EX-99.1 2 d924275dex991.htm EX-99.1

FTI Consulting, Inc. Investor Presentation May 2015 Exhibit 99.1 * * *

Cautionary Note About Forward-Looking Statements 2 This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve uncertainties and risks. Forward- looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues, future results and performance, expectations, plans or intentions relating to acquisitions and other matters, business trends and other information that is not historical, including statements regarding estimates of our medium-term growth targets or other future financial results. When used in this press release, words such as "anticipates," “aspirational,” "estimates," "expects," “goals,” "intends," "believes,” "forecasts," “targets,” “objectives” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, estimates of our future financial results, are based upon our expectations at the time we make them and various assumptions. Our expectations, beliefs, projections and growth targets are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates or growth targets will be achieved, and the Company's actual results may differ materially from our expectations, beliefs, estimates and growth targets. The Company has experienced fluctuating revenues, operating income and cash flow in prior periods and expects that this will occur from time to time in the future. Other factors that could cause such differences include declines in demand for, or changes in, the mix of services and products that we offer, the mix of the geographic locations where our clients are located or where services are performed, adverse financial, real estate or other market and general economic conditions, which could impact each of our segments differently, the pace and timing of the consummation and integration of past and future acquisitions, the Company's ability to realize cost savings and efficiencies, competitive and general economic conditions, retention of staff and clients and other risks described under the heading "Item 1A Risk Factors" in the Company's most recent Form 10-K filed with the SEC and in the Company's other filings with the SEC, including the risks set forth under "Risks Related to Our Reportable Segments" and "Risks Related to Our Operations.” We are under no duty to update any of the forward looking statements to conform such statements to actual results or events and do not intend to do so.

FTI Consulting: A Leader Among Leaders 3 FCN Publicly traded $1.7 BLN 1982 Year founded 4,400+ Total employees worldwide 440+ Senior Managing Directors 16 Experts in 16 industry specialties 2 Nobel Laureates 10/10 Advisor to world’s top 10 bank holding companies 94/100 Advisor to 94 of the world’s top 100 law firms 47/100 47 of Global Fortune 100 corporations are clients 80 Offices in 80 cities around the globe Market capitalization (1) (1)Total Shares outstanding times the closing share price as of December 31, 2014.

Overview 4 New management team (CEO, CFO, CHRO, Chief Strategy) put in place over first nine months of 2014 – focused on analysis, accountability and discipline FTI Consulting is a leading professional services company with strong people and strong positions – corporations and law firms come to FTI Consulting when there is a critical need Willingness to invest EBITDA in key growth areas where we have strong people and strong positions Committed to building a profitable business with sustainable underlying growth, regardless of economic conditions Shifting from a capital driven to an organic growth strategy – with an emphasis on profitable revenue growth Established medium-term financial target of Adjusted EPS of $2.50+ in 2016

Balanced and Diversified Portfolio Q1 2015 Segment Revenues 5 Q1 2015 Segment EBITDA

Corporate Finance/Restructuring 6 Services Bankruptcy Support Services Interim Management Services Investment Banking Litigation Support Business Transformation Services Performance Improvement Private Equity Advisory Restructuring/Turnaround Services Corporations/C-Suite Boards of Directors Equity Sponsors Secured Lenders Unsecured Creditors Clients Transaction Advisory Services Valuation & Financial Advisory Services (in thousands, except percentages and headcount data) (unaudited) See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliation of Adjusted Segment EBITDA, which is a non-GAAP financial measure, to the most directly comparable GAAP measure, and the definition of Adjusted Segment EBITDA Margin. 2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 Q1 2015 Segment Revenue $396,216 $364,409 $394,718 $382,586 $93,982 $104,020 $100,041 $93,072 $391,115 $106,212 Segment Gross Profit Margin 41.8% 37.4% 39.5% 35.9% 31.9% 35.1% 33.8% 29.3% 32.6% 39.8% Segment SG&A $59,629 $60,499 $61,027 $71,966 $19,786 $18,191 $19,047 $18,358 $75,382 $20,528 Adjusted Segment EBITDA $ 108,152 $75,942 $95,916 $67,183 $10,951 $19,133 $15,534 $9,874 $55,492 $22,480 Adjusted Segment EBITDA Margin 27.3% 20.8% 24.3% 17.6% 11.7% 18.4% 15.5% 10.6% 14.2% 21.2% Segment Billable Headcount 620 587 697 737 726 713 722 706 706 735

Corporate Finance/Restructuring (continued) 7 The Corporate Finance/Restructuring segment focuses on strategic, operational, financial and capital needs of businesses by addressing the full spectrum of financial and transactional challenges faced by companies, boards, private equity sponsors, creditor constituencies and other stakeholders. Medium–Term Initiatives Reinforce core positions e.g., TMT, retail, company-side, interim management Drive organic growth in new/adjacent businesses where we have the right to win, e.g., Office of the CFO, carve out Drive overseas bets to fruition e.g., EMEA transaction advisory services, EMEA Tax Focus on profitability enhancements e.g., geographic rationalization, cost control, engagement profitability improvements Segment Offering Revenues increased $12.2 million, or 13.0%, to $106.2 million for the quarter ended March 31, 2015 compared to $94.0 million for the same prior year period. The increase was primarily due to higher volume in our distressed and non-distressed engagements in North America and higher volumes in our EMEA-based transaction advisory services practices, partially offset by continued slowdown in our Asia Pacific bankruptcy and restructuring practices. Gross profit increased $12.3 million, or 40.9%, to $42.3 million for the quarter ended March 31, 2015 compared to $30.0 million for the same prior year period. Gross profit margin increased to 39.8% for the quarter ended March 31, 2015 compared to 31.9% for the same prior year period. The increase in gross profit margin was due to higher utilization in our North America and EMEA practices, partially offset by lower realized bill rates in our North America and Asia Pacific practices. Adjusted Segment EBITDA increased $11.5 million, or 105.3%, to $22.5 million for the quarter ended March 31, 2015 compared to $11.0 million for the same prior year period. Q1 2015 Form 10–Q Management’s Discussion & Analysis

Forensic and Litigation Consulting 8 Services Clients Corporations Boards of Directors Governments Law Firms Business Insurance Claims Compliance, Monitoring & Receivership Construction & Environmental Solutions Dispute Advisory Services Financial Enterprise & Data Analytics (“FEDA”) Financial Services Forensic Accounting & Advisory Services (“FAAS”) Global Risk & Investigations Practice (“GRIP”) Health Solutions Insurance Intellectual Property Trial Services 2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 Q1 2015 Segment Revenue $379,780 $428,730 $407,586 $433,632 $121,429 $119,081 $121,732 $121,138 $483,380 $123,265 Segment Gross Profit Margin 37.5% 36.5% 33.8% 35.9% 39.2% 36.7% 35.0% 35.4% 36.6% 36.3% Segment SG&A $69,712 $78,745 $80,842 $84,616 $22,121 $22,481 $21,409 $24,696 $90,707 $23,634 Adjusted Segment EBITDA $76,402 $80,923 $60,566 $74,481 $26,494 $22,271 $22,260 $19,443 $90,468 $22,071 Adjusted Segment EBITDA Margin 20.1% 18.9% 14.9% 17.2% 21.8% 18.7% 18.3% 16.1% 18.7% 17.9% Segment Billable Headcount 911 957 952 1,061 1,076 1,059 1,135 1,154 1,154 1,145 (in thousands, except percentages and headcount data) (unaudited) See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliation of Adjusted Segment EBITDA, which is a non-GAAP financial measure, to the most directly comparable GAAP measure, and the definition of Adjusted Segment EBITDA Margin.

Forensic and Litigation Consulting (continued) 9 Reinvest behind core areas of strength e.g., FAAS, FEDA Grow key regions where we have a right to win e.g., construction & environmental solutions Invest behind people to expand key businesses e.g., insurance, cyber security Segment Offering The Forensic and Litigation Consulting segment provides a complete range of multidisciplinary, independent dispute advisory, investigative, data acquisition/analysis and forensic accounting services. Our professionals combine end-to-end capabilities with unmatched qualifications when clients face high stakes litigation, arbitration and compliance investigations and regulatory scrutiny. Medium–Term Initiatives Revenues increased $1.8 million, or 1.5%, to $123.3 million for the quarter ended March 31, 2015 from $121.4 million for the same prior year period. Growth was driven by higher success fees in our health solutions practice, increased demand in our investigations and global construction practices, which was partially offset by a decline in demand in our financial and enterprise data analysis practice. Gross profit decreased $2.9 million, or 6.1%, to $44.7 million for the quarter ended March 31, 2015 from $47.6 million for the same prior year period. Gross profit margin decreased 2.9 percentage points to 36.3% for the quarter ended March 31, 2015 from 39.2% for the same prior year period. The decrease in gross profit margin was due to lower utilization across the segment coupled with higher personnel costs as we ramped up our hiring in order to expand our capabilities. Adjusted Segment EBITDA decreased by $4.4 million, or 16.7%, to $22.1 million for the quarter ended March 31, 2015 from $26.5 million for the same prior year period. Q1 2015 Form 10–Q Management’s Discussion & Analysis

Economic Consulting 10 Antitrust & Competition Economics Business Valuation Center for Healthcare Economics & Policy Intellectual Property International Arbitration Labor & Employment Public Policy Corporations Government Entities Law Firms Services Clients Regulated Industries Securities Litigation & Risk Management 2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 Q1 2015 Segment Revenue $255,660 $ 353,981 $391,622 $447,366 $106,851 $117,227 $120,494 $106,468 $451,040 $106,081 Segment Gross Profit Margin 33.2% 31.4% 32.3% 32.9% 27.0% 27.6% 27.6% 25.5% 27.0% 24.6% Segment SG&A $37,879 $46,802 $51,912 $58,282 $16,880 $15,242 $ 15,683 $18,354 $66,159 $15,501 Adjusted Segment EBITDA $49,481 $67,028 $77,461 $92,204 $13,030 $18,043 $18,426 $9,783 $59,282 $11,556 Adjusted Segment EBITDA Margin 19.4% 18.9% 19.8% 20.6% 12.2% 15.4% 15.3% 9.2% 13.1% 10.9% Segment Billable Headcount 297 433 474 530 538 525 551 574 574 566 (in thousands, except percentages and headcount data) (unaudited) See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliation of Adjusted Segment EBITDA, which is a non-GAAP financial measure, to the most directly comparable GAAP measure, and the definition of Adjusted Segment EBITDA Margin.

Economic Consulting (continued) 11 The Economic Consulting segment provides analysis of complex economic issues. We help our clients with legal, regulatory and international arbitration proceedings; strategic decision making; and public policy debates in the U.S. and around the world. We deliver sophisticated economic analysis and modeling of issues arising in M&A transactions, complex antitrust litigation, commercial disputes, international arbitration, regulatory proceedings and a wide range of securities litigation. Our statistical and economic experts help clients analyze complex economic issues, such as the economic impact of deregulation on a particular industry or the amount of damages suffered by a business as a result of particular events. Medium–Term Initiatives Continue driving Compass Lexecon Expand international arbitration, energy and Center for Healthcare Economics and Policy offerings Continue to expand cross-segment collaboration Segment Offering Revenues decreased $0.8 million, or 0.7%, to $106.1 million for the quarter ended March 31, 2015 compared to $106.9 million for the same prior year period. Acquisition-related revenues contributed $2.0 million, or 1.9%, compared to the same prior year period. Revenues declined organically $2.8 million, or 2.6%, which includes a 2.5% decrease from the estimated negative impact of foreign currency translation. Excluding the foreign currency translation impact, organic revenues are essentially unchanged, reflecting decreased demand in our non-M&A related finance and antitrust services, partially offset by higher demand and realized bill rates in our M&A related antitrust services and higher demand for our intentional arbitration regulatory and valuation practices in the EMEA region. Gross profit decreased $2.7 million, or 9.5%, to $26.1 million for the quarter ended March 31, 2015 compared to $28.9 million for the same prior year period. Gross profit margin decreased to 24.6% for the quarter ended March 31, 2015 from 27.0% for the same prior year period. The decrease in gross profit margin was the result of lower utilization in the antitrust practice in the North America region, and higher variable compensation in the antitrust practice in EMEA. Adjusted Segment EBITDA decreased $1.5 million, or 11.3%, to $11.6 million for the quarter ended March 31, 2015, compared to $13.0 million for the same prior year period. Q1 2015 Form 10–Q Management’s Discussion & Analysis

Clients Technology 12 Corporations Government Agencies Law Firms Computer Forensics & Investigations Discovery Consulting E-discovery Software & Services Software & Services 2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 Q1 2015 Segment Revenue $176,607 $218,738 $195,194 $202,663 $60,063 $60,720 $62,359 $58,168 $241,310 $54,654 Segment Gross Profit Margin 62.7% 60.0% 54.9% 52.2% 48.9% 45.7% 49.7% 47.8% 48.0% 44.7% Segment SG&A $ 59,721 $65,322 $62,436 $59,890 $16,079 $16,648 $17,017 $18,418 $68,162 $18,026 Adjusted Segment EBITDA $64,358 $77,011 $57,203 $60,655 $17,348 $15,104 $17,835 $13,258 $63,545 $10,073 Adjusted Segment EBITDA Margin 36.4% 35.2% 29.3% 29.9% 28.9% 24.9% 28.6% 22.8% 26.3% 18.4% Segment Billable Headcount 257 290 277 306 321 328 335 344 344 360 (in thousands, except percentages and headcount data) (unaudited) See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliation of Adjusted Segment EBITDA, which is a non-GAAP financial measure, to the most directly comparable GAAP measure, and the definition of Adjusted Segment EBITDA Margin.

Technology (continued) 13 The Technology segment is a leading provider of software, services and consulting for e-discovery and information management. We assist clients with internal, regulatory and global investigations, early case assessment, litigation and joint defense, antitrust and competition investigations, including pre-merger notification “Second Request”, and the secure management, analysis and use of critical corporate information. We provide a comprehensive suite of software and services to help clients locate, review and produce electronically stored information (“ESI”) including e-mail, computer files, voicemail, instant messaging and financial and transactional data. Our proprietary Ringtail® software and Acuity® managed review are used for e-discovery and document review in litigation and secure information management. Medium–Term Initiatives Segment Offering Revenues decreased $5.4 million, or 9.0%, to $54.7 million for the quarter ended March 31, 2015 compared to $60.1 million in the same prior year period. Revenue decrease was largely attributable to the slowing of large cross-border investigations and lower consulting revenues. Revenue decreases due to lower pricing for consulting and services were partially offset by increased volumes on new engagements. Gross profit decreased $4.9 million, or 16.8%, to $24.4 million for the quarter ended March 31, 2015 compared to $29.4 million for the same prior year period. Gross profit margin decreased to 44.7% for the quarter ended March 31, 2015 compared to 48.9% in the same prior year period. The decrease in gross profit margin was due to the increased investment in global service delivery personnel and an increase in lower margin services as a percentage of total revenues. Adjusted Segment EBITDA decreased $7.3 million, or 41.9%, to $10.1 million for the quarter ended March 31, 2015 compared to $17.3 million for the same prior year period. Increased investment in sales and marketing Ongoing investment in new products and services and geographic expansion to stay leading edge with respect to the most complicated, major corporate events Q1 2015 Form 10–Q Management’s Discussion & Analysis

Strategic Communications 14 Services Corporate Communications Creative Engagement & Digital Communications Crisis Communications Employee Engagement & Change Communications Financial Communications Litigation Communications M&A Communications Public Affairs Restructuring & Financial Issues CEOs CFOs Chief Communications Officers Investor Relations Officers Boards of Directors Clients Shareholder Activism and Proxy Advisory Strategy Consulting & Research 2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 Q1 2015 Segment Revenue $193,198 $200,910 $187,750 $186,245 $43,227 $53,276 $46,552 $46,312 $189,367 $42,126 Segment Gross Profit Margin 37.4% 37.2% 36.9% 34.7% 35.6% 34.5% 37.1% 39.7% 36.7% 37.4% Segment SG&A $46,469 $50,919 $46,852 $47,874 $13,128 $13,084 $11,154 $11,524 $48,890 $10,444 Adjusted Segment EBITDA $28,971 $26,801 $25,019 $18,737 $2,729 $5,834 $ 6,605 $7,420 $22,588 $5,752 Adjusted Segment EBITDA Margin 15.0% 13.3% 13.3% 10.1% 6.3% 10.9% 14.2% 16.0% 11.9% 13.7% Segment Billable Headcount 583 582 593 590 584 566 549 566 566 556 (in thousands, except percentages and headcount data) (unaudited) See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliation of Adjusted Segment EBITDA, which is a non-GAAP financial measure, to the most directly comparable GAAP measure, and the definition of Adjusted Segment EBITDA Margin.

Strategic Communications (continued) 15 The Strategic Communications segment provides advice and consulting services relating to financial and corporate communications and investor relations, reputation management and brand communications, public affairs, business consulting and digital design and marketing. Medium–Term Initiatives Reinforce financial and corporate communications positions Continued expansion of public affairs practice Focus on EBIT improvement Segment Offering Revenues decreased $1.1 million, or 2.5%, to $42.1 million fo r the quarter ended March 31, 2015 compared to $43.2 million for the same prior year period. The revenue decline included an estimated $3.0 million, or 7.0%, decrease from the estimated negative impact of foreign currency translation. Excluding the foreign currency translation impact, revenue increased by $1.9 million due to growth in project-based revenues largely in our EMEA and Asia Pacific regions, and growth in retainer based revenues in our EMEA region. Gross profit increased $0.4 million, or 2.4%, to $15.8 million for the quarter ended March 31, 2015 from $15.4 million for the same prior year period. Gross profit margin increased to 37.4% for the quarter ended March 31, 2015 from 35.6% for the same prior year period. Gross profit margin increase was primarily due to lower headcount and staff costs, as well as improved revenue mix involving higher margin engagements. Adjusted Segment EBITDA increased $3.0 million, or 110.8%, to $5.8 million for the quarter ended March 31, 2015 from $2.7 million for the same prior year period. Q1 2015 Form 10–Q Management’s Discussion & Analysis

Financial Overview * * *

Historical Revenues and Adjusted Earnings Per Share 17 See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliation of Adjusted Earnings Per Share, which is a non-GAAP financial measure, to the most directly comparable GAAP measure, except for the year ended December 31, 2009 for which there were no adjustments from fully diluted EPS to Adjusted EPS.

Financial Profile 18 (1) DSO is a performance measure used to assess how quickly revenues are collected by the Company. We calculate DSO at the end of each reporting period by dividing net accounts receivable reduced by billings in excess of services provided, by revenue for the quarter, adjusted for changes in foreign exchange rates. We multiply the result by the number of days in the quarter. Q1 2015 Q1 2014 Q4 2014 FY 2014 FY 2013 Cash and cash equivalents $ 225,295 $ 77,005 $ 283,680 $ 283,680 $ 205,833 Accounts receivable, net $ 513,285 $ 545,072 $ 485,101 $ 485,101 $ 476,445 Days sales outstanding ("DSO") 101 106 97 97 97 Net cash (used in) provided by operating activities $ (51,333) $ (110,795) $ 114,922 $ 135,401 $ 193,271 Purchases of property and equipment $ 8,876 $ 15,179 $ 7,459 $ 39,256 $ 42,544 Payments for acquisition of businesses, net of cash received - $ 15,611 $ 7,783 $ 23,467 $ 55,498 Purchase and retirement of common stock - $ 4,367 - $ 4,367 $ 66,763 Total debt $ 711,000 $ 737,000 $ 711,000 $ 711,000 $ 717,014 All numbers in $000s except for DSOs 1

Appendix * * *

FTI Technology’s Jessica Block recognized by Consulting magazine as a Rising Star of the Profession Honored by the Global M&A Network in the Emerging Markets M&A Deal of the Year - $.5-1 billion category FTI Technology’s Ringtail recognized as a top online review platform in the 2015 Best of The National Law Journal reader rankings Compass Lexecon Expert Professor Bradford Cornell Wins a Bernstein Fabozzi/Jacobs Levy Award for Outstanding Article in The Journal of Portfolio Management First Quarter 2015 Awards & Accolades 20 Corporate Finance/Restructuring’s Sanjeev Khemlani and Mark Renzi named in Turnarounds & Workouts' People to Watch in 2015 Recognized by Turnarounds & Workouts’ Successful Restructurings of 2014 for our work on Preferred Proppants and Overseas Shipholding Group FTI Consulting ranked number one restructuring adviser on The Deal's Out- of-Court Restructuring League Tables for both debtors and creditors Honored with seven M&A Advisor Turnaround Awards, including engagements for Momentive Performance Materials, Inc., TSC Acquisition Corp, Ashley Stewart Holdings, Inc., et al., Classic Party Rentals

FTI Consulting Executive Leadership Team 21 Steven H. Gunby President & Chief Executive Officer David M. Johnson Chief Financial Officer Paul Linton Chief Strategy & Transformation Officer Holly Paul Chief Human Resources Officer Adam S. Bendell Chief Innovation Officer Catherine Freeman Senior Vice President, Controller & Chief Accounting Officer Jeffrey S. Amling Senior Managing Director, Business Development & Marketing Mollie Hawkes Senior Director, Investor Relations Heather Klink Acting General Counsel

FTI Consulting Business Leadership Team 22 Robert Duffy Global Segment Leader, Corporate Finance/ Restructuring Neal Hochberg Global Segment Leader, Forensic & Litigation Consulting John Klick Global Segment Leader, Economic Consulting Seth Rierson Global Segment Leader, Technology Ed Reilly Global Segment Leader, Strategic Communications Ken Barker Global Practice Leader, Health Solutions Carlyn Taylor Global Industries Leader Rod Sutton Asia Pacific Chairman Frank Holder Latin America Chairman

Financial Tables Q1 2015 – FY 2010 Reconciliation of Net Income (Loss) to Adjusted EPS and Adjusted EBITDA * * *

Q1 2015 - FY 2010 Reconciliation of Earnings (Loss) Per Share to Adjusted Earnings Per Share 24 Q1 2015 2014 2013 2012 2011 2010 Net income (loss) $23,686 $58,807 ($10,594) ($36,986) $103,903 $65,984 Add back: Special charges, net of tax - 9,637 23,267 19,115 9,285 32,733 Goodwill impairment charge - - 83,752 110,387 - - Loss on early extinguishment of debt, net of tax - - - 2,910 - 3,019 Remeasurement of acquisition-related contingent consideration, net of taxes - (1,718) (12,054) (5,228) (9,953) - Adjusted Net Income (1) $23,686 $66,726 $84,371 $90,198 $103,235 $101,736 Earnings (loss) per common share – diluted $0.57 $1.44 ($0.27) ($0.92) $2.39 $1.38 Add back: Special charges, net of tax - 0.24 0.59 0.47 0.21 0.69 Goodwill impairment charge - - 2.14 2.74 - - Loss on early extinguishment of debt, net of tax - - - 0.07 - 0.06 Remeasurement of acquisition-related contingent consideration, net of taxes - (0.04) (0.30) (0.13) (0.23) - Impact of denominator for diluted adjusted earnings per common share - - (0.07) (0.06) - - Adjusted earnings per common share – diluted (1) $0.57 $1.64 $2.09 $2.17 $2.37 $2.13 Weighted average number of common shares outstanding – diluted 41,324 40,729 40,421 41,578 43,473 47,664 All numbers in $000s, except for per share data (1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition of Adjusted Net Income and Adjusted Earnings per Diluted Share.

Q1 2015 and FY 2014: Reconciliation of Net Income And Operating Income to Adjusted EBITDA 25 Three Months Ended March 31, 2015 Corporate Finance/ Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Corporate Total Net income $23,686 Interest income and other 137 Interest expense $12,368 Income tax provision $11,657 Operating income (1) $20,764 $20,474 $10,296 $6,198 $4,197 ($14,081) $47,848 Depreciation and amortization of intangible assets $1,716 $1,597 $1,260 $3,875 $1,555 $817 $10,820 Adjusted EBITDA (1) $22,480 $22,071 $11,556 $10,073 $5,752 ($13,264) $58,668 (1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition of Segment Operating Income, Adjusted EBITDA and Adjusted Segment EBITDA. All numbers in $000s Year Ended December 31, 2014 Corporate Finance/ Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Corporate Total Net income $58,807 Interest income and other ($4,670) Interest expense $50,685 Income tax provision $42,604 Operating income (1) $46,913 $83,180 $55,282 $46,906 $15,603 ($100,458) $147,426 Depreciation and amortization of intangible assets $3,568 $4,301 $4,068 $15,768 $2,562 $3,722 $33,989 Amortization of other intangible assets $5,589 $3,613 $1,047 $852 $4,420 - $15,521 Special charges $84 $308 $12 $19 $3 $15,913 $16,339 Remeasurement of acquisition-related contingent consideration ($662) ($934) ($1,127) - - - ($2,723) Adjusted EBITDA (1) $55,492 $90,468 $59,282 $63,545 $22,588 ($80,823) $210,552

Q1 and Q2 2014: Reconciliation of Net Income And Operating Income to Adjusted EBITDA 26 Three Months Ended March 31, 2014 Corporate Finance/ Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Corporate Total Net income $18,117 Interest income and other ($1,003) Interest expense $12,655 Income tax provision $10,348 Operating income (1) $8,607 $25,402 $12,430 $13,066 $1,005 ($20,393) $40,117 Depreciation and amortization of intangible assets $3,006 $1,765 $1,387 $4,282 $1,724 $1,037 $13,201 Remeasurement of acquisition-related contingent consideration ($662) ($673) ($787) - - - ($2,122) Adjusted EBITDA (1) $10,951 $26,494 $13,030 $17,348 $2,729 ($19,356) $51,196 (1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition of Segment Operating Income, Adjusted EBITDA and Adjusted Segment EBITDA. All numbers in $000s Three Months Ended June 30, 2014 Corporate Finance/ Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Corporate Total Net Income $17,247 Interest income and other ($1,448) Interest expense $12,908 Income tax provision $10,225 Operating income (1) $17,068 $20,839 $16,840 $10,905 $4,030 ($30,750) $38,932 Depreciation and amortization of intangible assets $2,065 $1,693 $1,203 $4,199 $1,804 $904 $11,868 Special charges - - - - - $9,364 $9,364 Remeasurement of acquisition-related contingent consideration - ($261) - - - - ($261) Adjusted EBITDA (1) $19,133 $22,271 $18,043 $15,104 $5,834 ($20,482) $59,903

Q3 and Q4 2014: Reconciliation of Net Income And Operating Income to Adjusted EBITDA 27 All numbers in $000s (1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition of Segment Operating Income (Loss), Adjusted EBITDA and Adjusted Segment EBITDA. Three Months Ended December 31, 2014 Corporate Finance/ Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Corporate Total Net Income $921 Interest income and other ($1,205) Interest expense $12,488 Income tax provision $9,702 Operating income (1) $7,832 $16,663 $8,767 $9,194 $5,693 ($26,243) $21,906 Depreciation and amortization of intangible assets $2,042 $2,780 $1,356 $4,064 $1,727 $895 $12,864 Special charges - - - - - $1,628 $1,628 Remeasurement of acquisition-related contingent consideration - - ($340) - - - ($340) Adjusted EBITDA (1) $9,874 $19,443 $9,783 $13,258 $7,420 ($23,720) $36,058 Three Months Ended September 30, 2014 Corporate Finance/ Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Corporate Total Net income $22,522 Interest income and other ($1,014) Interest expense $12,634 Income tax provision $12,329 Operating income (1) $13,406 $20,276 $17,245 $13,741 $4,875 ($23,072) $46,471 Depreciation and amortization of intangible assets $2,044 $1,676 $1,169 $4,075 $1,727 $886 $11,577 Special charges $84 $308 $12 $19 $3 $4,921 $5,347 Adjusted EBITDA (1) $10,951 $26,494 $13,030 $17,348 $2,729 ($19,356) $63,395

Reconciliation of 2013 and 2012 Net Loss And Operating Income (Loss) to Adjusted EBITDA 28 (1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliation” for definitions of Segment Operating Income (Loss), Adjusted EBITDA and Adjusted Segment EBITDA. Year Ended December 31, 2013 Corporate Finance/ Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Corporate Total Net loss ($10,594) Interest income and other ($1,748) Interest expense $51,376 Income tax provision $42,405 Operating income (loss)¹ $58,594 $68,211 $86,714 $38,038 ($72,129) ($97,989) $81,439 Depreciation and amortization of intangible assets $9,929 $6,100 $5,479 $22,601 $7,048 $4,338 $55,495 Special charges $10,274 $2,111 $11 $16 $66 $25,936 $38,414 Goodwill impairment charge - - - - $83,752 - $83,752 Remeasurement of acquisition-related contingent consideration ($11,614) ($1,941) - - - - ($13,555) Adjusted EBITDA¹ $67,183 $74,481 $92,204 $60,655 $18,737 ($67,715) $245,545 Year Ended December 31, 2012 Corporate Finance/ Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Corporate Total Net loss ($36,986) Interest income and other ($5,659) Interest expense $56,731 Income tax provision $40,100 Loss on early extinguishment of debt $4,850 Operating income (loss) (1) $80,970 $45,809 $71,992 $33,642 ($97,298) ($76,079) $59,036 Depreciation and amortization of intangible assets $8,835 $6,487 $4,478 $20,447 $7,218 $4,546 $52,011 Special charges $11,332 $8,276 $991 $3,114 $4,712 $1,132 $29,557 Goodwill impairment charge - - - - $110,387 - $110,387 Remeasurement of acquisition-related contingent consideration ($5,222) ($6) - - - - ($5,228) Adjusted EBITDA (1) $95,915 $60,566 $77,461 $57,203 $25,019 ($70,401) $245,763 All numbers in $000s

Reconciliation of 2011 and 2010 Net Income And Operating Income to Adjusted EBITDA 29 Year Ended December 31, 2011 Corporate Finance/ Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Corporate Total Net income $103,903 Interest income and other ($6,304) Interest expense $58,624 Income tax provision $49,224 Operating income (1) $66,591 $74,831 $60,890 $57,917 $19,066 ($73,848) $205,447 Depreciation and amortization of intangible assets $8,902 $6,215 $4,045 $19,094 $7,735 $4,962 $50,953 Special charges $9,440 $839 $2,093 - - $2,840 $15,212 Remeasurement of acquisition-related contingent consideration ($8,991) ($962) - - - - ($9,953) Adjusted EBITDA (1) $75,942 $80,923 $67,028 $77,011 $26,801 ($66,046) $261,659 All numbers in $000s (1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition of Segment Operating Income , Adjusted EBITDA and Adjusted Segment EBITDA. Year Ended December 31, 2010 Corporate Finance/ Restructuring Forensic and Litigation Consulting Economic Consulting Technology Strategic Communications Corporate Total Net income $65,984 Interest income and other ($4,423) Interest expense $50,263 Income tax provision $41,407 Loss on early extinguishment of debt $5,161 Operating income (1) $89,861 $62,759 $39,180 $27,569 $11,602 ($72,579) $158,392 Depreciation and amortization of intangible assets $9,730 $7,447 $3,634 $20,876 $8,325 $5,232 $55,244 Special charges $8,561 $6,196 $6,667 $15,913 $9,044 $4,750 $51,131 Adjusted EBITDA (1) $108,152 $76,402 $49,481 $64,358 $28,971 ($62,597) $264,767

End Notes: FTI Consulting Non-GAAP Data Reconciliations 30 We define Adjusted Net Income and Adjusted Earnings per Diluted Share (“Adjusted EPS”) as Net Income 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. We use Adjusted Net Income for the purpose of calculating Adjusted EPS. Management uses Adjusted EPS to assess total Company operating performance on a consistent basis. We believe that this measure, when considered together with our GAAP financial results, provides management and investors with a more complete understanding of our 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. We define Segment Operating Income (loss) as a segment’s share of consolidated operating income (loss). We define Total Segment Operating Income (loss) as the total of Segment Operating Income (loss) for all segments, which excludes unallocated corporate expenses. We use Segment Operating Income (loss) for the purpose of calculating Adjusted Segment EBITDA (loss). We define Adjusted EBITDA 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 losses on early extinguishment of debt. We define Adjusted Segment EBITDA as a segment’s share of consolidated operating income (loss) before depreciation, amortization of intangible assets, remeasurement of acquisition- related contingent consideration, special charges and goodwill impairment charges. We define Total Adjusted Segment EBITDA as the total of Adjusted Segment EBITDA for all segments, which excludes unallocated corporate expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of total revenues. We define Adjusted Segment EBITDA Margin as Adjusted Segment EBITDA as a percentage of a segment’s share of revenue. We use Adjusted Segment EBITDA to internally evaluate the financial performance of our segments because we believe it is a useful supplemental measure which reflects current core operating performance and provides an indicator of the segment’s ability to generate cash. We also believe that these measures, when considered together with our GAAP financial results, provide management and investors with a more complete understanding of our 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 our competitors. It is used by investors, financial analysts, rating agencies and others to value and compare the financial performance of companies in our industry. Therefore, we also believe that these measures, considered along with corresponding GAAP measures, provide management and investors with additional information for comparison of our operating results to the operating results of other companies. 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 our Consolidated Statements of Comprehensive Income (loss).

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