues Corporate Finance & Restructuring $ 128,121 $ 110,617 $ 351,509 $ 369,915 Forensic and Litigation Consulting 118,639 115,045 341,455 352,242 Economic Consulting 111,753 122,480 374,978 371,217 Technology 42,282 44,072 133,935 134,235 Strategic Communications 48,167 45,828 138,144 140,865 Total revenues $ 448,962 $ 438,042 $ 1,340,021 $ 1,368,474 Adjusted Segment EBITDA Corporate Finance & Restructuring $ 26,734 $ 17,762 $ 57,107 $ 81,406 Forensic and Litigation Consulting 22,539 16,554 49,092 51,552 Economic Consulting 12,061 18,354 47,680 55,054 Technology 5,973 7,398 19,198 20,256 Strategic Communications 8,073 7,509 17,206 22,057 Total Adjusted Segment EBITDA $ 75,380 $ 67,577 $ 190,283 $ 230,325 The table below reconciles Net income to Total Adjusted Segment EBITDA: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income $ 32,214 $ 21,691 $ 41,074 $ 78,419 Add back: Income tax provision 9,197 10,292 17,601 44,115 Interest income and other (1,103 ) (3,213 ) (3,300 ) (9,895 ) Interest expense 6,760 6,304 18,811 18,836 Unallocated corporate expenses ( 1) 18,827 21,738 60,166 60,890 Segment depreciation expense 6,603 7,920 20,602 22,128 Amortization of intangible assets 2,882 2,845 7,797 8,041 Segment special charges — — 26,830 6,811 Remeasurement of acquisition-related contingent consideration — — 702 980 Total Adjusted Segment EBITDA $ 75,380 $ 67,577 $ 190,283 $ 230,325 (1) Includes $3.2 million special charges for corporate for the nine months ended September 30, 2017. |
Supplemental Condensed Consolid
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information | 14. Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information Substantially all of our domestic subsidiaries are guarantors of borrowings under our Senior Bank Credit Facility and 2022 Notes. The guarantees are full and unconditional and joint and several. All of our guarantors are wholly owned, direct or indirect, subsidiaries. The following financial information presents condensed consolidating balance sheets, statements of comprehensive income and statements of cash flows for FTI Consulting, all the guarantor subsidiaries, all the non-guarantor subsidiaries and the eliminations necessary to arrive at the consolidated information for FTI Consulting and its subsidiaries. For purposes of this presentation, we have accounted for our investments in our subsidiaries using the equity method of accounting. The principal eliminating entries eliminate investment in subsidiary and intercompany balances and transactions. Condensed Consolidating Balance Sheet as of September 30, 2017 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 20,704 $ 159 $ 137,098 $ — $ 157,961 Accounts receivable, net 164,357 173,846 208,929 — 547,132 Intercompany receivables — 1,060,086 23,912 (1,083,998 ) — Other current assets 34,862 21,344 26,914 — 83,120 Total current assets 219,923 1,255,435 396,853 (1,083,998 ) 788,213 Property and equipment, net 33,317 14,749 22,916 — 70,982 Goodwill 570,876 416,053 217,235 — 1,204,164 Other intangible assets, net 19,730 11,772 31,023 (15,737 ) 46,788 Investments in subsidiaries 2,149,817 549,280 — (2,699,097 ) — Other assets 39,279 64,537 46,630 — 150,446 Total assets $ 3,032,942 $ 2,311,826 $ 714,657 $ (3,798,832 ) $ 2,260,593 Liabilities Intercompany payables $ 1,083,998 $ — $ — $ (1,083,998 ) $ — Other current liabilities 118,584 139,369 108,913 — 366,866 Total current liabilities 1,202,582 139,369 108,913 (1,083,998 ) 366,866 Long-term debt, net 461,095 — — — 461,095 Other liabilities 238,336 11,362 52,005 — 301,703 Total liabilities 1,902,013 150,731 160,918 (1,083,998 ) 1,129,664 Stockholders' equity 1,130,929 2,161,095 553,739 (2,714,834 ) 1,130,929 Total liabilities and stockholders' equity $ 3,032,942 $ 2,311,826 $ 714,657 $ (3,798,832 ) $ 2,260,593 Condensed Consolidating Balance Sheet as of December 31, 2016 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 47,420 $ 156 $ 168,582 $ — $ 216,158 Accounts receivable, net 137,523 163,820 173,554 — 474,897 Intercompany receivables — 1,029,800 — (1,029,800 ) — Other current assets 44,708 24,944 22,464 — 92,116 Total current assets 229,651 1,218,720 364,600 (1,029,800 ) 783,171 Property and equipment, net 25,466 14,118 22,272 — 61,856 Goodwill 558,978 416,053 204,970 — 1,180,001 Other intangible assets, net 21,959 13,393 34,725 (17,957 ) 52,120 Investments in subsidiaries 2,065,819 490,634 — (2,556,453 ) — Other assets 47,308 65,398 35,514 — 148,220 Total assets $ 2,949,181 $ 2,218,316 $ 662,081 $ (3,604,210 ) $ 2,225,368 Liabilities Intercompany payables $ 1,027,050 $ — $ 2,750 $ (1,029,800 ) $ — Other current liabilities 137,710 129,810 110,935 — 378,455 Total current liabilities 1,164,760 129,810 113,685 (1,029,800 ) 378,455 Long-term debt, net 365,528 — — — 365,528 Other liabilities 211,535 16,411 46,081 — 274,027 Total liabilities 1,741,823 146,221 159,766 (1,029,800 ) 1,018,010 Stockholders' equity 1,207,358 2,072,095 502,315 (2,574,410 ) 1,207,358 Total liabilities and stockholders' equity $ 2,949,181 $ 2,218,316 $ 662,081 $ (3,604,210 ) $ 2,225,368 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 2017 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Eliminations Consolidated Revenues $ 163,311 $ 136,827 $ 151,197 $ (2,373 ) $ 448,962 Operating expenses Direct cost of revenues 105,857 95,432 95,874 (2,312 ) 294,851 Selling, general and administrative expenses 44,781 30,280 28,909 (61 ) 103,909 Special charges — — — — — Acquisition-related contingent consideration — 252 — — 252 Amortization of other intangible assets 1,304 541 1,795 (758 ) 2,882 151,942 126,505 126,578 (3,131 ) 401,894 Operating income 11,369 10,322 24,619 758 47,068 Other income (expense) (5,912 ) (4,548 ) 4,803 — (5,657 ) Income before income tax provision 5,457 5,774 29,422 758 41,411 Income tax provision 4,438 2,260 2,499 — 9,197 Equity in net earnings of subsidiaries 31,195 21,731 — (52,926 ) — Net income $ 32,214 $ 25,245 $ 26,923 $ (52,168 ) $ 32,214 Other comprehensive income, net of tax: Foreign currency translation adjustments, net of tax expense of $0 $ — $ — $ 11,234 $ — $ 11,234 Other comprehensive income, net of tax — — 11,234 — 11,234 Comprehensive income $ 32,214 $ 25,245 $ 38,157 $ (52,168 ) $ 43,448 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 2016 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Eliminations Consolidated Revenues $ 159,431 $ 153,986 $ 126,995 $ (2,370 ) $ 438,042 Operating expenses Direct cost of revenues 107,579 104,109 84,313 (2,299 ) 293,702 Selling, general and administrative expenses 47,388 30,704 28,199 (71 ) 106,220 Acquisition-related contingent consideration — 201 — — 201 Amortization of other intangible assets 986 541 1,823 (505 ) 2,845 155,953 135,555 114,335 (2,875 ) 402,968 Operating income 3,478 18,431 12,660 505 35,074 Other income (expense) (6,913 ) (794 ) 4,616 — (3,091 ) Income (loss) before income tax provision (3,435 ) 17,637 17,276 505 31,983 Income tax provision (benefit) (1,402 ) 8,194 3,500 — 10,292 Equity in net earnings of subsidiaries 23,724 11,878 — (35,602 ) — Net income $ 21,691 $ 21,321 $ 13,776 $ (35,097 ) $ 21,691 Other comprehensive loss, net of tax: Foreign currency translation adjustments, net of tax expense of $0 $ — $ — $ (4,478 ) $ — $ (4,478 ) Total other comprehensive loss, net of tax — — (4,478 ) — (4,478 ) Comprehensive income $ 21,691 $ 21,321 $ 9,298 $ (35,097 ) $ 17,213 Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended September 30, 2017 FTI Guarantor Non-Guarantor Consulting, Inc. Subsidiaries Subsidiaries Eliminations Consolidated Revenues $ 478,767 $ 459,569 $ 408,780 $ (7,095 ) $ 1,340,021 Operating expenses Direct cost of revenues 325,560 321,606 267,742 (6,914 ) 907,994 Selling, general and administrative expenses 136,487 92,217 90,023 (181 ) 318,546 Special charges 13,592 7,306 9,176 — 30,074 Acquisition-related contingent consideration — 1,424 — — 1,424 Amortization of other intangible assets 3,089 1,621 5,306 (2,219 ) 7,797 478,728 424,174 372,247 (9,314 ) 1,265,835 Operating income 39 35,395 36,533 2,219 74,186 Other income (expense) (16,525 ) (5,046 ) 6,060 — (15,511 ) Income (loss) before income tax provision (16,486 ) 30,349 42,593 2,219 58,675 Income tax provision (benefit) (8,179 ) 17,397 8,383 — 17,601 Equity in net earnings of subsidiaries 49,381 26,442 — (75,823 ) — Net income $ 41,074 $ 39,394 $ 34,210 $ (73,604 ) $ 41,074 Other comprehensive income, net of tax: Foreign currency translation adjustments, net of tax expense of $0 $ — $ — $ 28,778 $ — $ 28,778 Total other comprehensive income, net of tax: — — 28,778 — 28,778 Comprehensive income $ 41,074 $ 39,394 $ 62,988 $ (73,604 ) $ 69,852 Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended September 30, 2016 FTI Guarantor Non-Guarantor Consulting, Inc. Subsidiaries Subsidiaries Eliminations Consolidated Revenues $ 517,703 $ 463,152 $ 394,618 $ (6,999 ) $ 1,368,474 Operating expenses Direct cost of revenues 337,262 312,921 259,184 (6,835 ) 902,532 Selling, general and administrative expenses 138,038 92,490 87,710 (164 ) 318,074 Special charges 1,750 4,563 498 — 6,811 Acquisition-related contingent consideration 6 1,535 — — 1,541 Amortization of other intangible assets 2,958 1,639 5,584 (2,140 ) 8,041 480,014 413,148 352,976 (9,139 ) 1,236,999 Operating income 37,689 50,004 41,642 2,140 131,475 Other income (expense) (18,882 ) (3,063 ) 13,004 — (8,941 ) Income before income tax provision 18,807 46,941 54,646 2,140 122,534 Income tax provision 9,781 21,918 12,416 — 44,115 Equity in net earnings of subsidiaries 69,393 38,867 — (108,260 ) — Net income $ 78,419 $ 63,890 $ 42,230 $ (106,120 ) $ 78,419 Other comprehensive loss, net of tax: Foreign currency translation adjustments, net of tax expense of $0 $ — $ — $ (23,645 ) $ — $ (23,645 ) Total other comprehensive loss, net of tax: — — (23,645 ) — (23,645 ) Comprehensive income $ 78,419 $ 63,890 $ 18,585 $ (106,120 ) $ 54,774 Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2017 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Consolidated Operating activities Net cash provided by (used in) operating activities $ (6,155 ) $ 40,052 $ (9,864 ) $ 24,033 Investing activities Payments for acquisition of businesses, net of cash received (8,929 ) — — (8,929 ) Purchases of property and equipment (5,943 ) (9,762 ) (4,316 ) (20,021 ) Other 74 — — 74 Net cash used in investing activities (14,798 ) (9,762 ) (4,316 ) (28,876 ) Financing activities Borrowings under revolving line of credit, net 95,000 — — 95,000 Deposits — — 3,585 3,585 Purchase and retirement of common stock (155,285 ) — — (155,285 ) Net issuance of common stock under equity compensation plans (2,354 ) — — (2,354 ) Other (79 ) — — (79 ) Intercompany transfers 56,955 (30,287 ) (26,668 ) — Net cash used in financing activities (5,763 ) (30,287 ) (23,083 ) (59,133 ) Effects of exchange rate changes on cash and cash equivalents — — 5,779 5,779 Net increase (decrease) in cash and cash equivalents (26,716 ) 3 (31,484 ) (58,197 ) Cash and cash equivalents, beginning of year 47,420 156 168,582 216,158 Cash and cash equivalents, end of year $ 20,704 $ 159 $ 137,098 $ 157,961 Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2016 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Consolidated Operating activities Net cash provided by operating activities $ 16,670 $ 70,744 $ 24,161 $ 111,575 Investing activities Payments for acquisition of businesses, net of cash received — — (56 ) (56 ) Purchases of property and equipment (2,714 ) (16,145 ) (3,996 ) (22,855 ) Other 74 — — 74 Net cash used in investing activities (2,640 ) (16,145 ) (4,052 ) (22,837 ) Financing activities Repayments under revolving line of credit, net (25,000 ) — — (25,000 ) Deposits — — 2,806 2,806 Purchase and retirement of common stock (2,903 ) — — (2,903 ) Net issuance of common stock under equity compensation plans 18,394 — — 18,394 Other 930 (573 ) — 357 Intercompany transfers 45,805 (54,030 ) 8,225 — Net cash provided by (used in) financing activities 37,226 (54,603 ) 11,031 (6,346 ) Effects of exchange rate changes on cash and cash equivalents — — (6,968 ) (6,968 ) Net increase (decrease) in cash and cash equivalents 51,256 (4 ) 24,172 75,424 Cash and cash equivalents, beginning of year 35,211 165 114,384 149,760 Cash and cash equivalents, end of year $ 86,467 $ 161 $ 138,556 $ 225,184 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator — basic and diluted Net income $ 32,214 $ 21,691 $ 41,074 $ 78,419 Denominator Weighted average number of common shares outstanding — basic 37,431 41,239 39,301 40,856 Effect of dilutive stock options 31 350 96 266 Effect of dilutive restricted shares 284 476 318 483 Weighted average number of common shares outstanding — diluted 37,746 42,065 39,715 41,605 Earnings per common share — basic $ 0.86 $ 0.53 $ 1.05 $ 1.92 Earnings per common share — diluted $ 0.85 $ 0.52 $ 1.03 $ 1.88 Antidilutive stock options and restricted shares 2,328 753 1,755 1,595 |
Special Charges (Tables)
Special Charges (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Special Charges [Abstract] | |
Special Charges by Segment | The following table details the special charges by segment for the nine months ended September 30, 2017 and 2016: Nine Months Ended September 30 Special Charges by Segment 2017 2016 Corporate Finance & Restructuring $ 3,049 $ — Forensic and Litigation Consulting 10,445 1,750 Economic Consulting 5,910 — Technology 3,827 5,061 Strategic Communications 3,599 — 26,830 6,811 Unallocated Corporate 3,244 — Total $ 30,074 $ 6,811 |
Activity Related to Liability for Special Charges | Activity related to the liability for the special charges for the nine months ended September 30, 2017 is as follows: Employee Lease Termination Termination Other Costs Costs Costs Total Balance at December 31, 2016 $ 8,225 $ 3,335 $ — $ 11,560 Additions 15,980 19,985 570 36,535 Reductions (15,947 ) (2,941 ) (526 ) (19,414 ) Foreign currency translation adjustment and other 153 (19 ) 6 140 Balance at September 30, 2017 (1) $ 8,411 $ 20,360 $ 50 $ 28,821 (1) Of the $28.8 million remaining liability for the special charges, $5.2 million is expected to be paid in the remainder of 2017, $10.5 million is expected to be paid in 2018, $4.8 million is expected to be paid in 2019, $4.0 million is expected to be paid in 2020 and the remaining balance of $4.3 million is expected to be paid from 2021 to 2025. |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amounts of Goodwill by Reportable Segment | The table below summarizes the changes in the carrying amount of goodwill by reportable segment: Corporate Forensic Finance & Litigation Economic Strategic Restructuring Consulting Consulting Technology Communications Total Balance at December 31, 2016 Goodwill $ 440,666 $ 230,544 $ 268,209 $ 117,607 $ 317,114 $ 1,374,140 Accumulated goodwill impairment — — — — (194,139 ) (194,139 ) Goodwill, net at December 31, 2016 440,666 230,544 268,209 117,607 122,975 1,180,001 Acquisitions 11,900 — — — — 11,900 Foreign currency translation adjustment and other 2,292 2,967 712 122 6,170 12,263 Balance at September 30, 2017 Goodwill 454,858 233,511 268,921 117,729 323,284 1,398,303 Accumulated goodwill impairment — — — — (194,139 ) (194,139 ) Goodwill, net at September 30, 2017 $ 454,858 $ 233,511 $ 268,921 $ 117,729 $ 129,145 $ 1,204,164 |
Schedule of Estimated Future Amortization Expense | We estimate our future amortization expense for our intangible assets with finite lives to be as follows: Year As of September 30, 2017 (1) 2017 (remaining) $ 2,771 2018 8,223 2019 7,561 2020 7,387 2021 6,773 Thereafter 8,473 $ 41,188 (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. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt Obligations | The components of long-term debt obligations are presented in the table below: September 30, December 31, 2017 2016 2022 Notes $ 300,000 $ 300,000 Senior Bank Credit Facility 165,000 70,000 Total debt 465,000 370,000 Less: deferred debt issue costs (3,905 ) (4,472 ) Long-term debt, net $ 461,095 $ 365,528 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-Based Compensation Expense | Total share-based compensation expense, net of forfeitures, for the three months and nine months ended September 30, 2017 and 2016 is detailed in the following table: Three Months Ended September 30, Nine Months Ended September 30, Income Statement Classification 2017 2016 2017 2016 Direct cost of revenues $ 1,350 $ 2,243 $ 8,371 $ 8,370 Selling, general and administrative expenses 1,781 2,617 3,833 7,825 Special charges — — 96 105 Total share-based compensation expense $ 3,131 $ 4,860 $ 12,300 $ 16,300 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Stock Repurchases | The following table details our stock repurchases: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Shares of common stock repurchased and retired 1,599 — 4,366 85 Average price paid per share $ 32.98 N/A $ 35.55 $ 34.12 Total cost $ 52,741 N/A $ 155,198 $ 2,903 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Revenues and Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization for Reportable Segments | The table below presents revenues and Adjusted Segment EBITDA for our reportable segments: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues Corporate Finance & Restructuring $ 128,121 $ 110,617 $ 351,509 $ 369,915 Forensic and Litigation Consulting 118,639 115,045 341,455 352,242 Economic Consulting 111,753 122,480 374,978 371,217 Technology 42,282 44,072 133,935 134,235 Strategic Communications 48,167 45,828 138,144 140,865 Total revenues $ 448,962 $ 438,042 $ 1,340,021 $ 1,368,474 Adjusted Segment EBITDA Corporate Finance & Restructuring $ 26,734 $ 17,762 $ 57,107 $ 81,406 Forensic and Litigation Consulting 22,539 16,554 49,092 51,552 Economic Consulting 12,061 18,354 47,680 55,054 Technology 5,973 7,398 19,198 20,256 Strategic Communications 8,073 7,509 17,206 22,057 Total Adjusted Segment EBITDA $ 75,380 $ 67,577 $ 190,283 $ 230,325 |
Reconciliation of Net Income to Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization | The table below reconciles Net income to Total Adjusted Segment EBITDA: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income $ 32,214 $ 21,691 $ 41,074 $ 78,419 Add back: Income tax provision 9,197 10,292 17,601 44,115 Interest income and other (1,103 ) (3,213 ) (3,300 ) (9,895 ) Interest expense 6,760 6,304 18,811 18,836 Unallocated corporate expenses ( 1) 18,827 21,738 60,166 60,890 Segment depreciation expense 6,603 7,920 20,602 22,128 Amortization of intangible assets 2,882 2,845 7,797 8,041 Segment special charges — — 26,830 6,811 Remeasurement of acquisition-related contingent consideration — — 702 980 Total Adjusted Segment EBITDA $ 75,380 $ 67,577 $ 190,283 $ 230,325 (1) Includes $3.2 million special charges for corporate for the nine months ended September 30, 2017. |
Supplemental Condensed Consol30
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of September 30, 2017 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 20,704 $ 159 $ 137,098 $ — $ 157,961 Accounts receivable, net 164,357 173,846 208,929 — 547,132 Intercompany receivables — 1,060,086 23,912 (1,083,998 ) — Other current assets 34,862 21,344 26,914 — 83,120 Total current assets 219,923 1,255,435 396,853 (1,083,998 ) 788,213 Property and equipment, net 33,317 14,749 22,916 — 70,982 Goodwill 570,876 416,053 217,235 — 1,204,164 Other intangible assets, net 19,730 11,772 31,023 (15,737 ) 46,788 Investments in subsidiaries 2,149,817 549,280 — (2,699,097 ) — Other assets 39,279 64,537 46,630 — 150,446 Total assets $ 3,032,942 $ 2,311,826 $ 714,657 $ (3,798,832 ) $ 2,260,593 Liabilities Intercompany payables $ 1,083,998 $ — $ — $ (1,083,998 ) $ — Other current liabilities 118,584 139,369 108,913 — 366,866 Total current liabilities 1,202,582 139,369 108,913 (1,083,998 ) 366,866 Long-term debt, net 461,095 — — — 461,095 Other liabilities 238,336 11,362 52,005 — 301,703 Total liabilities 1,902,013 150,731 160,918 (1,083,998 ) 1,129,664 Stockholders' equity 1,130,929 2,161,095 553,739 (2,714,834 ) 1,130,929 Total liabilities and stockholders' equity $ 3,032,942 $ 2,311,826 $ 714,657 $ (3,798,832 ) $ 2,260,593 Condensed Consolidating Balance Sheet as of December 31, 2016 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 47,420 $ 156 $ 168,582 $ — $ 216,158 Accounts receivable, net 137,523 163,820 173,554 — 474,897 Intercompany receivables — 1,029,800 — (1,029,800 ) — Other current assets 44,708 24,944 22,464 — 92,116 Total current assets 229,651 1,218,720 364,600 (1,029,800 ) 783,171 Property and equipment, net 25,466 14,118 22,272 — 61,856 Goodwill 558,978 416,053 204,970 — 1,180,001 Other intangible assets, net 21,959 13,393 34,725 (17,957 ) 52,120 Investments in subsidiaries 2,065,819 490,634 — (2,556,453 ) — Other assets 47,308 65,398 35,514 — 148,220 Total assets $ 2,949,181 $ 2,218,316 $ 662,081 $ (3,604,210 ) $ 2,225,368 Liabilities Intercompany payables $ 1,027,050 $ — $ 2,750 $ (1,029,800 ) $ — Other current liabilities 137,710 129,810 110,935 — 378,455 Total current liabilities 1,164,760 129,810 113,685 (1,029,800 ) 378,455 Long-term debt, net 365,528 — — — 365,528 Other liabilities 211,535 16,411 46,081 — 274,027 Total liabilities 1,741,823 146,221 159,766 (1,029,800 ) 1,018,010 Stockholders' equity 1,207,358 2,072,095 502,315 (2,574,410 ) 1,207,358 Total liabilities and stockholders' equity $ 2,949,181 $ 2,218,316 $ 662,081 $ (3,604,210 ) $ 2,225,368 |
Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 2017 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Eliminations Consolidated Revenues $ 163,311 $ 136,827 $ 151,197 $ (2,373 ) $ 448,962 Operating expenses Direct cost of revenues 105,857 95,432 95,874 (2,312 ) 294,851 Selling, general and administrative expenses 44,781 30,280 28,909 (61 ) 103,909 Special charges — — — — — Acquisition-related contingent consideration — 252 — — 252 Amortization of other intangible assets 1,304 541 1,795 (758 ) 2,882 151,942 126,505 126,578 (3,131 ) 401,894 Operating income 11,369 10,322 24,619 758 47,068 Other income (expense) (5,912 ) (4,548 ) 4,803 — (5,657 ) Income before income tax provision 5,457 5,774 29,422 758 41,411 Income tax provision 4,438 2,260 2,499 — 9,197 Equity in net earnings of subsidiaries 31,195 21,731 — (52,926 ) — Net income $ 32,214 $ 25,245 $ 26,923 $ (52,168 ) $ 32,214 Other comprehensive income, net of tax: Foreign currency translation adjustments, net of tax expense of $0 $ — $ — $ 11,234 $ — $ 11,234 Other comprehensive income, net of tax — — 11,234 — 11,234 Comprehensive income $ 32,214 $ 25,245 $ 38,157 $ (52,168 ) $ 43,448 Condensed Consolidating Statement of Comprehensive Income for the Three Months Ended September 30, 2016 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Eliminations Consolidated Revenues $ 159,431 $ 153,986 $ 126,995 $ (2,370 ) $ 438,042 Operating expenses Direct cost of revenues 107,579 104,109 84,313 (2,299 ) 293,702 Selling, general and administrative expenses 47,388 30,704 28,199 (71 ) 106,220 Acquisition-related contingent consideration — 201 — — 201 Amortization of other intangible assets 986 541 1,823 (505 ) 2,845 155,953 135,555 114,335 (2,875 ) 402,968 Operating income 3,478 18,431 12,660 505 35,074 Other income (expense) (6,913 ) (794 ) 4,616 — (3,091 ) Income (loss) before income tax provision (3,435 ) 17,637 17,276 505 31,983 Income tax provision (benefit) (1,402 ) 8,194 3,500 — 10,292 Equity in net earnings of subsidiaries 23,724 11,878 — (35,602 ) — Net income $ 21,691 $ 21,321 $ 13,776 $ (35,097 ) $ 21,691 Other comprehensive loss, net of tax: Foreign currency translation adjustments, net of tax expense of $0 $ — $ — $ (4,478 ) $ — $ (4,478 ) Total other comprehensive loss, net of tax — — (4,478 ) — (4,478 ) Comprehensive income $ 21,691 $ 21,321 $ 9,298 $ (35,097 ) $ 17,213 Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended September 30, 2017 FTI Guarantor Non-Guarantor Consulting, Inc. Subsidiaries Subsidiaries Eliminations Consolidated Revenues $ 478,767 $ 459,569 $ 408,780 $ (7,095 ) $ 1,340,021 Operating expenses Direct cost of revenues 325,560 321,606 267,742 (6,914 ) 907,994 Selling, general and administrative expenses 136,487 92,217 90,023 (181 ) 318,546 Special charges 13,592 7,306 9,176 — 30,074 Acquisition-related contingent consideration — 1,424 — — 1,424 Amortization of other intangible assets 3,089 1,621 5,306 (2,219 ) 7,797 478,728 424,174 372,247 (9,314 ) 1,265,835 Operating income 39 35,395 36,533 2,219 74,186 Other income (expense) (16,525 ) (5,046 ) 6,060 — (15,511 ) Income (loss) before income tax provision (16,486 ) 30,349 42,593 2,219 58,675 Income tax provision (benefit) (8,179 ) 17,397 8,383 — 17,601 Equity in net earnings of subsidiaries 49,381 26,442 — (75,823 ) — Net income $ 41,074 $ 39,394 $ 34,210 $ (73,604 ) $ 41,074 Other comprehensive income, net of tax: Foreign currency translation adjustments, net of tax expense of $0 $ — $ — $ 28,778 $ — $ 28,778 Total other comprehensive income, net of tax: — — 28,778 — 28,778 Comprehensive income $ 41,074 $ 39,394 $ 62,988 $ (73,604 ) $ 69,852 Condensed Consolidating Statement of Comprehensive Income for the Nine Months Ended September 30, 2016 FTI Guarantor Non-Guarantor Consulting, Inc. Subsidiaries Subsidiaries Eliminations Consolidated Revenues $ 517,703 $ 463,152 $ 394,618 $ (6,999 ) $ 1,368,474 Operating expenses Direct cost of revenues 337,262 312,921 259,184 (6,835 ) 902,532 Selling, general and administrative expenses 138,038 92,490 87,710 (164 ) 318,074 Special charges 1,750 4,563 498 — 6,811 Acquisition-related contingent consideration 6 1,535 — — 1,541 Amortization of other intangible assets 2,958 1,639 5,584 (2,140 ) 8,041 480,014 413,148 352,976 (9,139 ) 1,236,999 Operating income 37,689 50,004 41,642 2,140 131,475 Other income (expense) (18,882 ) (3,063 ) 13,004 — (8,941 ) Income before income tax provision 18,807 46,941 54,646 2,140 122,534 Income tax provision 9,781 21,918 12,416 — 44,115 Equity in net earnings of subsidiaries 69,393 38,867 — (108,260 ) — Net income $ 78,419 $ 63,890 $ 42,230 $ (106,120 ) $ 78,419 Other comprehensive loss, net of tax: Foreign currency translation adjustments, net of tax expense of $0 $ — $ — $ (23,645 ) $ — $ (23,645 ) Total other comprehensive loss, net of tax: — — (23,645 ) — (23,645 ) Comprehensive income $ 78,419 $ 63,890 $ 18,585 $ (106,120 ) $ 54,774 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2017 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Consolidated Operating activities Net cash provided by (used in) operating activities $ (6,155 ) $ 40,052 $ (9,864 ) $ 24,033 Investing activities Payments for acquisition of businesses, net of cash received (8,929 ) — — (8,929 ) Purchases of property and equipment (5,943 ) (9,762 ) (4,316 ) (20,021 ) Other 74 — — 74 Net cash used in investing activities (14,798 ) (9,762 ) (4,316 ) (28,876 ) Financing activities Borrowings under revolving line of credit, net 95,000 — — 95,000 Deposits — — 3,585 3,585 Purchase and retirement of common stock (155,285 ) — — (155,285 ) Net issuance of common stock under equity compensation plans (2,354 ) — — (2,354 ) Other (79 ) — — (79 ) Intercompany transfers 56,955 (30,287 ) (26,668 ) — Net cash used in financing activities (5,763 ) (30,287 ) (23,083 ) (59,133 ) Effects of exchange rate changes on cash and cash equivalents — — 5,779 5,779 Net increase (decrease) in cash and cash equivalents (26,716 ) 3 (31,484 ) (58,197 ) Cash and cash equivalents, beginning of year 47,420 156 168,582 216,158 Cash and cash equivalents, end of year $ 20,704 $ 159 $ 137,098 $ 157,961 Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2016 FTI Guarantor Non-Guarantor Consulting Subsidiaries Subsidiaries Consolidated Operating activities Net cash provided by operating activities $ 16,670 $ 70,744 $ 24,161 $ 111,575 Investing activities Payments for acquisition of businesses, net of cash received — — (56 ) (56 ) Purchases of property and equipment (2,714 ) (16,145 ) (3,996 ) (22,855 ) Other 74 — — 74 Net cash used in investing activities (2,640 ) (16,145 ) (4,052 ) (22,837 ) Financing activities Repayments under revolving line of credit, net (25,000 ) — — (25,000 ) Deposits — — 2,806 2,806 Purchase and retirement of common stock (2,903 ) — — (2,903 ) Net issuance of common stock under equity compensation plans 18,394 — — 18,394 Other 930 (573 ) — 357 Intercompany transfers 45,805 (54,030 ) 8,225 — Net cash provided by (used in) financing activities 37,226 (54,603 ) 11,031 (6,346 ) Effects of exchange rate changes on cash and cash equivalents — — (6,968 ) (6,968 ) Net increase (decrease) in cash and cash equivalents 51,256 (4 ) 24,172 75,424 Cash and cash equivalents, beginning of year 35,211 165 114,384 149,760 Cash and cash equivalents, end of year $ 86,467 $ 161 $ 138,556 $ 225,184 |
Earnings Per Common Share Basic
Earnings Per Common Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Numerator — basic and diluted | ||||
Net income | $ 32,214 | $ 21,691 | $ 41,074 | $ 78,419 |
Denominator | ||||
Weighted average number of common shares outstanding — basic | 37,431 | 41,239 | 39,301 | 40,856 |
Effect of dilutive stock options | 31 | 350 | 96 | 266 |
Effect of dilutive restricted shares | 284 | 476 | 318 | 483 |
Weighted average number of common shares outstanding — diluted | 37,746 | 42,065 | 39,715 | 41,605 |
Earnings per common share — basic | $ 0.86 | $ 0.53 | $ 1.05 | $ 1.92 |
Earnings per common share — diluted | $ 0.85 | $ 0.52 | $ 1.03 | $ 1.88 |
Stock Options And Restricted Shares | ||||
Denominator | ||||
Antidilutive stock options and restricted shares | 2,328 | 753 | 1,755 | 1,595 |
New Accounting Standards - Addi
New Accounting Standards - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Cumulative effect adjustment to retained earnings | $ 3,189 |
ASU 2016-16 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Cumulative effect adjustment to retained earnings | 3,200 |
Cumulative effect adjustment to retained earnings, net impact of increase in deferred tax assets | 2,600 |
Cumulative effect adjustment to retained earnings, net impact of decrease in deferred tax charge in other assets | $ (5,800) |
Special Charges - Additional In
Special Charges - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)Employee | Sep. 30, 2016USD ($) | |
Special Charges [Line Items] | ||||
Special charges | $ 0 | $ 0 | $ 30,074,000 | $ 6,811,000 |
Total special charges amount payable | 37,600,000 | 37,600,000 | ||
Net non-cash expense reversals | 7,500,000 | |||
Employee Severance and Other Employee Related Costs | ||||
Special Charges [Line Items] | ||||
Special charges | $ 16,100,000 | |||
Number of employees terminated | Employee | 201 | |||
Exit Costs Associated with Curtailment of Lease on Executive Office in Washington, D.C. | ||||
Special Charges [Line Items] | ||||
Special charges | $ 12,400,000 | |||
Total special charges amount payable | $ 20,500,000 | 20,500,000 | ||
Non-cash reduction to expense primarily for reversal of deferred rent liability | 8,100,000 | |||
Other Expenses | ||||
Special Charges [Line Items] | ||||
Special charges | 1,600,000 | |||
Non-cash expense | $ 600,000 |
Special Charges By Segment (Det
Special Charges By Segment (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Special Charges [Line Items] | ||||
Segment special charges | $ 26,830,000 | $ 6,811,000 | ||
Special charges | $ 0 | $ 0 | 30,074,000 | 6,811,000 |
Operating Segments | ||||
Special Charges [Line Items] | ||||
Segment special charges | 26,830,000 | 6,811,000 | ||
Operating Segments | Corporate Finance & Restructuring | ||||
Special Charges [Line Items] | ||||
Segment special charges | 3,049,000 | |||
Operating Segments | Forensic and Litigation Consulting | ||||
Special Charges [Line Items] | ||||
Segment special charges | 10,445,000 | 1,750,000 | ||
Operating Segments | Economic Consulting | ||||
Special Charges [Line Items] | ||||
Segment special charges | 5,910,000 | |||
Operating Segments | Technology | ||||
Special Charges [Line Items] | ||||
Segment special charges | 3,827,000 | $ 5,061,000 | ||
Operating Segments | Strategic Communications | ||||
Special Charges [Line Items] | ||||
Segment special charges | 3,599,000 | |||
Unallocated Corporate | ||||
Special Charges [Line Items] | ||||
Special charges | $ 3,244,000 |
Activity Related to Liability f
Activity Related to Liability for Special Charges (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017USD ($) | ||
Special Charges [Line Items] | ||
Beginning Balance | $ 11,560 | |
Additions | 36,535 | |
Reductions | (19,414) | |
Foreign currency translation adjustment and other | 140 | |
Ending Balance | 28,821 | [1] |
Employee Termination Costs | ||
Special Charges [Line Items] | ||
Beginning Balance | 8,225 | |
Additions | 15,980 | |
Reductions | (15,947) | |
Foreign currency translation adjustment and other | 153 | |
Ending Balance | 8,411 | |
Lease Termination Costs | ||
Special Charges [Line Items] | ||
Beginning Balance | 3,335 | |
Additions | 19,985 | |
Reductions | (2,941) | |
Foreign currency translation adjustment and other | (19) | |
Ending Balance | 20,360 | |
Other Costs | ||
Special Charges [Line Items] | ||
Additions | 570 | |
Reductions | (526) | |
Foreign currency translation adjustment and other | 6 | |
Ending Balance | $ 50 | |
[1] | Of the $28.8 million remaining liability for the special charges, $5.2 million is expected to be paid in the remainder of 2017, $10.5 million is expected to be paid in 2018, $4.8 million is expected to be paid in 2019, $4.0 million is expected to be paid in 2020 and the remaining balance of $4.3 million is expected to be paid from 2021 to 2025. |
Activity Related to Liability36
Activity Related to Liability for Special Charges (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | ||
Other Income And Expenses [Abstract] | |||
Special charges remaining liability | $ 28,821 | [1] | $ 11,560 |
Total expected payments to special charges, amount expected to be paid in 2017 | 5,200 | ||
Total expected payments to special charges, amount expected to be paid in 2018 | 10,500 | ||
Total expected payments to special charges, amount expected to be paid in 2019 | 4,800 | ||
Total expected payments to special charges, amount expected to be paid in 2020 | 4,000 | ||
Total expected payments to special charges, amount expected to be paid from 2021 to 2025 | $ 4,300 | ||
[1] | Of the $28.8 million remaining liability for the special charges, $5.2 million is expected to be paid in the remainder of 2017, $10.5 million is expected to be paid in 2018, $4.8 million is expected to be paid in 2019, $4.0 million is expected to be paid in 2020 and the remaining balance of $4.3 million is expected to be paid from 2021 to 2025. |
Allowance for Doubtful Accoun37
Allowance for Doubtful Accounts and Unbilled Services - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Receivables [Abstract] | ||||
Provision for doubtful accounts | $ 4,500 | $ 1,600 | $ 10,510 | $ 5,903 |
Research and Development Costs
Research and Development Costs - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Research And Development [Abstract] | ||||
Research and development costs related to software development | $ 3.3 | $ 4.5 | $ 11.8 | $ 13 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Total debt, fair value | $ 475,100,000 | $ 382,800,000 |
Total debt, carrying value | 465,000,000 | 370,000,000 |
Line of credit maximum borrowing capacity | $ 550,000,000 | $ 550,000,000 |
6.0% Senior Notes Due 2022 | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Interest percentage | 6.00% | |
Debt maturity period | 2,022 | 2,022 |
Summary of Changes in Carrying
Summary of Changes in Carrying Amounts of Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 1,398,303 | $ 1,374,140 |
Accumulated goodwill impairment | (194,139) | (194,139) |
Goodwill, net | 1,204,164 | 1,180,001 |
Acquisitions | 11,900 | |
Foreign currency translation adjustment and other | 12,263 | |
Corporate Finance & Restructuring | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 454,858 | 440,666 |
Goodwill, net | 454,858 | 440,666 |
Acquisitions | 11,900 | |
Foreign currency translation adjustment and other | 2,292 | |
Forensic and Litigation Consulting | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 233,511 | 230,544 |
Goodwill, net | 233,511 | 230,544 |
Foreign currency translation adjustment and other | 2,967 | |
Economic Consulting | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 268,921 | 268,209 |
Goodwill, net | 268,921 | 268,209 |
Foreign currency translation adjustment and other | 712 | |
Technology | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 117,729 | 117,607 |
Goodwill, net | 117,729 | 117,607 |
Foreign currency translation adjustment and other | 122 | |
Strategic Communications | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 323,284 | 317,114 |
Accumulated goodwill impairment | (194,139) | (194,139) |
Goodwill, net | 129,145 | $ 122,975 |
Foreign currency translation adjustment and other | $ 6,170 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Finite Lived Intangible Assets [Line Items] | ||||
Initial payment to acquire restructuring business | $ 8,929 | $ 56 | ||
Goodwill recorded as a result of acquisition | 11,900 | |||
Amortization of other intangible assets | $ 2,882 | $ 2,845 | 7,797 | $ 8,041 |
Corporate Finance & Restructuring | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Initial payment to acquire restructuring business | $ 8,900 | |||
Goodwill recorded as a result of acquisition | $ 11,900 |
Schedule of Estimated Future Am
Schedule of Estimated Future Amortization Expense (Detail) $ in Thousands | Sep. 30, 2017USD ($) | [1] |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2017 (remaining) | $ 2,771 | |
2,018 | 8,223 | |
2,019 | 7,561 | |
2,020 | 7,387 | |
2,021 | 6,773 | |
Thereafter | 8,473 | |
Finite-Lived Intangible Assets, Net | $ 41,188 | |
[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. |
Components of Long-Term Debt Ob
Components of Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt | $ 465,000 | $ 370,000 |
Less: deferred debt issue costs | (3,905) | (4,472) |
Long-term debt, net | 461,095 | 365,528 |
Senior Bank Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility | 165,000 | 70,000 |
6.0% Senior Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 300,000 | $ 300,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - Senior Bank Credit Facility $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Debt Instrument [Line Items] | |
Credit facility expiration date | Jun. 26, 2020 |
Letters of Credit Outstanding, Amount | $ 0.7 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017shares | |
Restricted Stock Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based awards granted | 248,509 |
Share based awards forfeited | 24,920 |
Stock Options | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based awards exercisable | 130,650 |
Share based awards forfeited | 96,802 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based awards | 53,175 |
Performance-Based Restricted Unit | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based awards | 100,052 |
Schedule of Share-based Compens
Schedule of Share-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | $ 3,131 | $ 4,860 | $ 12,300 | $ 16,300 |
Direct Cost Of Revenues | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | 1,350 | 2,243 | 8,371 | 8,370 |
Selling, General And Administrative Expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | $ 1,781 | $ 2,617 | 3,833 | 7,825 |
Special Charges | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | $ 96 | $ 105 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - Stock Repurchase Program - USD ($) | Sep. 30, 2017 | May 18, 2017 | Jun. 02, 2016 |
Stockholders Equity [Line Items] | |||
Board of Directors authorized stock repurchase program | $ 200,000,000 | $ 100,000,000 | |
Board of Directors authorized additional stock repurchase program | $ 100,000,000 | ||
Available amount under repurchase program | $ 26,100,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stock Repurchases (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stockholders Equity [Line Items] | |||
Total cost | $ 155,285 | ||
Stock Repurchase Program | |||
Stockholders Equity [Line Items] | |||
Shares of common stock repurchased and retired | 1,599 | 4,366 | 85 |
Average price paid per share | $ 32.98 | $ 35.55 | $ 34.12 |
Total cost | $ 52,741 | $ 155,198 | $ 2,903 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Revenues and Adjusted Segment E
Revenues and Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization for Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 448,962 | $ 438,042 | $ 1,340,021 | $ 1,368,474 |
Adjusted Segment EBITDA | 75,380 | 67,577 | 190,283 | 230,325 |
Corporate Finance & Restructuring | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 128,121 | 110,617 | 351,509 | 369,915 |
Adjusted Segment EBITDA | 26,734 | 17,762 | 57,107 | 81,406 |
Forensic and Litigation Consulting | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 118,639 | 115,045 | 341,455 | 352,242 |
Adjusted Segment EBITDA | 22,539 | 16,554 | 49,092 | 51,552 |
Economic Consulting | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 111,753 | 122,480 | 374,978 | 371,217 |
Adjusted Segment EBITDA | 12,061 | 18,354 | 47,680 | 55,054 |
Technology | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 42,282 | 44,072 | 133,935 | 134,235 |
Adjusted Segment EBITDA | 5,973 | 7,398 | 19,198 | 20,256 |
Strategic Communications | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 48,167 | 45,828 | 138,144 | 140,865 |
Adjusted Segment EBITDA | $ 8,073 | $ 7,509 | $ 17,206 | $ 22,057 |
Reconciliation of Net Income to
Reconciliation of Net Income to Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Segment Reporting [Abstract] | |||||
Net income | $ 32,214 | $ 21,691 | $ 41,074 | $ 78,419 | |
Income tax provision | 9,197 | 10,292 | 17,601 | 44,115 | |
Interest income and other | (1,103) | (3,213) | (3,300) | (9,895) | |
Interest expense | 6,760 | 6,304 | 18,811 | 18,836 | |
Unallocated corporate expenses | [1] | 18,827 | 21,738 | 60,166 | 60,890 |
Segment depreciation expense | 6,603 | 7,920 | 20,602 | 22,128 | |
Amortization of intangible assets | 2,882 | 2,845 | 7,797 | 8,041 | |
Segment special charges | 26,830 | 6,811 | |||
Remeasurement of acquisition-related contingent consideration | 702 | 980 | |||
Total Adjusted Segment EBITDA | $ 75,380 | $ 67,577 | $ 190,283 | $ 230,325 | |
[1] | Includes $3.2 million special charges for corporate for the nine months ended September 30, 2017. |
Reconciliation of Net Income 52
Reconciliation of Net Income to Adjusted Segment Earnings before Interest, Taxes, Depreciation and Amortization (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Special charges | $ 0 | $ 0 | $ 30,074,000 | $ 6,811,000 |
Unallocated Corporate Expenses | ||||
Segment Reporting Information [Line Items] | ||||
Special charges | $ 3,244,000 |
Supplemental Condensed Consol53
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||||
Cash and cash equivalents | $ 157,961 | $ 216,158 | $ 225,184 | $ 149,760 |
Accounts receivable, net | 547,132 | 474,897 | ||
Other current assets | 83,120 | 92,116 | ||
Total current assets | 788,213 | 783,171 | ||
Property and equipment, net | 70,982 | 61,856 | ||
Goodwill | 1,204,164 | 1,180,001 | ||
Other intangible assets, net | 46,788 | 52,120 | ||
Other assets | 150,446 | 148,220 | ||
Total assets | 2,260,593 | 2,225,368 | ||
Liabilities | ||||
Other current liabilities | 366,866 | 378,455 | ||
Total current liabilities | 366,866 | 378,455 | ||
Long-term debt, net | 461,095 | 365,528 | ||
Other liabilities | 301,703 | 274,027 | ||
Total liabilities | 1,129,664 | 1,018,010 | ||
Stockholders' equity | 1,130,929 | 1,207,358 | ||
Total liabilities and stockholders' equity | 2,260,593 | 2,225,368 | ||
Reportable Legal Entities | FTI Consulting | ||||
Assets | ||||
Cash and cash equivalents | 20,704 | 47,420 | 86,467 | 35,211 |
Accounts receivable, net | 164,357 | 137,523 | ||
Other current assets | 34,862 | 44,708 | ||
Total current assets | 219,923 | 229,651 | ||
Property and equipment, net | 33,317 | 25,466 | ||
Goodwill | 570,876 | 558,978 | ||
Other intangible assets, net | 19,730 | 21,959 | ||
Investments in subsidiaries | 2,149,817 | 2,065,819 | ||
Other assets | 39,279 | 47,308 | ||
Total assets | 3,032,942 | 2,949,181 | ||
Liabilities | ||||
Intercompany payables | 1,083,998 | 1,027,050 | ||
Other current liabilities | 118,584 | 137,710 | ||
Total current liabilities | 1,202,582 | 1,164,760 | ||
Long-term debt, net | 461,095 | 365,528 | ||
Other liabilities | 238,336 | 211,535 | ||
Total liabilities | 1,902,013 | 1,741,823 | ||
Stockholders' equity | 1,130,929 | 1,207,358 | ||
Total liabilities and stockholders' equity | 3,032,942 | 2,949,181 | ||
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 159 | 156 | 161 | 165 |
Accounts receivable, net | 173,846 | 163,820 | ||
Intercompany receivables | 1,060,086 | 1,029,800 | ||
Other current assets | 21,344 | 24,944 | ||
Total current assets | 1,255,435 | 1,218,720 | ||
Property and equipment, net | 14,749 | 14,118 | ||
Goodwill | 416,053 | 416,053 | ||
Other intangible assets, net | 11,772 | 13,393 | ||
Investments in subsidiaries | 549,280 | 490,634 | ||
Other assets | 64,537 | 65,398 | ||
Total assets | 2,311,826 | 2,218,316 | ||
Liabilities | ||||
Other current liabilities | 139,369 | 129,810 | ||
Total current liabilities | 139,369 | 129,810 | ||
Other liabilities | 11,362 | 16,411 | ||
Total liabilities | 150,731 | 146,221 | ||
Stockholders' equity | 2,161,095 | 2,072,095 | ||
Total liabilities and stockholders' equity | 2,311,826 | 2,218,316 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 137,098 | 168,582 | $ 138,556 | $ 114,384 |
Accounts receivable, net | 208,929 | 173,554 | ||
Intercompany receivables | 23,912 | |||
Other current assets | 26,914 | 22,464 | ||
Total current assets | 396,853 | 364,600 | ||
Property and equipment, net | 22,916 | 22,272 | ||
Goodwill | 217,235 | 204,970 | ||
Other intangible assets, net | 31,023 | 34,725 | ||
Other assets | 46,630 | 35,514 | ||
Total assets | 714,657 | 662,081 | ||
Liabilities | ||||
Intercompany payables | 2,750 | |||
Other current liabilities | 108,913 | 110,935 | ||
Total current liabilities | 108,913 | 113,685 | ||
Other liabilities | 52,005 | 46,081 | ||
Total liabilities | 160,918 | 159,766 | ||
Stockholders' equity | 553,739 | 502,315 | ||
Total liabilities and stockholders' equity | 714,657 | 662,081 | ||
Eliminations | ||||
Assets | ||||
Intercompany receivables | (1,083,998) | (1,029,800) | ||
Total current assets | (1,083,998) | (1,029,800) | ||
Other intangible assets, net | (15,737) | (17,957) | ||
Investments in subsidiaries | (2,699,097) | (2,556,453) | ||
Total assets | (3,798,832) | (3,604,210) | ||
Liabilities | ||||
Intercompany payables | (1,083,998) | (1,029,800) | ||
Total current liabilities | (1,083,998) | (1,029,800) | ||
Total liabilities | (1,083,998) | (1,029,800) | ||
Stockholders' equity | (2,714,834) | (2,574,410) | ||
Total liabilities and stockholders' equity | $ (3,798,832) | $ (3,604,210) |
Supplemental Condensed Consol54
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Condensed Consolidating Statement Of Comprehensive Income (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 448,962,000 | $ 438,042,000 | $ 1,340,021,000 | $ 1,368,474,000 |
Operating expenses | ||||
Direct cost of revenues | 294,851,000 | 293,702,000 | 907,994,000 | 902,532,000 |
Selling, general and administrative expenses | 103,909,000 | 106,220,000 | 318,546,000 | 318,074,000 |
Special charges | 0 | 0 | 30,074,000 | 6,811,000 |
Acquisition-related contingent consideration | 252,000 | 201,000 | 1,424,000 | 1,541,000 |
Amortization of other intangible assets | 2,882,000 | 2,845,000 | 7,797,000 | 8,041,000 |
Costs and Expenses, Total | 401,894,000 | 402,968,000 | 1,265,835,000 | 1,236,999,000 |
Operating income | 47,068,000 | 35,074,000 | 74,186,000 | 131,475,000 |
Other income (expense) | (5,657,000) | (3,091,000) | (15,511,000) | (8,941,000) |
Income before income tax provision | 41,411,000 | 31,983,000 | 58,675,000 | 122,534,000 |
Income tax provision | 9,197,000 | 10,292,000 | 17,601,000 | 44,115,000 |
Net income | 32,214,000 | 21,691,000 | 41,074,000 | 78,419,000 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments, net of tax expense of $0 | 11,234,000 | (4,478,000) | 28,778,000 | (23,645,000) |
Total other comprehensive income (loss), net of tax | 11,234,000 | (4,478,000) | 28,778,000 | (23,645,000) |
Comprehensive income | 43,448,000 | 17,213,000 | 69,852,000 | 54,774,000 |
Reportable Legal Entities | FTI Consulting | ||||
Revenues | 163,311,000 | 159,431,000 | 478,767,000 | 517,703,000 |
Operating expenses | ||||
Direct cost of revenues | 105,857,000 | 107,579,000 | 325,560,000 | 337,262,000 |
Selling, general and administrative expenses | 44,781,000 | 47,388,000 | 136,487,000 | 138,038,000 |
Special charges | 13,592,000 | 1,750,000 | ||
Acquisition-related contingent consideration | 6,000 | |||
Amortization of other intangible assets | 1,304,000 | 986,000 | 3,089,000 | 2,958,000 |
Costs and Expenses, Total | 151,942,000 | 155,953,000 | 478,728,000 | 480,014,000 |
Operating income | 11,369,000 | 3,478,000 | 39,000 | 37,689,000 |
Other income (expense) | (5,912,000) | (6,913,000) | (16,525,000) | (18,882,000) |
Income before income tax provision | 5,457,000 | (3,435,000) | (16,486,000) | 18,807,000 |
Income tax provision | 4,438,000 | (1,402,000) | (8,179,000) | 9,781,000 |
Equity in net earnings of subsidiaries | 31,195,000 | 23,724,000 | 49,381,000 | 69,393,000 |
Net income | 32,214,000 | 21,691,000 | 41,074,000 | 78,419,000 |
Other comprehensive income (loss), net of tax: | ||||
Comprehensive income | 32,214,000 | 21,691,000 | 41,074,000 | 78,419,000 |
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Revenues | 136,827,000 | 153,986,000 | 459,569,000 | 463,152,000 |
Operating expenses | ||||
Direct cost of revenues | 95,432,000 | 104,109,000 | 321,606,000 | 312,921,000 |
Selling, general and administrative expenses | 30,280,000 | 30,704,000 | 92,217,000 | 92,490,000 |
Special charges | 7,306,000 | 4,563,000 | ||
Acquisition-related contingent consideration | 252,000 | 201,000 | 1,424,000 | 1,535,000 |
Amortization of other intangible assets | 541,000 | 541,000 | 1,621,000 | 1,639,000 |
Costs and Expenses, Total | 126,505,000 | 135,555,000 | 424,174,000 | 413,148,000 |
Operating income | 10,322,000 | 18,431,000 | 35,395,000 | 50,004,000 |
Other income (expense) | (4,548,000) | (794,000) | (5,046,000) | (3,063,000) |
Income before income tax provision | 5,774,000 | 17,637,000 | 30,349,000 | 46,941,000 |
Income tax provision | 2,260,000 | 8,194,000 | 17,397,000 | 21,918,000 |
Equity in net earnings of subsidiaries | 21,731,000 | 11,878,000 | 26,442,000 | 38,867,000 |
Net income | 25,245,000 | 21,321,000 | 39,394,000 | 63,890,000 |
Other comprehensive income (loss), net of tax: | ||||
Comprehensive income | 25,245,000 | 21,321,000 | 39,394,000 | 63,890,000 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
Revenues | 151,197,000 | 126,995,000 | 408,780,000 | 394,618,000 |
Operating expenses | ||||
Direct cost of revenues | 95,874,000 | 84,313,000 | 267,742,000 | 259,184,000 |
Selling, general and administrative expenses | 28,909,000 | 28,199,000 | 90,023,000 | 87,710,000 |
Special charges | 9,176,000 | 498,000 | ||
Amortization of other intangible assets | 1,795,000 | 1,823,000 | 5,306,000 | 5,584,000 |
Costs and Expenses, Total | 126,578,000 | 114,335,000 | 372,247,000 | 352,976,000 |
Operating income | 24,619,000 | 12,660,000 | 36,533,000 | 41,642,000 |
Other income (expense) | 4,803,000 | 4,616,000 | 6,060,000 | 13,004,000 |
Income before income tax provision | 29,422,000 | 17,276,000 | 42,593,000 | 54,646,000 |
Income tax provision | 2,499,000 | 3,500,000 | 8,383,000 | 12,416,000 |
Net income | 26,923,000 | 13,776,000 | 34,210,000 | 42,230,000 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments, net of tax expense of $0 | 11,234,000 | (4,478,000) | 28,778,000 | (23,645,000) |
Total other comprehensive income (loss), net of tax | 11,234,000 | (4,478,000) | 28,778,000 | (23,645,000) |
Comprehensive income | 38,157,000 | 9,298,000 | 62,988,000 | 18,585,000 |
Eliminations | ||||
Revenues | (2,373,000) | (2,370,000) | (7,095,000) | (6,999,000) |
Operating expenses | ||||
Direct cost of revenues | (2,312,000) | (2,299,000) | (6,914,000) | (6,835,000) |
Selling, general and administrative expenses | (61,000) | (71,000) | (181,000) | (164,000) |
Amortization of other intangible assets | (758,000) | (505,000) | (2,219,000) | (2,140,000) |
Costs and Expenses, Total | (3,131,000) | (2,875,000) | (9,314,000) | (9,139,000) |
Operating income | 758,000 | 505,000 | 2,219,000 | 2,140,000 |
Income before income tax provision | 758,000 | 505,000 | 2,219,000 | 2,140,000 |
Equity in net earnings of subsidiaries | (52,926,000) | (35,602,000) | (75,823,000) | (108,260,000) |
Net income | (52,168,000) | (35,097,000) | (73,604,000) | (106,120,000) |
Other comprehensive income (loss), net of tax: | ||||
Comprehensive income | $ (52,168,000) | $ (35,097,000) | $ (73,604,000) | $ (106,120,000) |
Supplemental Condensed Consol55
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information (Condensed Consolidating Statement Of Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Foreign currency translation adjustments, tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Supplemental Condensed Consol56
Supplemental Condensed Consolidating Guarantor and Non-Guarantor Financial Information Condensed Consolidating Statement Of Cash Flows (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities | ||
Net cash provided by (used in) operating activities | $ 24,033 | $ 111,575 |
Investing activities | ||
Payments for acquisition of businesses, net of cash received | (8,929) | (56) |
Purchases of property and equipment | (20,021) | (22,855) |
Other | 74 | 74 |
Net cash used in investing activities | (28,876) | (22,837) |
Financing activities | ||
Borrowings (repayments) under revolving line of credit, net | 95,000 | (25,000) |
Deposits | 3,585 | 2,806 |
Purchase and retirement of common stock | (155,285) | (2,903) |
Net issuance of common stock under equity compensation plans | (2,354) | 18,394 |
Other | (79) | 357 |
Net cash used in financing activities | (59,133) | (6,346) |
Effect of exchange rate changes on cash and cash equivalents | 5,779 | (6,968) |
Net increase (decrease) in cash and cash equivalents | (58,197) | 75,424 |
Cash and cash equivalents, beginning of period | 216,158 | 149,760 |
Cash and cash equivalents, end of period | 157,961 | 225,184 |
Reportable Legal Entities | FTI Consulting | ||
Operating activities | ||
Net cash provided by (used in) operating activities | (6,155) | 16,670 |
Investing activities | ||
Payments for acquisition of businesses, net of cash received | (8,929) | |
Purchases of property and equipment | (5,943) | (2,714) |
Other | 74 | 74 |
Net cash used in investing activities | (14,798) | (2,640) |
Financing activities | ||
Borrowings (repayments) under revolving line of credit, net | 95,000 | (25,000) |
Purchase and retirement of common stock | (155,285) | (2,903) |
Net issuance of common stock under equity compensation plans | (2,354) | 18,394 |
Other | (79) | 930 |
Intercompany transfers | 56,955 | 45,805 |
Net cash used in financing activities | (5,763) | 37,226 |
Net increase (decrease) in cash and cash equivalents | (26,716) | 51,256 |
Cash and cash equivalents, beginning of period | 47,420 | 35,211 |
Cash and cash equivalents, end of period | 20,704 | 86,467 |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Operating activities | ||
Net cash provided by (used in) operating activities | 40,052 | 70,744 |
Investing activities | ||
Purchases of property and equipment | (9,762) | (16,145) |
Net cash used in investing activities | (9,762) | (16,145) |
Financing activities | ||
Other | (573) | |
Intercompany transfers | (30,287) | (54,030) |
Net cash used in financing activities | (30,287) | (54,603) |
Net increase (decrease) in cash and cash equivalents | 3 | (4) |
Cash and cash equivalents, beginning of period | 156 | 165 |
Cash and cash equivalents, end of period | 159 | 161 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||
Operating activities | ||
Net cash provided by (used in) operating activities | (9,864) | 24,161 |
Investing activities | ||
Payments for acquisition of businesses, net of cash received | (56) | |
Purchases of property and equipment | (4,316) | (3,996) |
Net cash used in investing activities | (4,316) | (4,052) |
Financing activities | ||
Deposits | 3,585 | 2,806 |
Intercompany transfers | (26,668) | 8,225 |
Net cash used in financing activities | (23,083) | 11,031 |
Effect of exchange rate changes on cash and cash equivalents | 5,779 | (6,968) |
Net increase (decrease) in cash and cash equivalents | (31,484) | 24,172 |
Cash and cash equivalents, beginning of period | 168,582 | 114,384 |
Cash and cash equivalents, end of period | $ 137,098 | $ 138,556 |