<SEC-DOCUMENT>0001193125-15-172315.txt : 20150505
<SEC-HEADER>0001193125-15-172315.hdr.sgml : 20150505
<ACCEPTANCE-DATETIME>20150505170105
ACCESSION NUMBER:		0001193125-15-172315
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150430
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150505
DATE AS OF CHANGE:		20150505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FTI CONSULTING INC
		CENTRAL INDEX KEY:			0000887936
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
		IRS NUMBER:				521261113
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14875
		FILM NUMBER:		15833854

	BUSINESS ADDRESS:	
		STREET 1:		1101 K STREET NW
		STREET 2:		SUITE B100
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20005
		BUSINESS PHONE:		202-312-9100

	MAIL ADDRESS:	
		STREET 1:		1101 K STREET NW
		STREET 2:		SUITE B100
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FORENSIC TECHNOLOGIES INTERNATIONAL CORP
		DATE OF NAME CHANGE:	19960306
</SEC-HEADER>
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<TYPE>8-K
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<DESCRIPTION>8-K
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 OR 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): April&nbsp;30, 2015 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>FTI CONSULTING, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-14875</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>52-1261113</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1101 K Street NW, Washington, D.C. 20005 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (202)&nbsp;312-9100 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ITEM&nbsp;2.02. Results of Operations and Financial Condition </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;30, 2015, FTI Consulting, Inc. (&#147;FTI Consulting&#148;) held a conference call relating to the press release issued on
April&nbsp;30, 2015 announcing financial results for the first quarter ended March&nbsp;31, 2015. The text of the transcript of the conference call is furnished as Exhibit 99.1 hereto and incorporated by reference herein. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ITEM&nbsp;7.01. Regulation FD Disclosure </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FTI Consulting defines &#147;Segment Operating Income (Loss)&#148; as a segment&#146;s share of consolidated operating income (loss). FTI
Consulting defines &#147;Total Segment Operating Income (Loss)&#148; as the total of Segment Operating Income (Loss) for all segments, which excludes unallocated corporate expenses. FTI Consulting uses Segment Operating Income (Loss) for the purpose
of calculating Adjusted Segment EBITDA. FTI Consulting defines &#147;Adjusted EBITDA&#148; as consolidated net income (loss) before income tax provision, other non-operating income (expense), depreciation, amortization of intangible assets,
remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges and loss on early extinguishment of debt, &#147;Adjusted Segment EBITDA&#148; as a segment&#146;s share of consolidated operating income
before depreciation, amortization of intangible assets, remeasurement of acquisition-related contingent consideration, special charges and goodwill impairment charges, and &#147;Total Adjusted Segment EBITDA&#148; as the total of Adjusted Segment
EBITDA for all segments, which excludes unallocated corporate expenses. FTI Consulting defines &#147;Adjusted EBITDA Margin&#148; as Adjusted EBITDA as a percentage of total revenues, and &#147;Adjusted Segment EBITDA Margin&#148; as Adjusted
Segment EBITDA as a percentage of a segment&#146;s share of revenue. Although Adjusted EBITDA, Adjusted Segment EBITDA, Total Adjusted Segment EBITDA, Adjusted EBITDA Margin and Adjusted Segment EBITDA Margin are not measures of financial condition
or performance determined in accordance with generally accepted accounting principles (&#147;GAAP&#148;), FTI Consulting believes that they can be useful supplemental operating performance measures. FTI Consulting uses Adjusted Segment EBITDA to
internally evaluate the financial performance of each of its segments because it believes it is a useful supplemental measure which reflects current core operating performance and provides an indicator of the segment&#146;s ability to generate cash.
FTI Consulting also believes that these non-GAAP measures, when considered together with GAAP financial results, provide management and investors with a more complete understanding of FTI Consulting&#146;s operating results, including underlying
trends, by excluding the effects of remeasurement of acquisition-related contingent consideration, special charges and goodwill impairment charges. In addition, EBITDA is a common alternative measure of operating performance used by many of FTI
Consulting&#146;s competitors. It is used by investors, financial analysts, rating agencies and others to value and compare the financial performance of companies in FTI Consulting&#146;s industry. Therefore, FTI Consulting also believes that these
measures, considered along with corresponding GAAP measures, provide management and investors with additional information for comparison of its operating results to the operating results of other companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FTI Consulting defines &#147;Adjusted Net Income&#148; and &#147;Adjusted Earnings per Diluted Share&#148; (&#147;Adjusted EPS&#148;) as net
income (loss) and earnings per diluted share, respectively, excluding the impact of remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges and losses on early extinguishment of debt. FTI
Consulting uses </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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Adjusted Net Income for the purpose of calculating Adjusted EPS and uses Adjusted EPS to assess total FTI Consulting operating performance on a consistent basis. FTI Consulting believes that this
non-GAAP measure, when considered together with its GAAP financial results, provides management and investors with a more complete understanding of its business operating results, including underlying trends, by excluding the effects of
remeasurement of acquisition-related contingent consideration, special charges, goodwill impairment charges and losses on early extinguishment of debt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures
of other companies. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, the information contained in FTI Consulting&#146;s Consolidated Statements of Comprehensive Income. Reconciliations of
GAAP to non-GAAP financial measures are included in the accompanying tables to the press release. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information included herein,
including Exhibit 99.1 furnished herewith, shall not be deemed to be &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or otherwise subject to the liabilities of that
section, nor shall it be incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, except as expressly set forth by
specific reference in such filing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ITEM&nbsp;9.01. Financial Statements and Exhibits </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) <I>Exhibits </I> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Transcript of April&nbsp;30, 2015 Conference Call of FTI Consulting, Inc.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, FTI Consulting, Inc. has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3"><B>&nbsp;&nbsp;&nbsp;FTI CONSULTING, INC.</B></TD></TR></TABLE>
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<TD VALIGN="top">Dated: May&nbsp;5, 2015</TD>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ DAVID JOHNSON</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David Johnson</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Financial
Officer</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT INDEX </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Transcript of April 30, 2015 Conference Call of FTI Consulting, Inc.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EDITED TRANSCRIPT </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FCN - Q1 2015 FTI Consulting Inc
Earnings Call </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EVENT DATE/TIME: APRIL 30, 2015 / 01:00PM GMT </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>OVERVIEW: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FCN reported 1Q15 revenues of $432.3m and
fully-diluted GAAP EPS of $0.57. Co. expects 2015 EPS to be $1.95-2.20. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CORPORATE PARTICIPANTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mollie Hawkes </B><I>FTI
Consulting - Head of IR</I><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><I>FTI Consulting - President&nbsp;&amp; CEO</I><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Johnson </B><I>FTI Consulting - CFO</I><B> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFERENCE CALL PARTICIPANTS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Paul Ginocchio
</B><I>Deutsche Bank - Analyst</I><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tobey Sommer </B><I>SunTrust Robinson Humphrey - Analyst</I><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tim McHugh </B><I>William Blair&nbsp;&amp; Company - Analyst</I><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Gold </B><I>Sidoti&nbsp;&amp; Company - Analyst</I><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jerry Herman </B><I>Stifel Nicolaus - Analyst</I><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Randy Reece </B><I>Avondale Partners - Analyst</I><B> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRESENTATION </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good day, everyone, and welcome to the FTI Consulting first-quarter 2015 earnings conference call. As a reminder, today&#146;s call is being recorded. And now,
for opening remarks and introductions, I&#146;ll turn the call over to Mollie Hawkes, Head of Investor Relations at FTI Consulting. Please go ahead, ma&#146;am. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mollie Hawkes - </B><B><I>FTI Consulting - Head
of IR</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good morning. Welcome to the FTI Consulting conference call to discuss the Company&#146;s first quarter of 2015 results as reported
this morning. Management will begin with formal remarks, after which we&#146;ll take your questions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before we begin, I would like to remind everyone
that this conference call may include forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;21 of the Securities Exchange Act of 1934 that involve risks and uncertainties. Forward-looking
statements include statements concerning plans, objectives, goals, strategies, future events, future revenues, future results and performance expectations, plans or intentions relating to financial performance, acquisitions, business trends and
other information or other matters that are not historical, including statements regarding estimates of our future financial results and other matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For a discussion of risks and other factors that may cause actual results or events to differ from those contemplated by forward-looking statements, investors
should review the Safe Harbor statement in the earnings press release issued this morning, a copy of which is available on our website at www.fticonsulting.com, as well as other disclosures under the heading of Risk Factors and forward-looking
information in our most recent Form 10-K, and in our other filings filed with the SEC. Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this earnings call and will not be
updated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the call, we will discuss certain non-GAAP financial measures, such as adjusted EBITDA, adjusted segment EBITDA, total adjusted segment
EBITDA, adjusted earnings per share and adjusted net income. For a discussion of these and other non-GAAP financial measures, as well as a reconciliation of non-GAAP financial measures to the most recently comparable GAAP measures, investors should
review the press release and the accompanying financial tables that we issued this morning. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lastly, there are two items that have been posted to our
investor relations website this morning for your reference. These include a quarterly earnings call presentation that we will refer to during this morning&#146;s call and an Excel and PDF of our historical financial and operating data, which has
been updated to include our first quarter of 2015 results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With these formalities out of the way, I am joined today by Steve Gunby, our President and
Chief Executive Officer; and David Johnson, our Chief Financial Officer. At this time, I will turn our call over to our President and Chief Executive Officer, Steve Gunby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting - President&nbsp;&amp; CEO </I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Mollie, and welcome, everyone, to today&#146;s call. I know many of you are interested in a detailed version of our first-quarter results, which
David typically gives you. So I&#146;ll turn the call over to him in a moment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But maybe, I can take a few moments upfront to frame the discussion, and
then I&#146;ll come back with David afterwards to open the floor for questions. Our earnings of $0.57 a share in the first quarter is, obviously, a good number. It outperformed our expectations, and I suspect it outperformed the expectations of many
of you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">What I would like to do, however, is avoid expressing delight or excitement about that number, and on this call, perhaps see if I can direct our
attention elsewhere. Everyone on this call knows how quarterly results in this industry can be affected by a lot of factors, one-time charges or one-time benefits, lumpiness in specific assignments, timing of certain expenditures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Last quarter, I&#146;m sure you&#146;ll recall, we were negatively affected by some of those factors. This quarter, our results were positively affected by
some one-time benefits and a slower ramp than we anticipated in investment spending. Which doesn&#146;t mean we&#146;re not going to do the investment spending, it&#146;s a timing issue. It just means that the investment is going to be back loaded.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So the $0.57 is a good number, but I think it&#146;s not a number to get excited about. It overstates the underlying core strength of the business, just
like last quarter&#146;s number understated it. So I don&#146;t think the $0.57 a share, by itself, is a basis for excitement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To me, embedded in this
quarter is news and activity that has, both me and the professionals in our business, excited. We have teams that are doing a huge amount in every segment, and I believe those efforts are changing the trajectory of our segments and of FTI. Now,
that&#146;s a more qualitative statement, and I think all of us on these calls like a little bit of numbers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So let me do one statement about the
numbers, and then come back to try to make the qualitative statement a little bit more vivid. So in terms of numbers, though I don&#146;t get excited about the quarterly earnings because of the reasons I said, I do want to underscore there is
certainly nothing in this quarter that makes me less confident about the annual guidance we have given you of earnings between $1.95 and $2.20. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And as
David will talk about, we reaffirm that guidance for this year. And, probably most important, nothing in this quarter makes me less confident of the aspiration that we have been talking about of $2.50 plus a share in 2016 and in turning FTI into a
sustainable growth business. Any given quarter can be off one way or the other. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But to me, if we are setting the foundation, if we do the efforts in the
businesses to give the underlying businesses a sustainable growth trajectory, then we are setting the foundation for the future. And I believe within this quarter are signs that we are making that progress. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Most visibly, this quarter, you can see that in the numbers in Corporate Finance and Strategic Communications. So let me focus my remarks particularly there.
But then I want to come back to some of the other segments, because even though some of the efforts that teams are making there are less visible in the numbers, I think they are important and they&#146;re meaningful. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Corp Finance, as you know, we&#146;ve talked a lot in the past about our non-distressed services. We are growing a substantial non-distressed business, and
that is one of the thrusts we have, and I want to come back to that. This quarter showed progress not only there, but also in our distressed businesses. We showed a one-third sequential increase in our distressed revenues. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Some of that was due to market forces. As we all know, this market is very depressed, and it still is depressed. But in the first quarter, it did bounce a
little bit from the lowest levels that, I think many of us have seen in many years. So some of our progress is a reflection of the market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the other
hand, some of the progress in this quarter, I believe, is a reflection of the powerful set of initiatives that our professionals have taken to change the trajectory of the business. We have not stood still in our businesses, not on the
non-distressed but nor on the distressed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For example, as some of you know, we&#146;ve invested heavily in retail. Bob Duffy, our Segment Leader, is also
a very strong guy in retail. And we have a team of people with Bob who are very powerful professionals in this business. We decided, even in the face of a weak market, to reinvest behind that strength &#151; behind that area where we have a right to
win, and because we (technical difficulty) attract terrific talent because of our current position and we added that talent in our retail business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And I
think it&#146;s not coincidental that in that business we&#146;ve been winning a higher share of the retail opportunities than I believe we have ever won in the past. Assignments like RadioShack, but a whole lot of other ones that we&#146;ve talked
about. And the sum of those activities was material during this quarter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Similarly, in a face of a very slow period, we made sure we supported a core traditional distressed business,
a great business we have called Creditor Rights, where we have a terrific competitive position. We knew we have a right to win there and we continue to invest and support that team. And even in the slow market, there is some business, and that
strength of our position in that has allowed us to win what I believe are the two largest creditor rights jobs awarded in recent while, Caesars Entertainment and Energy Future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The investments in Europe we&#146;re making continue on pace, and we&#146;re continuing to make progress there. The financials in this quarter reflect the
fact that those are on track, that we still anticipate them being further ahead a year from now than they are now, but versus where they were a year ago, we&#146;re making major progress, and that shows up in the numbers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So the net of all of that in Corp Fin was that the adjusted EBITDA margin in this quarter went from a truly tough margin a year ago of under 12% to a 21%
adjusted EBITDA margin in this quarter. Now, some of you know we&#146;ve had higher margins than that at other points in this past, and we certainly have aspirations for that. We have even &#151; now we have many opportunities, both in North America
to grow strong business, but also to address positions of weaknesses, which we&#146;ve talked about, like Australia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But this is the first quarter where
we&#146;ve reported adjusted EBITDA over 21% for something like a couple of years, I believe. And, I think this is a sign that we are making real progress in that business. The other point I want to underscore is that the team did this without
cannibalizing our non-distressed businesses. We are not in the non-distressed businesses just as a marker, waiting for the distress to come back. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have
found places in non-distressed where we have a right to win, where want to grow those businesses, both when distressed business are good and distressed businesses are not good. And we are committed to that. We will flex some resources back and
forth, because that is doable across this business. It enriches the experience for our professionals. But, we are not going to cannibalize our non-distressed businesses in order to support the distressed businesses, and we didn&#146;t do that this
quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So even while responding to some of the urgent demands of our distressed services businesses, we were able to grow the non-distressed services
by double-digit year over year. So I think, we are making real progress in Corporate Finance. We are not declaring victory. We have so many opportunities ahead. We have some areas we have to fix. But we are making real progress. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And I hope you take away from this quarter, the sign that our professionals are engaged not just in talk, the sort of talk we shared at Investor Day, but they
are engaged in real actions, actions not all of which will work, but cumulatively are making a real difference. Strategic Communications is another business where we talked a lot about at Investor Day, and it&#146;s another business where the team
is making real progress. Again, we are far from declaring victory, but there was an impressive set of delivery on a number of initiatives over this last 12 months and in this quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Over the past year, our senior professionals in that business sat down, looked at what they had and said, I know some parts of the world don&#146;t believe in
us as much as we believe in ourselves, but we have real opportunities in different places here, and we need to figure out how to demonstrate that to the world. And they did a lot of work. They saw places where our brand was underleveraged, but where
we have terrific people. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have places where we had terrific people we were not supporting adequately, and they committed to hiring behind those people.
And they looked at places where we had excess costs and said, we need to figure out ways to fund the journey here and take cost out both in the segment and also pushing corporate, where corporate costs were too high. And on all these fronts, the
team has made progress. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This morning we reported adjusted EBITDA of 13.7% in that segment. 13.7% is not an extraordinarily good number. It&#146;s not
where we hope to have this business long term, but it is 700 basis points higher than a year ago. That&#146;s the definition of what we&#146;re trying to do. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;re not trying to get instantaneously to perfect. What we&#146;re trying to do is to have our businesses look at where we&#146;re strong and reinvest
behind those positions, look at where we&#146;re weak and figure out what to do with that, and thereby, make fundamental improvement in our business. And I think the Strat Comm business deserves a lot of credit for having done that over the last
year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#146;ve highlighted those two segments because this is where the progress is most visible in the external numbers. David will give you a little
more detail on those segments and others. But let me also state that, even though the progress is most visible externally in those two segments, I believe our teams are engaged in similar levels of activity across the board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In FLC, you won&#146;t see a huge delta in the numbers versus last year. If you recall, in the first quarter, we had said some extra extraordinarily large
assignments last year. We were basically sold out. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since then, FLC has invested heavily, committed to reinvestment behind strong positions, committed to hiring,
building up some other practices, with a view that as the big jobs of the first half of 2014 runoff, we&#146;re going to create other engines to drive growth. The view we have, here, is that we will probably not get a lot of growth out of FLC this
year, but if we do the right things, we will be setting that business up for another contribution of growth going forward. And the teams there, the work underway just creates confidence in that position. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Similarly, embedded in the FLC results is a subset of FLC, which is our health solutions business, which had a troubled 2014. Because of the strength of some
of the underlying professionals, we looked at that business, and we said, we shouldn&#146;t be cutting here, we should be continuing to support that business, and instead commit to major business development activity. And, have confidence in the
team that if we invest behind them, it will create the next generation of growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Those activities in 2014 have been rewarded by a rebound in the
business in 2015. In Econ and Technology, it&#146;s a little harder to see the results of the investment in this quarter&#146;s results. Econ clearly has had a slow start for the year and a slow fourth quarter, but we also have great positions
there. And so we are focused on building those positions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are making good investments in terms of attracting the right people and reinvesting behind
positions of strength. We obviously, need to turn that into share gains. But I have confidence that John Klick and the team over the next quarters will do that. In Technology, it&#146;s a complicated story. In some ways this is our hardest business.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As many of you know, it&#146;s an incredibly lumpy business, and we, in particular, because have high concentration ratios, because we are not involved
in the general commodity side of the business, but some of the most fundamental pieces of work, the stuff you read about on the front page of The Wall Street Journal. That means, we sometimes have to put scores, and at times, hundreds of people to
work, in a very short period of time, to help law firms and corporate clients deal with major investigations or crisis. And that means when the work is finished, we have to readjust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Typically, we have found the next wave of work relatively quickly, but it can be months in between. This team, if you look at the business, I&#146;ve been
surprised to find, this team, in the face of those forces, has done a remarkable job of having stability of earnings. But at some point you&#146;re not going to have that, and that is clearly a risk for us over the next couple of quarters for this
business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">What is going on here is obviously not just an FTI story. You can obviously see major impacts for other competitors in the industry. What I
want to underscore here, is that I have confidence both in this business in the long term and in the team here. Data volumes are not shrinking. The complexity of the world is not getting less. The globalization and security requirements are not
going away. Those are the areas in which we are advantaged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The biggest, most complicated global jobs is a good long-term place to be, and we are
committed to that position and to this business. And I want to underscore that I believe we have the best management team in the business, and we will continue, even if we have a couple of slow quarters, to make bold bets behind them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In this introductory remarks, what I&#146;ve tried to do is take your attention away from the $0.57 a share, which I think is a good number, but overstates
the underlying business. And I&#146;m trying to encourage you not to take any number in any quarter and multiply it by four. But I do want to underscore that we think this is a good number for a different reason, because it reflects solid change
initiatives that our professionals are driving. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We know that not every initiative will work, and not everyone will be on schedule, but to the extent that
our professionals drive these change efforts and actually have success on a great number of them, it creates the foundation. Not only for the confidence we have in this year&#146;s numbers, but the confidence we have in the 2016 aspirations, and the
confidence that we have in turning this Company into a sustainable growth engine. So with that, let me turn this over to David to take you through the quarter in more detail. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Johnson </B><B><I>- FTI Consulting -
CFO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Steve. Turning to slide 4 in the deck that accompanies the call, revenues for Q1 were $432.3 million, up 1.6% from the prior
year quarter, and that 1.6% increase is net of the negative impact of foreign exchange translation on revenues, which cut 2.6% from revenue growth. That is, we would have been up 4.2% year over year otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revenues were up sequentially from Q4 2014 by almost the same amount. They were up 1.7%, and that&#146;s net of a 1.6% negative drag from FX translation in
that three-month period. Fully diluted GAAP EPS were $0.57, compared to $0.45 in the prior-year quarter, and $0.02 in Q4. In this quarter, first quarter, 2015, there&#146;s no difference between fully diluted GAAP EPS and adjusted EPS, which is also
$0.57, and on an adjusted basis $0.57 compared to $0.41 a year ago and $0.04 in Q4. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Just as Steve did, I want to caution you that $0.57 is not our new quarterly run rate for EPS. In particular,
I&#146;d like to highlight several items. First, we spent very little on corporate investments in the first quarter. We have no precise quarterly budget for investments, but arguably this lack of spending benefited our first-quarter results by at
least $0.10. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hope and expect to spend that $0.10, plus additional dimes, in later quarters, so that $0.10 is not upside for the year or an indication
that we are now at a higher earnings run rate. It&#146;s just timing. In addition to investment timing, we also benefited from lumpy items in the first-quarter compensation and benefits, and that&#146;s not unusual in our business. Those benefits
aggregated to about $0.11 in the first quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To give you a sense of the things that helped us, first, we saw improvement in healthcare costs for our
US employees versus our expectations. That&#146;s continuing a trend we saw last year. Accordingly, we adjusted our estimated liability for medical claims in the quarter. We also made some adjustments to the structure of some of our bonus plans that
unexpectedly benefited earnings, and we saw a slight net benefit from the reconciliation of year-end accruals to actual awards and payments made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To give
you a specific example, we have a bonus plan that requires certain individuals to take part of their annual bonus in restricted stock. However, if you&#146;re retirement-eligible at the time of that award, the stock vests immediately as opposed to
over the three-year restricted period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of that, GAAP requires us to immediately expense 100% of the stock cost for retirement-eligible employees,
rather than spread that cost over three years. And that 100% charge for folks who are retirement-eligible has always been in our first-quarter results in past years and in our budgets. This year, in order to reduce our use of stock for compensation,
we offered a deferred cash alternative to people receiving restricted stock as part of their annual bonus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, for technical reasons the cash
deferral option couldn&#146;t have a retirement feature. So, if you took the new deferred cash option this year, you couldn&#146;t accelerate by retiring, and under GAAP, we spread the cost over the three-year deferral period as opposed to taking it
all upfront in the first quarter. We didn&#146;t make this change in the program to benefit earnings, but it did have that effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As I said, all of
these comp and benefit items aggregated to about $0.11. The benefit is spread across all our segments, mostly in the direct cost line. We did not anticipate these benefits when we articulated our EBITDA margin guidance by segment for the first
quarter, and the benefits we saw in the first quarter shouldn&#146;t benefit segment EBITDA margins in the remaining three quarters. So that&#146;s why we look at this as lumpy and not reflecting a change in the quarterly run rate, just a one-time
benefit for the first quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So again, in rough summary, $0.20-plus should be adjusted. Half is in investments we hope to make in the remainder of the
year. That&#146;s no upside versus expectations, just timing. The other half that&#146;s associated with comp and benefits is upside versus our expectations, but it&#146;s not recurring and doesn&#146;t reflect an increase in our quarterly run rate
of profit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So in summary, with those adjustments, this was a $0.35 to $0.40 quarter, not a $0.55 to $0.60 quarter. Our guidance for the year is unchanged
at $1.95 to $2.20, and we&#146;ll continue to need to deliver some operational improvement in the latter part of the year to meet that guidance. No change versus what we told you in February. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nonetheless, this is not the worst place for us to be after four months. Finishing the slide, adjusted EBITDA for the quarter was $58.7 million, or 13.6% of
revenues, compared to adjusted EBITDA of $51.2 million, or 12% of revenues in first quarter 2014. And, adjusted EBITDA sequentially was $36 million, or 8.5% of revenues in Q4 2014, so good comparison there also. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to our segments on slide 5, as Steve said, in Corp Finance/Restructuring, we had a good performance, with revenues increasing 13% year over year to
$106.2 million, compared to $94 million last year. Revenues were also up sequentially 14.1% from Q4, with, as Steve said, higher demand for our distressed services in North America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are delighted to have achieved this level of revenues in Corporate Finance/Restructuring so early in the year. To provide our outlook, we hope to maintain
quarterly revenues in CF at roughly this level in the second quarter and through the balance of the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted segment EBITDA for the quarter was
$22.5 million. That&#146;s a margin of 21.2% of revenues, compared to $11 million, or 11.7% of revenues in the prior-year quarter, and $9.9 million, or 10.6% of revenues in Q4. To refresh our outlook, this may be our high watermark for EBITDA
margins for Corp Fin this year. </P> <P STYLE="margin-top:0pt;margin-bottom:0pt;page-break-before:always"></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nonetheless, we currently see reaching
high-teens EBITDA margins in Q2 and also for the balance of the year. This is driven by higher utilization that we expect in both North America and Europe, Middle-East, Africa. We currently see no barrier to a strong year in this segment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In February, we told you that Corporate Finance/Restructuring was off to a solid start, driven by North America. And to elaborate on the drivers that Steve
told you about, we saw a substantial increase in distressed activity in first quarter versus fourth quarter, and our results saw a significant lift from several very large distressed engagements, including RadioShack and Caesars Entertainment, also
interim management assignments, and a good share of the available activity in significant disrupted industries, as Steve said, such as energy and retail. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A lot of things went right for us in Q1, and this quarter&#146;s results may have been a short-term peak. Our
challenge this year will be to maintain this pace, particularly in North America, over the balance of 2015. One source of support for that should be continued momentum for our investments in European tax and transaction advisory businesses, which we
are counting on to support the bottom line in the second half of the year in this segment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Transaction advisory for private equity and corporate is on
track, and it&#146;s maintaining the pace we hoped for coming out of 2014. European Tax Advisory is probably a quarter behind our expectations for growth, but we continue to invest. We expect our hiring and investment there will bear fruit over the
balance of the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This positive momentum in Corp Fin in the first quarter was partially offset by continued softness in Australia. We do not expect
the Australian business to turn around in the near term, and we have lowered our expectations and reduced Australia&#146;s expected contribution to the earnings guidance I have provided, versus what we thought would be the case three months ago. We
remain committed to all of our Australian businesses, but our Corporate Finance business has particular challenges to work through. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to Forensic
and Litigation Consulting, or FLC, we again reported record revenues of [$123.3 million] this quarter, that&#146;s 1.5% compared to $121.4 million in the prior-year quarter, and up 1.8% sequentially from $121 million in Q4. To refresh our outlook,
we hope to see slow and steady sequential revenue growth, comparable to the growth we saw in the first quarter, in the second and third quarters of 2015 in FLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FLC&#146;s adjusted segment EBITDA was $22.1 million, producing a margin of 17.9% of segment revenues. That&#146;s compared to 26.5% (sic - see press release
&#147;$26.5 million&#148;) or 21.8% in the prior-year quarter. On a sequential basis, the quarter&#146;s $22.1 million adjusted EBITDA was up $2.1 million from Q4, and our 17.9% EBITDA margin was a small improvement over the 16% margin we recorded
in Q4. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Despite the slow start that we had in FLC in January, the business was able to rally in this quarter and deliver a sequential increase in EBITDA
and in margins, due to growth in our construction solutions, global risks and investigations and in our disputes practices. To refresh our outlook, we hope to maintain EBITDA margins in FLC at the same high-teens level in the second quarter, and
through the balance of the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Compared to Q4, we ended Q1 roughly about where we expected to be. Both this quarter&#146;s results and our plans for
2015 reflect steady progress in replacing past revenues, both from mortgage-backed disputes that have been a strong contributor to results for several years in this segment, and in the scheduled roll-off of the newer, large global investigations
that supported 2014&#146;s record growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we told you in February, FLC is running hard this year to stay ahead of tough comparisons, but so far, so
good. And as Steve mentioned, an emerging recovery in health solutions work should help support our outlook in this segment for the balance of the year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unlike FLC, Economic Consulting did not recover from its slow start in the first quarter. First-quarter revenues decreased 0.7% to $106 million, compared to
$106.9 million in the prior-year quarter. Revenues were boosted year over year by $2 million from the acquisition of Platt Sparks, the group of Houston-based petroleum and engineers with valuation expertise who joined us last November. Without that,
organic revenues were roughly flat, if you exclude the negative impact of 2.5% from FX translation. Similarly, if you look at it sequentially, first-quarter revenues were also mostly flat versus fourth quarter 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted segment EBITDA was $11.6 million, or 10.9% of revenues, that compares to $13 million, or 12.2% of revenues in the prior-year quarter, and was up from
$9.8 million, or 9.2% margin in Q4. The weakness was caused by lower demand for non-M&amp;A anti-trust and finance litigation. That weakness was partially offset by a substantial increase in M&amp;A-related services during the quarter, and more than
30% increase in international arbitration revenues versus prior year, driven by our substantial investments in that area. But the M&amp;A and international arbitration positives were not enough to produce net growth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Looking ahead to our refreshed second-quarter outlook, the slow pace in North American non-M&amp;A litigation will likely continue into Q2. As a result, we
will consider ourselves fortunate if we can deliver Q2 revenue in Econ that&#146;s flat with the second-quarter revenue of last year. We hope to see a slow recovery in margins. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;re targeting low-teens margins in Q2, and hopefully we&#146;ll reach mid-teens EBITDA margins by the third quarter. Of course, we can always be
surprised to the upside in the segment. Our market position remains excellent, particularly in anti-trust, and we believe we should benefit from increased activity in any of our core markets in this segment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the first quarter, Technology revenues decreased 9% to $54.7 million, compared to $60 million in the prior-year quarter, and sequentially it fell 6% from
$58.2 million in Q4 2014. The decrease in revenues was primarily due to a slowdown in some large complex passport global investigations work and lower consulting revenues. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted segment EBITDA for the quarter was $10 million, or 18.3% of segment revenues, compared to $17.3
million, or 29% of segment revenues in the prior-year quarter, and $13.3 million in Q4, that was almost a 23% margin. The decrease in adjusted segment EBITDA margin was due to lower average price realization on consulting and services, given our mix
of engagements, as well as increased investment in software R&amp;D, global services delivery, marketing, and business development. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As discussed on our
last two quarterly calls, we expected pressure on revenues in Technology in 2015, and we noted our slow start in the first quarter. The roll-off of large matters in this quarter was partially offset by an up-tick in second-request activity during
the quarter. Our second-request activity increased almost 10% compared to prior-year period and more than doubled sequentially, which aligns with the increase we saw in M&amp;A-related services in our Economic segment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our expectations for 2015 continue to reflect significant investment, which we believe is essential to continue to advance our strategic position in this
business. So looking forward, we acknowledge that Technology can and will produce volatile results. In our updated outlook, we now expect full-year segment EBITDA in Technology to be down versus 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on our current pipeline, we expect second-quarter revenues to return to the dollar levels we achieved in the first three quarters of 2014. We are
looking for small positive year-over-year revenue comparisons, and we also expect margins to return to the low- to mid-20%s in the second and third quarters of 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Strategic Communications, revenues decreased 2.5% to $42.1 million in the quarter, compared to $43.2 million in the prior-year quarter. Now, that included
a 7% unfavorable impact from FX. This is our segment that probably has the biggest FX impact. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Excluding FX, revenues versus prior year were up 4.4%, due
to growth in project-based revenues in Europe and the Asia-Pacific region. On a sequential basis, revenues were 9% lower, compared to $46.3 million in Q4, and that again included a 3.8% unfavorable impact from FX. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted segment EBITDA was $5.5 million, or 13.7% of revenues, compared to $2.7 million, or 6.3% last year, and $7.4 million, or 16% margin in Q4. Adjusted
EBITDA benefited from all the things that Steve spoke about: improved mix of higher-margin engagements, reduced headcount-related costs, all resulting from cost-saving activities and other initiatives that began in 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Strategic Communications is off to a good start this year. The segment is executing well on their plan of focusing on profitable revenue, improved leverage
and controlling costs. Accordingly, and as expected, we reported low single-digit year-over-year revenue increase, excluding the impact of FX, and improved profitability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In fact, Strategic Communications reported stronger-than-expected revenues in the first quarter, at least our expectations. Historically, Strat Comm&#146;s
first-quarter contribution to its total-year results has always been smaller due to the impact of clients&#146; budgeting cycles on the fees they earn from discretionary services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">First-quarter adjusted segment EBITDA margin of 13.7% also outperformed our normal expectation for high single-digit adjusted EBITDA margin this quarter. To
refresh our outlook, we expect EBITDA margins to be in the mid-teens and revenue comparisons to be down year over year in the second quarter, and then have flat comparisons in the last half of 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I won&#146;t spend a lot of time on the geographic breakdowns on slide 6. Suffice it to say, North America remains our primary engine, with Corporate Finance
driving results in this quarter. Our investments in Europe continued to come online in Q1, with positive contributions for Corp Fin, Strategic Communications and Economics. Asia remains weak, driven largely by Australia, and Latin America had mixed
results, with strength in FLC revenues offset by weakness elsewhere. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to slide 7, our cash and cash equivalents were $225 million at quarter end,
compared to $77 million, with $20 million of short-term borrowings a year ago in March. Net cash used by operating activities this quarter was $51 million, compared to net cash used by operating activities of $111 million in the prior year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the quarter, we did not make any acquisition-related payments. We will be discussing capital management strategies with our Board in June, but we
continue to look at opportunities to reduce debt. DSOs were 101 at the end of March, compared to 106 prior-year quarter, and up 4 days from the end of the year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In summary, we are very pleased with the first quarter, and our results are consistent with the risks and opportunities we identified at the beginning of the
year. The risks, particularly in our Economic and Technology segments remain the same as we proceed through the second quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operating performance
overall was good, but not a blowout. And the $0.57 headline number reflects lifts from timing and non-recurring benefits. We still have work to do to produce earnings in our guidance range, but this is a good start. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that, I&#146;ll turn the call back to Steve for some closing remarks before we open up the call for questions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting - President&nbsp;&amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great. Thanks, David. David, I think we had enough introductory remarks. I think why don&#146;t we go ahead and open the floor for questions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>QUESTION AND ANSWER </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Operator Instructions) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Paul Ginocchio from Deutsche Bank. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Paul Ginocchio </B><B><I>- Deutsche Bank - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. David or Steve, I guess the question is, about $0.10 or $0.11 you got in the first quarter from benefits. Does that basically offset any incremental FX
and that&#146;s why the guidance is unchanged? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting - President&nbsp;&amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No, FX didn&#146;t really cost us very much. It was about - well, it had bigger revenue impact where we&#146;re pretty much naturally hedged. So FX only
probably cost us about a penny in the first quarter. No, I think the benefits is - that&#146;s just - the point is, that wasn&#146;t expected, it wasn&#146;t in our guidance nor will it be recurring in the second quarter, third quarter and fourth
quarter. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Paul Ginocchio </B><B><I>- Deutsche Bank - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So if you got $0.10 from the benefits that you didn&#146;t expect, what&#146;s going to cost you an extra $0.10 that you didn&#146;t change your guidance, or
is that just too precise to think about? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting - President&nbsp;&amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think that&#146;s too precise to think about. It&#146;s definitely a positive. It makes us more comfortable that we will be able to deliver within the
guidance range, but we could easily see drags in that size, unexpected in our operations over the balance of the year. So yes, the $0.10 from benefits is a positive, it&#146;s not timing, but it&#146;s now recurring. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Paul Ginocchio </B><B><I>- Deutsche Bank - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great. And Steve, the delayed investment, are you having any trouble hiring people? The labor market is pretty tight particularly for skilled people. Is that
an issue or no? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting - President&nbsp;&amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It was an issue last year, particularly because we weren&#146;t geared up to focus on it. During the course of last year, we have geared up a lot of activity.
I would say, particularly in our Corp Fin business we hadn&#146;t been hiring for a long time, and we started to go after it, and low and behold, found to get the right people, the people who can actually be accretive to our business, doesn&#146;t
just fall off trees, you actually have to work. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And we hadn&#146;t done that sort of work for a while. And I think that to some extent we have that
across our segments. It hasn&#146;t been a focus for the last few years. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think we have made a lot of progress in that in the second half of the year, Holly working with each of the
segment adds. And I won&#146;t say it&#146;s not an issue, but we have made material progress in attracting people over the last few months. So I think we&#146;re making good progress there. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Paul Ginocchio </B><B><I>- Deutsche Bank - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Steve, my understanding is that, this is the investment year and the payoff is in 2016. The fact that we&#146;re maybe a little bit - at least a quarter behind
on the investment, that doesn&#146;t change any plans for 2016, or how should we think about that? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It doesn&#146;t. Look, I think, to some extent, we could have probably done even a better job of budgeting. The
way the investments flow in this company, it&#146;s large - always be back-loaded, partially because we don&#146;t have a great process to launch the investments that we want to spend by January&nbsp;1 of the year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then some of the things that we&#146;ve done in the past are inherently fourth quarter activities. Like, last year, we had an all SMB meeting, which was
well done towards the end of the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And so I think there is a couple of things in there that I wish we had gotten launched earlier. But I would also
say, none of us were born yesterday. There are going to be slippages in some of these things, and you build that into your forecast for where you think you&#146;re going to take the business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So a long way of saying, yes, we&#146;re going to move on that stuff. We&#146;re going to invest the money. But no, I&#146;m not worried that the delays are
going to compromise our aspirations for 2016 and beyond, if I got your question right, Paul. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Paul Ginocchio </B><B><I>- Deutsche Bank -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That&#146;s it. Thank you. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ll go next to Tobey Sommer of SunTrust. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good morning, Tobey. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tobey Sommer </B><B><I>- SunTrust Robinson
Humphrey - Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good morning. I wanted to ask a question about the change in stock for cash that you outlined in detail. Is that a
material change to the compensation from the revenue-generating consultant standpoint? Is that material, or was that a technical issue, which you wanted to explain for EPS purposes but not all that impactful from their vantage point? Thanks. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting - President&nbsp;&amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. You&#146;re absolutely right. It&#146;s the latter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. I only highlighted it because it&#146;s an example of how technical the things that benefited the $0.11
are. And how you shouldn&#146;t look at those as reflecting a fundamental improvement in our run rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It gets no change in the economics delivered to
the practitioners at all. It&#146;s just a change in form and which was positively received. It was a voluntary opportunity to do cash versus stock. But you have to wait around for the cash, just like you have to wait around for the stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We did it as part of our larger program to make more efficient use of shares for employee benefits programs in compensation which is part of our overall
governance improvement program. And so it was only material to explaining the $0.11, no impact on the economics delivered to out practitioners. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tobey Sommer </B><B><I>- SunTrust Robinson
Humphrey - Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. Are there any other changes to the compensation program for practitioners that has already been unveiled
internally that you could discuss? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting - President&nbsp;&amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tobey Sommer </B><B><I>- SunTrust Robinson
Humphrey - Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tobey Sommer </B><B><I>- SunTrust Robinson
Humphrey - Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#146;m sorry. Was that a yes or a no? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;re always continually tinkering. But no, this was a limited number of people had this stock feature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We offered the option in the quarter, but it had a several cents benefit unexpected for technical reasons. But it&#146;s not material in any way to the
economics people are getting. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tobey Sommer </B><B><I>- SunTrust Robinson Humphrey - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. And then, I had a question for you about M&amp;A and second request. The couple of high-profile deals have recently been presented some obstacles by
regulators. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And I&#146;m wondering if a more, stringent interpretation of anti-trust and a little more forceful regulator, what that might do for the
parts of your business that it touches? Thanks. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting - President&nbsp;&amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, we obviously can never comment on particular matters. But I would say, that antitrust engagement and by parties on either side, more discussion of
antitrust and more interest in sharpening pencils and increasing the rigor of analysis can only be good for us. That&#146;s where we are excellent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So &#151; and then we work &#151; we don&#146;t just work for companies, we work for regulators sometimes,
too. So we don&#146;t see any hindrance to our practices from increased focus on anti-trust, in fact, probably, it should be a positive. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tobey Sommer </B><B><I>- SunTrust Robinson
Humphrey - Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">My last question has to do with the global reach and positioning of your business in that regard. Are you as strong in
the European market to help with issues in Brussels and in other international geographies as you would like? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think that may come as a surprise, but we are actually stronger than people realize in that. A few years ago, we
did a very good acquisition of a company called LECG in Europe. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There was a team of people there that we had seen as very comparable in quality to us, we
had courted for years, and were not able to get them to go over. They were very loyal. And then when LECG got into trouble, they came over, and that has bolstered our practice in ECon in Europe considerably. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have a terrific group led by somebody who is on the Compass Lexecon side by somebody who I think one of the leading economists in Europe went by the name
of. But he has a terrific team there and also group of international arbitration people, some of whom are under our Compass Lexecon brand and some of us under FTI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So we have a terrific position in Europe. We are I believe the leaders in Europe, in competition space, and in most places in Europe, and not just on in the
UK but on the continent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also just, for your information, have made major investments behind a very good business we have in public affairs in
Brussels. And I think we have the leading or certainly a leading public affairs business in Brussels at this point. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That&#146;s one of the areas in our
Strat Comm business that we&#146;ve invested behind. So I think some of our businesses we are really smaller than I would like by a long shot on the continent. These I&#146;d like to grow, but we are very strong in those businesses, and we look for
- and they are actually growing. Does that answer your question? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tobey Sommer </B><B><I>- SunTrust Robinson Humphrey - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It does. Thank you. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ll go next to Tim McHugh from William Blair&nbsp;&amp; Company. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Steven Henry Gunby - President, Chief Executive Officer&nbsp;&amp; Director Good morning, Tim. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tim McHugh </B><B><I>- William Blair&nbsp;&amp; Company - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, thank you. Hey, good morning, guys. First on the Economics; I guess, it&#146;s been a couple of quarters now. So what do you point &#151; do you still
point to just, I guess, normal volatility in engagements as we talk about the economic business and I guess specifically, obviously, the non-M&amp;A antitrust? </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I guess, how do you reconcile to the disconnect between the M&amp;A part being strong, and then I guess the
non-M&amp;A anti-trust being weak for a little while now. Is it tough times, is there something with the market that I don&#146;t understand or with the people, I guess, what&#146;s your view of what&#146;s going on in there? </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting - President&nbsp;&amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, I think it&#146;s, I would say, probably the larger part is ebb and flow, and then the smaller part is short-term cyclical trends in volume. So we had a
very good book of non-M&amp;A anti-trust and finance litigation in past years. Some of those matters rolled off or decreased in volume last year, and particularly in the fourth quarter, and have not picked back up again in volumes sufficient to give
us a positive comparison. It&#146;s not because we don&#146;t have work in those areas and we don&#146;t have strong positions, but the particular portfolio we have is just down a bit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hard to speculate or to prognosticate in terms of sub markets like that i.e. finance litigation in the United States and its particular dynamic. But there
probably is some weakness in volume there though again, I&#146;m not an expert on that or have market statistics in front of me. But I think it&#146;s just a combination of our particular book and the market they are participating in, not replacing
what we had in past years, but we expect that our efforts there, plus any amount of increase in volume in the overall market will benefit us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But
that&#146;s down sufficiently that it&#146;s not offset by the up that we are particularly in the M&amp;A related international arbitration. That could easily have gone to a net increase with a little bit less drag in the one and even a little bit
more ups in the other. So unfortunate that they&#146;re net down, but we&#146;re trying to accurately provide expectations in our guidance, but we&#146;re not in any way dismayed by our performance and our presence in that market. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tim McHugh </B><B><I>- William Blair&nbsp;&amp; Company - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. And as we think about the Forensics and Technology segments, on a sequential basis across the next few quarters, you&#146;ve talked about some large
projects rolling off in late 2014 I guess. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Is Q1 reflective of a lower level of work? In another words, do we still have risk there, or are you fighting
a headwind sequentially from big projects rolling off, or did we already feel that in the segment results as we look at Q1? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No, we&#146;re fighting that headwind all through 2015 on a year-over-year basis because the 2014 quarters all
benefited from a couple of very large matters, that&#146;s why second quarter and third quarter last year were so good. So year-over-year, yes, we&#146;re fighting that headwind every quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sequentially, it&#146;s a little bit less of what we do, much of the water has already receded, so to speak, if you look at it sequentially. So in terms of
the day-to-day work that we&#146;re doing to replace that versus the book that we had three months before, it&#146;s still work, but it&#146;s not like the significant comparison drag you see if you look 12 months back. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tim McHugh </B><B><I>- William Blair&nbsp;&amp; Company - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. Great. Thank you. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Tim. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ll go next to David Gold of Sidoti. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good morning, David. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Gold </B><B><I>- Sidoti&nbsp;&amp; Company - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hi, good morning. So just really a quick question, and if you give a lot of detail, which I sure appreciate. Just curious Steve or David, if you could speak a
little bit more on, I guess we&#146;re the second period where the ramp-up in investments and hiring was maybe a little bit slower than we expected </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And
just, you could just speak towards what one can do to spur that a little bit, to push it along a little, maybe as quickly as you were initially thinking. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. Look, I say, David, look, what we&#146;re doing here at this company is trying to take a great company to the
next generation of growth, and what we have is a great set of practitioners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Some of the processes that we&#146;re using though are not ones that have
been employed. We have not been a company that&#146;s been historically that focused on organic growth. We&#146;ve not been a company that has historically been surfacing ideas to invest EBITDA, bubble them up, sort through them, and then be willing
to hurt our quarterly earnings in order to invest for 2016 and 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#146;s not the reflex action. We have some other great strengths where we&#146;ve
historically been done a lot of acquisitions and so forth. But where we&#146;re heading right now, some parts of where we&#146;re heading right now is different than what the organization is used to. And so you put in place processes, and you make
progress, and some places people - a year ago people looked skeptically, I said really, I can hire even though I don&#146;t have my fourth quarter EBITDA guaranteed? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And some folks who are little slow with the management level to actually believe that that&#146;s where we&#146;re headed, and we&#146;ve gotten beyond that.
But then once you get beyond that, then you go into the market and you find that - if you haven&#146;t been recruiting for a while, you&#146;ve lost - it takes you a while to get back in that. And so we&#146;re still working through all that. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then even in our corporate processes, we probably could have anticipated the fact that we&#146;re not, probably never going to have equal spend per
quarter in the investment, just because of the nature of some of the investments and some of these processes. And we probably didn&#146;t build that into our own guidance internally as well as we can. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So I think we&#146;re learning here, David, but we&#146;re making progress. This company - if you look at the amount of activity going on in a number of
businesses and the amount of hires in the first quarter and second quarter, and then the second half of last year versus the beginning, we&#146;re making real progress here. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And I think the gap between our aspirations and our reality is narrowing. Does that give you a sense? </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Gold </B><B><I>- Sidoti&nbsp;&amp; Company - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It does. I guess just part two though is, when we think about folks who maybe weren&#146;t as big believers on the hiring or weren&#146;t as excited as we
tried to get them, how do we change that view? How do we get them to actually go out and do the hiring and not be as nervous about it and move along in line with your vision? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We made progress on it, David. I think how do you do that in any company? It&#146;s a combination of - it&#146;s
basically changing beliefs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">First of all, discussing things to make sure you have a right vision for the company, which was a lot of what we did last
year, and making sure we&#146;re aligned, and then in the course of that, beliefs change, and people feel more comfortable moving ahead. And I think we&#146;ve done a fair amount of that, and in some places you end up changing people. We&#146;ve
done some of that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So I think you know the answer. I think we&#146;re moving on all those fronts. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And I think, look, we are in a different place today than we were &#151; I&#146;ve been here now 15 months or
whatever. We&#146;re in a very different place than we were 15 months, and we&#146;re moving. Could we all have moved on some or bunch of things three months or six months earlier? Always. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But you and I both know every change effort known to man, that&#146;s true. And what you do when you set targets for - three-year out targets for 2015 and
2016 is you anticipate that some of the things aren&#146;t going to move as fast. If none of the things move as fast, you&#146;re in trouble. If some of the things don&#146;t move as fast, and you just push on them a little harder, you eventually
get there, and that&#146;s what we&#146;ve been trying to do, David. Does that make sense? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>David Gold </B><B><I>- Sidoti&nbsp;&amp; Company
- Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It sure does. Perfect, I appreciate it. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ll go next to Jerry Herman of Stifel. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good morning, Jerry. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jerry Herman </B><B><I>- Stifel Nicolaus -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks. Good morning, everybody. Howdy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let me start, if I can, with a high level elementary question, because I really appreciate your commentary about the quarter and the influences on the
quarter, and the $0.57, and the notion that it&#146;s more like $0.35 to $0.40. I just want to ensure that if that&#146;s true then that actually puts you operationally below the level of a year ago. And I just want to make sure that I&#146;m not
getting the wrong message there with regard to the underlying core business. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No, I think, we - yes, if you have &#151; you do some crude math, if you said it&#146;s a $0.40 quarter, and you
multiply that by four, you get to $1.60, and you look at the $0.10 of comp and benefits as permanent, that gets you to $1.70. So you would say, okay, that&#146;s not bad, but it&#146;s a little running in place versus last year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So they clearly need to continue the program of operational improvement that they espoused when they gave their guidance in February in order to get to their
$1.95 to $2.20 and a little bit of it remains back loaded. So yes, you&#146;re absolutely right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">First quarter is, we think, in a number of fundamentals,
better than last year&#146;s first quarter. But from an absolute earnings point of view, it&#146;s a little bit better, but not wildly better in order to get to our earnings guidance we need to continue to improve through the balance of the year. I
think we&#146;re on track for that. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jerry Herman </B><B><I>- Stifel Nicolaus - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. Great. And then, I know you guys have talked a lot about investments, and I know that you&#146;ve been asked in the past to quantify it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And I&#146;ll try it again, just in terms of how you think about quantifying the incremental investment from, say, the 2013 base to when it will normalize,
either in dollars or percentage or any other formulaic way to understand what you guys are trying to do with investment spend. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, versus the 2013 base, that&#146;s - yes, we&#146;ll have to think about that. Let me try another way to not
answer you. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So we talked about that we could have done a little bit better in budgeting in first quarter for the impact
of investments. In hindsight it&#146;s actually not surprising at all, we ended up where we are, because all of our segments are investing. They were extorted in making their 2015 budgets to invest, and frankly, the guidance we provided about their
EBITDA margins throughout the year reflected a decent amount of investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then we further made provision for corporate investments and for also
accommodating unbudgeted and unexpected investments in our guidance. So it&#146;s not surprising that first quarter should have less unexpected, or unanticipated, or newly thought up investments because there&#146;s a lot of investment going on and
a lot of hiring going on. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But it&#146;s already inside the segments and it&#146;s already inside the guidance, and it&#146;s already inside their
budgets. Then over the balance of the year, new ideas and corporate initiatives come on in spend money. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So again, that&#146;s one of the reasons why we
keep resisting quantifying it, because we&#146;re really trying to - this is a change in mindset to businesses to say your EBITDA margin should always reflect a portion of investment,. And we want them to get away from thinking of that as something
exceptional or part of a delta program versus the base. It&#146;s just, investing for the next year&#146;s earnings and the year after that, it&#146;s got to just be part of job one, and it isn&#146;t really a separate investment budget. It&#146;s
just part of their ongoing EBITDA margin. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think we&#146;re close to that, and going forward in 2016-2017 we&#146;ll probably need much less corporate
backstop for that. It really will all be in the segments and adjusting their margins. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jerry Herman </B><B><I>- Stifel Nicolaus -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And if I let me go on warrants. Go ahead. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No, no. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jerry Herman </B><B><I>- Stifel Nicolaus -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If I can sneak one more in for Steve. Now, that you&#146;re almost halfway through the planning horizon with regard to the
aspirational targets of 2016. Can you talk about the segments and how they land relative to those aspirational targets above or below, even in concept, even qualitatively? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby </B><B><I>- FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. So you might go back to the Investor Day. If you remember the Investor Day, essentially we had given out
aspirational targets that were to every segment, not only financial targets, but activities behind those targets that we believed were real stretch targets, but achievable by every company, every business if the things broke right. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But they were also were more than twice what was necessary, or about twice what was necessary to actually hit our 2016 aspirational numbers. I guess, the most
important point is, I still think we&#146;re on track for 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, will the mix in 2016 be different than what you would have guessed at the Investor
Day? I suspect it would be. It may be less surprising to some people than others. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think there was real skepticism by some at the Investor Day around
Corp Fin and Strat Comm, and I think Strat Comm has surprised some folks. I just think we have a team there that is focused and making a difference. And I think Corp Fin has shown a bit more ability to control its own destiny than many assumed. And
so I think we&#146;re clearly on track on those. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And then ECon is if you look at the numbers right now, it&#146;s further away from the aspirational
targets you shared. But I think we are still targeting those same numbers for 2016 for all the businesses. We still have those discussions every quarter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think our ECon business is terrific. It&#146;s a matter of getting the next set of work in there, and
it&#146;s a matter of continuing to recruit the right people. So I&#146;m not ready to handicap that and say, particular businesses won&#146;t hit them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We know we won&#146;t hit them on all of them. They&#146;re just by statistics we&#146;re not going to hit them on all of them, nor do we need to. But as of
now, we&#146;re still having positive conversations with every business. Does that help, Jerry? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jerry Herman - </B><B><I>Stifel Nicolaus -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, that helps. Thanks guys. I&#146;ll turn it over. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ll go next to Randy Reece of Avondale Partners. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Randy Reece - </B><B><I>Avondale Partners -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good morning. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby - </B><B><I>FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Steven Henry Gunby - President, Chief Executive Officer&nbsp;&amp; Director Good morning, Randy, how are you? </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Randy Reece - </B><B><I>Avondale Partners - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Doing all right. Not that long ago you put some formal structure around the HR function that probably hadn&#146;t been there in the past, been a little more
distributed. And I&#146;m wondering, how much progress you have made reorganizing the recruiting process if there is any greater centralization involved? Or if you&#146;re still thinking through what might be the optimal structure for a company like
this? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby - </B><B><I>FTI Consulting - President&nbsp;&amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, there&#146;s a lot of work being done, Randy, a huge amount of work, and I think we have a lot of work ahead of us. But there&#146;s been a major set of
work, upgrading of additions of talent, lots of conversations that never happened before between the center and the businesses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is a very different
place. I would say it&#146;s still - if Holly were here, I think she would say, it&#146;s still very much a work in progress. But I&#146;d say the amount of progress we have made in whatever six months since Holly has joined has been extraordinary.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So work in progress, but real progress made. Does that help? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Randy Reece - </B><B><I>Avondale Partners -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. Do you see any changes in the supply of talent or the competitiveness for talent since you&#146;ve been in charge of FTI? </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby - </B><B><I>FTI Consulting - President&nbsp;&amp; CEO</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There may be, but to be honest, it is a rounding error in terms of the quality of our efforts. Yes, we have great people, but there are great people out in the
world. We just need to have the right mechanisms to make sure we&#146;re identifying them and getting to know them. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When the talent out there in the world gets to know our professionals, we have a very high success rate in
recruiting. But a huge amount of our recruiting historically has depended on that. Somebody worked with somebody at the SEC or at the Justice Department or worked with them on a particular matter, and they were so impressed with our people they
said, geez, I didn&#146;t know your company, what do you guys do? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We recruit people. We can do better than that. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So I&#146;m not too worried about whether the markets&#146; tightened out there. What we need to do is upgrade our processes faster than the markets are
tightening, if they are, and I think we can do that. Does that help? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Randy Reece - </B><B><I>Avondale Partners -
Analyst</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. And there is increasing discussion from management over time compared with the past, about your focus on revenue continuity
and the handoff from project-to-project. And has there been any real change or accomplishment yet in how you manage that process? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby - </B><B><I>FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, we have a number of initiatives underway, which I&#146;m not willing to go into all of them in any detail,
but a number of initiatives underway both within segments and cross segments on that. One of the things we&#146;ve never had as a company is a key account management program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So we have no systematic process not only to ensure continuity and follow-up, but also to make sure that if we&#146;re incredibly well regarded in one
geography there&#146;s a systematic process to introduce ourselves to another geography or another segment. And we are not surprisingly experimenting with pilots to change that. So there&#146;s a lot of work underway on that, Randy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And the thing I would say about that is those are fundamental changes that I think are critical, and I talked a little bit about those in the Investor Day.
But I think those take a while to really translate into material profit dollars. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So I see those as major contributors to where we take the business
between 2016 and 2021. And we&#146;re not counting on huge tangible dollars from them, from now to 2016, we&#146;re trying to learn how to do that effectively and show results so we can scale over time. Does that help? </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Randy Reece - </B><B><I>Avondale Partners - Analyst</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That is what I expected. Thank you very much. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby - </B><B><I>FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. Are we done, Mollie? </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mollie Hawkes - </B><B><I>FTI Consulting - Head
of IR</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steve Gunby - </B><B><I>FTI Consulting -
President&nbsp;&amp; CEO</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you all for your attention and your support and your good questions. And I hope you found this conversation
useful, and we look forward to staying in touch. Thanks. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So that concludes today&#146;s conference. We
thank you for your participation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">APRIL 30, 2015 / 01:00PM GMT, FCN - Q1 2015 FTI Consulting Inc Earnings Call </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1px;padding-top:2pt;padding-bottom:3pt">
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