EX-99.1 2 d25005dex991.htm EX-99.1

Exhibit 99.1

FTI Consulting, Inc.

Current Investor Presentation

November 2015

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Cautionary Note About Forward-Looking Statements

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 medium-term growth targets and 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.

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FTI Consulting: A Leader Among Leaders

FCN $1.7BLN 1982 4,700+

Publicly traded Equity market capitalization(1) Year founded Total employees worldwide

440+ 80 9 2 Nobel

Senior Managing Directors Offices in 80 cities around 9 specialized industry Laureates

the globe practice groups

10/10 94/100 47/100

Advisor to the world’s top Advisor to 94 of the world’s 47 of Global 100

10 bank holding top 100 law firms corporations are clients

companies

(1)Total Shares outstanding times the closing share price as of December 31, 2014.

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Overview

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

New management team (CEO, CFO, CHRO, Chief Strategy, General Counsel) over past 23 months focused on analysis, accountability and discipline

Shifting from a capital driven to an organic growth strategy – with an emphasis on profitable revenue growth

Committed to building a profitable business with sustainable underlying growth, regardless of economic conditions

Willingness to invest EBITDA in key growth areas where we have strong people and strong positions

Believe we are on a path towards double-digit year-over-year Adjusted EPS growth

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Balanced and Diversified Portfolio

Corporate Finance & Restructuring

Bankruptcy Support Services Performance Improvement

Interim Management Services Private Equity Advisory

Investment Banking Restructuring/Turnaround Services

Litigation Support Transaction Advisory Services

Business Transformation Services Valuation & Financial Advisory Services

Forensic and Litigation Consulting

Business Insurance Claims Services

Compliance, Monitoring & Receivership Global Risk & Investigations Practice

Construction & Environmental Solutions Government Contracts

Dispute Advisory Services Health Solutions

Financial Enterprise & Data Analytics Insurance

Financial Services Intellectual Property

Forensic Accounting & Advisory Trial Services

Economic Consulting

Antitrust & Competition Economics Labor & Employment

Business Valuation Public Policy

Center for Healthcare Economics & Regulated Industries

Policy Securities Litigation & Risk

Intellectual Property Management

International Arbitration

Technology

Computer Forensics & Investigations Discovery Consulting

E-discovery Software & Services

Strategic Communications

Corporate Communications Litigation Communications

Creative Engagement & Digital M&A Communications

Communications Public Affairs

Crisis Communications Restructuring & Financial Issues

Employee Engagement & Change Shareholder Activism & Proxy Advisory

Communications

Strategy Consulting & Research

Financial Communications

Q3 2015 Segment Revenues

12%

25%

12%

25% 26%

Q3 2015 Segment EBITDA

11%

14% 35%

22%

18%

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Corporate Finance & Restructuring

Services

Bankruptcy Support Services Interim Management Services Investment Banking Litigation Support Business Transformation Services Performance Improvement Private Equity Advisory Restructuring/Turnaround Services

Transaction Advisory Services

Valuation & Financial Advisory Services

Clients

Corporations/C-Suite Boards of Directors Equity Sponsors Secured Lenders Unsecured Creditors

2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 Q1 2015 Q2 2015 Q3 2015

Segment Revenue $396,216 $364,409 $394,718 $382,586 $93,982 $104,020 $100,041 $93,072 $391,115 $106,212 $109,133 $113,487

Segment Gross Profit

Margin 41.8% 37.4% 39.5% 35.9% 31.9% 35.1% 33.8% 29.3% 32.6% 39.8% 37.6% 39.5%

Segment SG&A $59,629 $60,499 $61,027 $71,966 $19,786 $18,191 $19,047 $18,358 $75,382 $20,528 $19,695 $18,852

Adjusted Segment

EBITDA1 $108,152 $75,942 $95,916 $67,183 $10,951 $19,133 $15,534 $9,874 $55,492 $22,480 $22,032 $26,662

Adjusted Segment

EBITDA Margin1 27.3% 20.8% 24.3% 17.6% 11.7% 18.4% 15.5% 10.6% 14.2% 21.2% 20.2% 23.5%

Segment Billable

Headcount 620 587 697 737 726 713 722 706 706 735 775 830

(in thousands, except percentages and headcount data) (unaudited)

1 See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliations 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.

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Corporate Finance & Restructuring (continued)

Segment Offering

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, creditor rights

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

Q3 2015 Form 10–Q Management’s Discussion & Analysis

Revenues increased $13.4 million, or 13.4%, to $113.5 million for the three months ended September 30, 2015 compared to $100.0 million for the same prior year period, which included a 4.3% estimated negative impact from foreign currency translation.

?Excluding the foreign currency translation impact, the revenue increase of 17.8% was largely due to higher demand for the segment’s distressed service offerings in North America.

?Improvements in the North America non-distressed services were offset by lower restructuring activity in our Asia Pacific bankruptcy and restructuring practice.

Gross profit increased $11.1 million, or 32.8%, to $44.8 million for the three months ended September 30, 2015 compared to $33.8 million for the same prior year period. Gross profit margin increased 5.7 percentage points to 39.5% for the three months ended September 30, 2015 compared to 33.8% for the same prior year period.

?The increase in gross profit margin was due to higher demand for the segment’s distressed service offerings, which lead to improved staff leverage and utilization in the North America practice.

Adjusted Segment EBITDA increased $11.1 million, or 71.6%, to $26.7 million for the three months ended September 30, 2015 compared to $15.5 million for the same prior year period.

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Forensic and Litigation Consulting

Services

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”)

Government Contracts

Health Solutions Insurance Intellectual Property Trial Services

Clients

Corporations Boards of Directors Governments Law Firms

2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 Q1 2015 Q2 2015 Q3 2015

Segment Revenue $379,780 $428,730 $407,586 $433,632 $121,429 $119,081 $121,732 $121,138 $483,380 $123,265 $126,131 $116,158

Segment Gross Profit

Margin 37.5% 36.5% 33.8% 35.9% 39.2% 36.7% 35.0% 35.4% 36.6% 36.3% 35.2% 30.0%

Segment SG&A $69,712 $78,745 $80,842 $84,616 $22,121 $22,481 $21,409 $24,696 $90,707 $23,634 $25,347 $22,349

Adjusted Segment

EBITDA1 $76,402 $80,923 $60,566 $74,481 $26,494 $22,271 $22,260 $19,443 $90,468 $22,071 $19,979 $13,406

Adjusted Segment

EBITDA Margin1 20.1% 18.9% 14.9% 17.2% 21.8% 18.7% 18.3% 16.1% 18.7% 17.9% 15.8% 11.5%

Segment Billable

Headcount 911 957 952 1,061 1,076 1,059 1,135 1,154 1,154 1,145 1,169 1,209

(in thousands, except percentages and headcount data) (unaudited)

1 See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliations 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.

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Forensic and Litigation Consulting (continued)

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 when clients face high stakes litigation, arbitration and compliance investigations and regulatory scrutiny.

Medium–Term Initiatives

Reinvest behind core areas of strength e.g., FAAS, FEDA

Grow key regions where we have a right to win in e.g., with a focus in construction & environmental solutions

Invest behind people to expand key businesses e.g., insurance, cyber security

Q3 2015 Form 10–Q Management’s Discussion & Analysis

Revenues decreased $5.6 million, or 4.6%, to $116.2 million for the three months ended September 30, 2015 compared to $121.7 million for the same prior year period, which included a 2.3% estimated negative impact from foreign currency translation.

?Excluding the estimated impact of foreign currency translation, revenue decreased $2.8 million, or 2.3%, driven by decreased demand in our global disputes and investigations practices, partially offset by increased demand in our North America data analytics practice and higher success fees in our health solutions practice.

Gross profit decreased $7.8 million, or 18.3%, to $34.8 million for the three months ended September 30, 2015 compared to $42.7 million for the same prior year period. Gross profit margin decreased five percentage points to 30.0% for the three months ended September 30, 2015 compared to 35.0% for the same prior year period.

?The decrease in gross profit margin is related to lower demand in the segment’s disputes and investigations practices, as well as additional hiring in certain core practices, partially offset by the increase in success fees.

Adjusted Segment EBITDA decreased $8.9 million, or 39.8%, to $13.4 million for the three months ended September 30, 2015 compared to $22.3 million for the same prior year period.

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Economic Consulting

Services

Antitrust & Competition Economics Business Valuation Center for Healthcare Economics & Policy Intellectual Property International Arbitration Labor & Employment Public Policy

Regulated Industries

Securities Litigation & Risk Management

Clients

Corporations Government Entities Law Firms

2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 Q1 2015 Q2 2015 Q3 2015

Segment Revenue $255,660 $ 353,981 $391,622 $447,366 $106,851 $117,227 $120,494 $106,468 $451,040 $106,081 $108,698 $114,541

Segment Gross Profit

Margin 33.2% 31.4% 32.3% 32.9% 27.0% 27.6% 27.6% 25.5% 27.0% 24.6% 26.9% 27.4%

Segment SG&A $37,879 $46,802 $51,912 $58,282 $16,880 $15,242 $ 15,683 $18,354 $66,159 $15,501 $14,858 $15,538

Adjusted Segment

EBITDA1 $49,481 $67,028 $77,461 $92,204 $13,030 $18,043 $18,426 $9,783 $59,282 $11,556 $15,292 $16,654

Adjusted Segment

EBITDA Margin1 19.4% 18.9% 19.8% 20.6% 12.2% 15.4% 15.3% 9.2% 13.1% 10.9% 14.1% 14.5%

Segment Billable

Headcount 297 433 474 530 538 525 551 574 574 566 554 594

(in thousands, except percentages and headcount data) (unaudited)

1 See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliations 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.

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Economic Consulting (continued)

Segment Offering

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

Q3 2015 Form 10–Q Management’s Discussion & Analysis

Revenues decreased $6.0 million, or 4.9%, to $114.5 million for the three months ended September 30, 2015 compared to $120.5 million for the same prior year period, which included a 2.2% estimated negative impact of foreign currency translation.

?Revenues increased $1.7 million, or 1.4%, due to acquisitions as compared to the same prior year period.

?Excluding the foreign currency and acquisition related impacts, organic revenue declined $5.0 million, or 4.2%, primarily due to decreased demand in our non-M&A related antitrust and financial economics services, partially offset by higher demand for our international arbitration and M&A related services.

Gross profit decreased $1.9 million, or 5.6%, to $31.4 million for the three months ended September 30, 2015 compared to $33.2 million for the same prior year period. Gross profit margin decreased 0.2 percentage points to 27.4% for the three months ended September 30, 2015 compared to 27.6% for the same prior year period.

?The decrease in gross profit margin was impacted by lower utilization in our EMEA international arbitration, regulatory and valuation practice

?Lower utilization in the antitrust and financial economics practices were offset by lower variable compensation.

Adjusted Segment EBITDA decreased $1.8 million, or 9.6%, to $16.7 million for the three months ended September 30, 2015 compared to $18.4 million for the same prior year period.

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Technology

Software & Services

Computer Forensics & Investigations Discovery Consulting E-discovery Software & Services

Clients

Corporations

Government Agencies

Law Firms

2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 Q1 2015 Q2 2015 Q3 2015

Segment Revenue $176,607 $218,738 $195,194 $202,663 $60,063 $60,720 $62,359 $58,168 $241,310 $54,654 $61,826 $55,568

Segment Gross Profit

Margin 62.7% 60.0% 54.9% 52.2% 48.9% 45.7% 49.7% 47.8% 48.0% 44.7% 43.6% 43.9%

Segment SG&A $ 59,721 $65,322 $62,436 $59,890 $16,079 $16,648 $17,017 $18,418 $68,162 $18,026 $18,297 $17,386

Adjusted Segment

EBITDA1 $64,358 $77,011 $57,203 $60,655 $17,348 $15,104 $17,835 $13,258 $63,545 $10,073 $12,166 $10,813

Adjusted Segment

EBITDA Margin1 36.4% 35.2% 29.3% 29.9% 28.9% 24.9% 28.6% 22.8% 26.3% 18.4% 19.7% 19.5%

Segment Billable

Headcount 257 290 277 306 321 328 335 344 344 360 364 354

(in thousands, except percentages and headcount data) (unaudited)

1 See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliations 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.

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Technology (continued)

Segment Offering

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

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

Q3 2015 Form 10–Q Management’s Discussion & Analysis

Revenues decreased $6.8 million, or 10.9%, to $55.6 million for the three months ended September 30, 2015 compared to $62.4 million for the same prior year period, which included a 1.5% estimated negative impact of foreign currency translation.

?Excluding the estimated impact of foreign currency translation, revenues decreased $5.9 million, or 9.4%, due to a decline in consulting and a decline in other services related to financial services and cross-border investigations and reduced licensing revenues, partially offset by higher M&A related second request work.

Gross profit decreased $6.6 million, or 21.2%, to $24.4 million for the three months ended September 30, 2015 compared to $31.0 million for the same prior year period. Gross profit margin decreased 5.8 percentage points to 43.9% for the three months ended September 30, 2015 compared to 49.7% for the same prior year period.

?The decrease in gross profit margin was due to lower utilization and realized pricing related to client mix and reduced licensing fees.

Adjusted Segment EBITDA decreased $7.0 million, or 39.4%, to $10.8 million for the three months ended September 30, 2015 compared to $17.8 million for the same prior year period.

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Strategic Communications

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

Shareholder Activism & Proxy Advisory

Strategy Consulting & Research

Clients

CEOs

CFOs

Chief Communications Officers Investor Relations Officers Boards of Directors

2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2014 Q1 2015 Q2 2015 Q3 2015

Segment Revenue $193,198 $200,910 $187,750 $186,245 $43,227 $53,276 $46,552 $46,312 $189,367 $42,126 $43,369 $55,716

Segment Gross Profit

Margin 37.4% 37.2% 36.9% 34.7% 35.6% 34.5% 37.1% 39.7% 36.7% 37.4% 36.9% 33.0%

Segment SG&A $46,469 $50,919 $46,852 $47,874 $13,128 $13,084 $11,154 $11,524 $48,890 $10,444 $10,747 $10,058

Adjusted Segment

EBITDA1 $28,971 $26,801 $25,019 $18,737 $2,729 $5,834 $ 6,605 $7,420 $22,588 $5,752 $5,631 $8,717

Adjusted Segment

EBITDA Margin1 15.0% 13.3% 13.3% 10.1% 6.3% 10.9% 14.2% 16.0% 11.9% 13.7% 13.0% 15.6%

Segment Billable

Headcount 583 582 593 590 584 566 549 566 566 556 551 594

(in thousands, except percentages and headcount data) (unaudited)

1 See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliations 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.

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Strategic Communications (continued)

Segment Offering

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

Q3 2015 Form 10–Q Management’s Discussion & Analysis

Revenues increased $9.2 million, or 19.7%, to $55.7 million for the three months ended September 30, 2015 compared to $46.6 million for the same prior year period, which included a 7.0% estimated negative impact of foreign currency translation.

?Excluding the estimated impact of foreign currency translation, revenues increased $12.4 million, or 26.7%, largely due to an increase in pass-through income of $9.3 million, with the remaining increase coming from higher M&A and public affairs project-based revenues in our EMEA and North America regions.

Gross profit increased $1.1 million, or 6.5%, to $18.4 million for the three months ended September 30, 2015 compared to $17.3 million for the same prior year period. Gross profit margin decreased 4.1 percentage points to 33.0% for the three months ended September 30, 2015 compared to 37.1% for the same prior year period.

?Gross profit margin, excluding the impact of low margin pass-through income, was 41.9% for the three months ended September 30, 2015 compared to 39.6 % for the same prior year period.

?The increase in gross profit margin, excluding pass-through income, was primarily due to improved mix of higher priced project revenue, combined with better staff leverage.

Adjusted Segment EBITDA increased $2.1 million, or 32.0%, to $8.7 million for the three months ended September 30, 2015 compared to $6.6 million for the same prior year period.

15

Financial Overview

16

Revenues and Adjusted Earnings Per Share

($ Millions)

$2,100 Revenues

$1,756 $1,740-$1,780

$1,750 $1,652

$1,567 $1,577

$1,401

$1,400

$1,050

$700

$432 $449 $455

$350

$0

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Q1 2015 Q2 2015 Q3 2015 2015 Guidance

$2.50 $2.37 Adjusted Earnings Per Share

$2.13 $2.17 $2.09

$2.00 $1.80-$1.95

$1.64

$1.50

$1.00

$0.57 $0.50 $0.53

$0.50

$0.00

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Q1 2015 Q2 2015 Q3 2015 2015 Guidance

See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition and reconciliations of Adjusted Earnings Per Share, which is a non-GAAP financial measure, to the most directly comparable GAAP measure.

17

Financial Profile

In thousands, except for DSOs

Q3 2015 Q2 2015 Q1 2015 Q3 2014 FY 2014 FY 2013

Cash and cash equivalents $ 104,974 $ 239,988 $ 225,295 $ 94,412 $ 283,680 $ 205,833

Accounts receivable, net $ 554,400 $ 549,300 $ 513,285 $ 579,737 $ 485,101 $ 476,445

Days sales outstanding 105 104 101 107 97 97

(“DSO”)1

Net cash (used in) provided by

operating activities $ 43,303 $ (30,731) $ (51,333) $ (77,104) $ 135,401 $ 193,271

Purchases of property and $ 24,674 $ 17,533 $ 8,876 $ 31,797 $ 39,256 $ 42,544

equipment

businesses, net of cash $ 575 $ 576 - $ 15,684 $ 23,467 $ 55,498

received

common stock - - - $ 4,367 $ 4,367 $ 66,763

Total debt $ 520,000 $ 711,000 $ 711,000 $ 711,000 $ 711,000 $ 717,014

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.

18

Appendix

19

Third Quarter 2015 Awards & Accolades

Who’s Who Legal: Asset Recovery 2015 and Global Investigations Review recognized six

FTI Consulting professionals as world leading expert witnesses in asset recovery

Five Forensic and Litigation Consulting professionals recognized by Who’s Who Legal as world leading construction and insurance experts

FTI Consulting’s Technology and Forensic and Litigation Consulting segments recognized in numerous categories of The Recorder’s Best of 2015 Legal Products and Services and The National Law Journal’s 2015 Best of Chicago Honored as the #1 Firm in the categories of E-Discovery Managed Service Provider, Corporate Investigations Provider, End-to-End Litigation Consulting and Securities Litigation Consulting from the NY Law Journal annual Reader Rankings survey

FTI Consulting’s Strategic Communications segment in the Asia Pacific region awarded a gold SABRE Award from The Holmes Report for their work with Out Leadership promoting LGBT Equality in Asia Compass Lexecon named 2015 Competition Economist Firm of the Year and Janusz Ordover named Competition Economist Individual Expert of the Year by Who’s Who Legal

Five professionals recognized as world leading patent litigation expert witnesses in Intellectual Asset Management (“IAM”) magazine’s Patent 1000 – The World’s Leading Patent Professionals guide

Honored with eight Turnaround Atlas Awards from the Global M&A Network, including engagements with Momentive Performance Materials, IAP Worldwide Services, Overseas Shipholding Group, Classic Party Rentals, Preferred Sands, Unitek Global Services, Clearlake Capital Group and FiberTower Network Services

20

Financial Tables

Q3 2015 – FY 2010 Reconciliations of Non-GAAP Financial Measures

21

Q3 2015 - FY 2010 Reconciliations of Net Income (Loss) to Adjusted Net Income and Earnings (Loss) Per Share to Adjusted Earnings Per Share

In thousands, except for per share data

Q3 2015 Q2 2015 Q1 2015 2014 2013 2012 2011 2010

Net income (loss) $10,309 $21,709 $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 11,881 - - - - 2,910 - 3,019

Remeasurement of acquisition-related contingent (1,005) - (1,718) (12,054) (5,228) (9,953) -

consideration, net of taxes

Adjusted Net Income (1) $22,190 $20,704 $23,686 $66,726 $84,371 $90,198 $103,235 $101,736

Earnings (loss) per common share – diluted $0.25 $0.52 $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 0.28 - - - - 0.07 - 0.06

Remeasurement of acquisition-related contingent - (0.02) - (0.04) (0.30) (0.13) (0.23) -

consideration, net of taxes

Impact of denominator for diluted adjusted - - - - (0.07) (0.06) - -

earnings per common share

Adjusted earnings per common share – diluted (1) $0.53 $0.50 $0.57 $1.64 $2.09 $2.17 $2.37 $2.13

Weighted average number of common shares 41,982 41,696 41,324 40,729 40,421 41,578 43,473 47,664

outstanding – diluted

(1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition of Adjusted Net Income and Adjusted Earnings per Share.

22

Q2 and Q3 2015: Reconciliation of Net Income And Operating Income to Adjusted EBITDA

In thousands

Corporate Forensic and

Three Months Ended September 30, Economic Strategic Unallocated

Finance & Litigation Technology Total

2015 Consulting Communications Corporate

Restructuring Consulting

Net income $10,309

Interest income and other (2,027)

Interest expense 11,696

Loss on early extinguishment of debt 19,589

Income tax provision 6,177

Operating income (1) $25,112 $11,944 $15,498 $6,830 $7,235 ($20,875) $45,744

Depreciation and amortization 677 925 848 3,784 499 725 7,458

Amortization of other intangible assets 873 537 308 199 983 - 2,900

Adjusted EBITDA (1) $26,662 $13,406 $16,654 $10,813 $8,717 ($20,150) $56,102

Corporate Forensic and

Economic Strategic Unallocated

Three Months Ended June 30, 2015 Finance & Litigation Technology Total

Restructuring Consulting Consulting Communications Corporate

Net income $21,709

Interest income and other (950)

Interest expense 12,473

Income tax provision 13,922

Operating income (1) $21,906 $18,476 $14,282 $8,465 $4,126 ($20,101) $47,154

Depreciation and amortization 682 922 886 3,508 515 790 7,303

Amortization of other intangible assets 935 581 308 193 990 - 3,007

Remeasurement of acquisition-related

contingent consideration (1,491) - (184) - - - (1,675)

Adjusted EBITDA (1) $22,032 $19,979 $15,292 $12,166 $5,631 ($19,311) $55,789

(1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition of Segment Operating Income, Adjusted EBITDA and Adjusted Segment EBITDA.

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Q1 2015 and FY 2014: Reconciliation of Net Income And Operating Income to Adjusted EBITDA

In thousands

Corporate Forensic and Economic Strategic

Three Months Ended March 31, 2015 Finance & Litigation Technology Corporate Total

Restructuring Consulting Consulting Communications

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 $1,716 $1,597 $1,260 $3,875 $1,555 $817 $10,820

intangible assets

Adjusted EBITDA (1) $22,480 $22,071 $11,556 $10,073 $5,752 ($13,264) $58,668

Corporate Forensic and Economic Strategic

Year Ended December 31, 2014 Finance & Litigation Technology Corporate Total

Restructuring Consulting Consulting Communications

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 ($662) ($934) ($1,127) - - - ($2,723)

contingent consideration

Adjusted EBITDA (1) $55,492 $90,468 $59,282 $63,545 $22,588 ($80,823) $210,552

(1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition of Segment Operating Income, Adjusted EBITDA and Adjusted Segment EBITDA.

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Q1 and Q2 2014: Reconciliation of Net Income And Operating Income to Adjusted EBITDA

In thousands

Corporate Forensic and Economic Strategic

Three Months Ended March 31, 2014 Finance & Litigation Technology Corporate Total

Restructuring Consulting Consulting Communications

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 ($662) ($673) ($787) - - - ($2,122)

contingent consideration

Adjusted EBITDA (1) $10,951 $26,494 $13,030 $17,348 $2,729 ($19,356) $51,196

Corporate Forensic and Economic Strategic

Three Months Ended June 30, 2014 Finance & Litigation Technology Corporate Total

Restructuring Consulting Consulting Communications

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 $2,065 $1,693 $1,203 $4,199 $1,804 $904 $11,868

intangible assets

Special charges - - - - - $9,364 $9,364

Remeasurement of acquisition-related - ($261) - - - - ($261)

contingent consideration

Adjusted EBITDA (1) $19,133 $22,271 $18,043 $15,104 $5,834 ($20,482) $59,903

(1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition of Segment Operating Income, Adjusted EBITDA and Adjusted Segment EBITDA.

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Q3 and Q4 2014: Reconciliation of Net Income And Operating Income to Adjusted EBITDA

In thousands

Corporate Forensic and

Three Months Ended September 30, Economic Strategic

Finance & Litigation Technology Corporate Total

2014 Consulting Communications

Restructuring Consulting

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 $2,044 $1,676 $1,169 $4,075 $1,727 $886 $11,577

intangible assets

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

Corporate Forensic and Economic Strategic

Three Months Ended December 31, 2014 Finance & Litigation Technology Corporate Total

Restructuring Consulting Consulting Communications

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 $2,042 $2,780 $1,356 $4,064 $1,727 $895 $12,864

intangible assets

Special charges - - - - - $1,628 $1,628

Remeasurement of acquisition-related - - ($340) - - - ($340)

contingent consideration

Adjusted EBITDA (1) $9,874 $19,443 $9,783 $13,258 $7,420 ($23,720) $36,058

(1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition of Segment Operating Income (Loss), Adjusted EBITDA and Adjusted Segment EBITDA.

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Reconciliation of 2013 and 2012 Net Loss And Operating Income (Loss) to Adjusted EBITDA

In thousands

Corporate Forensic and Economic Strategic

Year Ended December 31, 2013 Finance & Litigation Technology Corporate Total

Restructuring Consulting Consulting Communications

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

Corporate Forensic and Economic Strategic

Year Ended December 31, 2012 Finance & Litigation Technology Corporate Total

Restructuring Consulting Consulting Communications

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 $8,835 $6,487 $4,478 $20,447 $7,218 $4,546 $52,011

intangible assets

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 ($5,222) ($6) - - - - ($5,228)

contingent consideration

Adjusted EBITDA(1) $95,915 $60,566 $77,461 $57,203 $25,019 ($70,401) $245,763

(1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliation” for definitions of Segment Operating Income (Loss), Adjusted EBITDA and Adjusted Segment EBITDA.

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Reconciliation of 2011 and 2010 Net Income And Operating Income to Adjusted EBITDA

In thousands

Forensic and

Corporate Finance & Economic Strategic

Year Ended December 31, 2011 Litigation Technology Corporate Total

Restructuring Consulting Communications

Consulting

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

Corporate Forensic and Economic Strategic

Year Ended December 31, 2010 Finance & Litigation Technology Corporate Total

Restructuring Consulting Consulting Communications

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 $9,730 $7,447 $3,634 $20,876 $8,325 $5,232 $55,244

intangible assets

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

(1) See “End Notes: FTI Consulting Non-GAAP Data Reconciliations” for the definition of Segment Operating Income, Adjusted EBITDA and Adjusted Segment EBITDA.

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End Notes: FTI Consulting Non-GAAP Data Reconciliations

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 and Adjusted EBITDA are common alternative measures 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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