<SEC-DOCUMENT>0001193125-17-156345.txt : 20170503
<SEC-HEADER>0001193125-17-156345.hdr.sgml : 20170503
<ACCEPTANCE-DATETIME>20170503164556
ACCESSION NUMBER:		0001193125-17-156345
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170427
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170503
DATE AS OF CHANGE:		20170503

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:		17809850

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d391273d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <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:12pt; 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="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">8-K</FONT> </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;27, 2017</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>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-14875</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">52-1261113</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<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: <FONT STYLE="white-space:nowrap">(202)&nbsp;312-9100</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:10pt; 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 <FONT STYLE="white-space:nowrap">8-K</FONT> 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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<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>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2of</FONT> the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">((&#167;240.12b-2</FONT> of this chapter).
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <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>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <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;27, 2017, FTI Consulting, Inc. (&#147;FTI Consulting&#148;) held a conference call relating to the press release issued on
April&nbsp;27, 2017 announcing financial results for the first quarter ended March&nbsp;31, 2017 and updated guidance for the year ending December&nbsp;31, 2017. The text of the transcript of the conference call is furnished as Exhibit 99.1 hereto
and is hereby incorporated herein by reference. </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">During the call, FTI Consulting discussed information derived from consolidated and segment financial information that may not be presented in
its financial statements or prepared in accordance with U.S. generally accepted accounting principles (&#147;GAAP&#148;). Certain of these measures are not presented in accordance with GAAP
<FONT STYLE="white-space:nowrap">(&#147;Non-GAAP&#148;)</FONT> under the rules promulgated by the Securities and Exchange Commission (the &#147;SEC&#148;). Specifically, FTI Consulting may have referred to the following <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measures: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Total Segment Operating Income </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Adjusted EBITDA </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Total Adjusted Segment EBITDA </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Adjusted EBITDA Margin </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Adjusted Net Income (Loss) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Adjusted Earnings per Diluted Share </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Free Cash Flow </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FTI Consulting has included the definitions of &#147;Segment Operating Income
(Loss)&#148; and &#147;Adjusted Segment EBITDA,&#148; which are financial measures presented in accordance with GAAP, in order to more fully define the components of certain financial measures not presented in accordance with GAAP <FONT
STYLE="white-space:nowrap">(&#147;Non-GAAP&#148;).</FONT> FTI Consulting evaluates the performance of its operating segments based on Adjusted Segment EBITDA, and Segment Operating Income (Loss) is a component of the definition of Adjusted Segment
EBITDA. 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; which is a <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> financial measure, 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 Segment EBITDA&#148; as a segment&#146;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. FTI Consulting uses Adjusted Segment EBITDA as a basis to internally evaluate the financial performance of its segments because FTI Consulting believes it
reflects current core operating performance and provides an indicator of the segment&#146;s ability to generate cash. FTI Consulting defines &#147;Adjusted Segment EBITDA Margin&#148; as Adjusted Segment EBITDA as a percentage of a segment&#146;s
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">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FTI Consulting defines &#147;Total Adjusted Segment EBITDA,&#148; which is a <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> financial measure, as the total of Adjusted Segment EBITDA for all segments, which excludes unallocated corporate expenses. FTI Consulting defines &#147;Adjusted EBITDA,&#148; which is a <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> financial measure, as consolidated net income before income tax provision, other <FONT STYLE="white-space:nowrap">non-operating</FONT> 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. FTI Consulting believes that the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial
measures, which exclude the effects of remeasurement of acquisition-related contingent consideration, special charges and goodwill impairment charges, when considered together with its GAAP financial results and GAAP financial measures, provide
management and investors with a more complete understanding of FTI Consulting&#146;s operating results, including underlying trends. 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 with 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;), which
are <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures, 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. FTI Consulting uses Adjusted Net Income for the purpose of calculating Adjusted EPS. Management of FTI Consulting uses Adjusted EPS to assess total company operating performance on a
consistent basis. FTI Consulting believes that this <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measure, which excludes the effects of the remeasurement of acquisition-related contingent consideration, special charges, goodwill
impairment charges and losses on early extinguishment of debt, when considered together with its GAAP financial results, provides management and investors with an additional understanding of its business operating results, including underlying
trends. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">FTI Consulting defines Free Cash Flow as net cash provided by operating activities less cash payments for purchases of property
and equipment. FTI Consulting believes this <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure, when considered together with its GAAP financial results, provides management and investors with an additional understanding of FTI
Consulting&#146;s ability to generate cash for ongoing business operations and other capital deployment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures are not defined in the same manner by all companies and may not be
comparable with other similarly titled measures of other companies. <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> 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 Condensed Consolidated Statements of Comprehensive Income. Reconciliations of GAAP to <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures to the most directly comparable GAAP financial measures are included in FTI
Consulting&#146;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 filed with the SEC on April 27, 2017. </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 </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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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: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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; 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:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Transcript of April&nbsp;27, 2017 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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; 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>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>FTI&nbsp;CONSULTING,&nbsp;INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated: May&nbsp;3, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;/<SMALL>S</SMALL>/ C<SMALL>URTIS</SMALL> L<SMALL>U</SMALL></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;Curtis Lu</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;General&nbsp;Counsel</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">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Transcript of April&nbsp;27, 2017 Conference Call of FTI Consulting, Inc.</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d391273dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<div style="width:790px"></div>
 <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:48pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman">EDITED TRANSCRIPT </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">FCN &#150; Q1 2017 FTI Consulting Inc
Earnings Call </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">EVENT DATE/TIME: APRIL&nbsp;27, 2017 / 1:00PM GMT </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">OVERVIEW: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Co. reported 1Q17 revenues of $446.3m and net income
of $14m and GAAP EPS of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">$0.34. Expects 2017 revenues to be <FONT STYLE="white-space:nowrap">$1.775-1.875b</FONT> and EPS to be <FONT
STYLE="white-space:nowrap">$1.75-2.10.</FONT> Expects </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2017 adjusted EPS to be <FONT STYLE="white-space:nowrap">$1.90-2.20.</FONT> </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Client Id: 77 </B></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">APRIL 27, 2017 / 1:00PM, FCN - Q1 2017 FTI Consulting Inc Earnings Call </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"><B>CORPORATE PARTICIPANTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><A HREF="#ex99_1391273_1"><B>Ajay J. Sabherwal</B></A> <I>FTI Consulting, Inc. &#150; CFO</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><A HREF="#ex99_1391273_2"><B>Mollie Hawkes</B></A><B> </B><I>FTI Consulting, Inc. &#150; MD of IR and Communications</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A HREF="#ex99_1391273_3">Steven H. Gunby</A></B><B> </B><I>FTI Consulting, Inc. &#150; CEO, President and Director</I> </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><A HREF="#ex99_1391273_4">Kevin
 Damien McVeigh</A></B> <I>Deutsche Bank AG, Research Division &#150; Head of Business and Information Services Company Research</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A HREF="#ex99_1391273_5">Timothy
 John McHugh</A></B> <I>William Blair</I><I></I><I>&nbsp;
&amp; Company L.L.C., Research Division &#150; Partner and Global Services Analyst</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A HREF="#ex99_1391273_6">Tobey O&#146;Brien Sommer</A></B><B>
</B><I>SunTrust Robinson Humphrey, Inc., Research Division &#150; MD</I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRESENTATION </B></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 2017 Earnings Conference Call. As a reminder, today&#146;s call is being recorded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And now for opening remarks and
introductions, I&#146;ll turn the call over to Mollie Hawkes, Managing Director of Investor Relations at FTI Consulting. Please go ahead. </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="ex99_1391273_2"></A>Mollie Hawkes
</B><I>&#150; FTI Consulting, Inc. &#150; MD of IR and Communications</I> </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 2017 earnings 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 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, share repurchases, business trends and other information or other matters that are not historical, including statements regarding
estimates of our future financial results and other matters. 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 <FONT
STYLE="white-space:nowrap">10-K</FONT> 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 <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures, such as adjusted EBITDA, total adjusted
segment EBITDA, adjusted earnings per share adjusted net income, adjusted EBITDA or adjusted segment EBITDA margin and free cash flow. For a discussion of these and other <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures as well as
our reconciliation of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures to the most directly comparable GAAP measures, investors should review the press release and accompanying financial tables that we issued this morning which
includes these reconciliation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lastly, there are 2 items that have been posted to the Investor Relations website &#150; section of our website this
morning for your reference. These include a quarterly earnings presentation and an Excel and PDF of our historical financial and operating data, which has been updated to include our first quarter of 2017 results. Of note, during today&#146;s
prepared remarks, management will speak directly to &#150; will not be directly to the quarterly earnings presentation posted on our Investor Relations website. To ensure our disclosures are consistent, these slides provide the same details as they
have historically, and as I have said, are available on the Investor Relations section of our website. </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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Client Id: 77 </B></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">APRIL 27, 2017 / 1:00PM, FCN - Q1 2017 FTI Consulting Inc Earnings Call </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">With these formalities out of the way, I am joined today by Steve Gunby, our President
and Chief Executive Officer; and Ajay Sabherwal, our Chief Financial Officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At this time, I will turn the call over to our President and Chief
Executive Officer, Steve Gunby. </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="ex99_1391273_3"></A>Steven H. </B><B>Gunby</B><B> </B><I>&#150; </I><I>FTI Consulting, Inc. &#150; CEO, President and Director</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Molly, and welcome to all of you who are joining us on the phone. This was a tough quarter. As we noted in our press release, the first quarter
results are disappointing. The business did get stronger over the quarter, and some of the causes of the disappointment are items that can cut negatively in 1 quarter and then surprise you by reversing themselves in another. Nevertheless, in total,
the results in this quarter were sufficiently far enough below our expectations that we have reduced our guidance for the year. Ajay and I will seek during these remarks to give you a sense of the sources of that weakness as well as how we see the
rest of the year unfolding, and we will leave plenty of time for questions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Overall, we have 2 messages. First is the message I just delivered that Ajay
and I, but important, not just Ajay and I, the management team as a whole are obviously not happy with the performance this quarter. But perhaps more important is the second message, which is that no one on the management team sees this performance
as acceptable, and we have substantial confidence that we can and we will get the business back on track going forward. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let me start with the summary
description of the quarter that Ajay will then elaborate upon. The weakest part of our business this quarter and the bulk of the weakness overall came from Corp Fin in the United States. A business that, in fact, is one of our mainstays. It is, in
fact, a great business, a business in which we have a powerful competitive position in the market, but a business that had significant weakness this quarter. That weakness this quarter had 4 main causes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The first is market-driven weakness. As most of us know, loose money puts pressure on our restructuring business, and loose money remains a reality. Over the
prior few quarters, our business managed to escape that reality based on strong performance in 3 specific industries that were under pressure in late 2015 and the first half of 2016: energy, mining and retail. We have strong competitive positions in
those verticals, and our strong professionals were able to take advantage of the surge and demand in those businesses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Over the past few months,
unfortunately, that&#146;s surge in demand from those industries ebbed. Perhaps that&#146;s not very surprising in energy and mining as commodity prices have risen there. Perhaps more surprising in retail, the aggregate size of the market over the
last 3, 6 and 9 months has shrunk compared to the corresponding prior year periods. In the case of the retail situation, we think that is a temporary drop. We anticipate and believe that we&#146;re beginning to see a rebound in retail restructuring
demand. But the decline in retail demand over the latter part of 2016 and the beginning of 2017 compared to the year prior was nevertheless a reality. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Overall, we anticipate a much of this weakening in our forecast, but in fact, not all of it, and particularly not the speed of which it unfolded. So
market-driven weakness was one cause. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The second cause of the underperformance was conflicts. In a slow market there just aren&#146;t very many large
jobs, and unfortunately, this quarter for 2 of the largest jobs in the market, the Corp Fin business happen to be conflicted out because of relationships in other businesses. Conflicts are reality in our business, we face it all the time, there are
bad thing in good times. Obviously, they hurt more &#150; even more deeply in slow times. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The third cause was that some of the success piece we had hopes
of receiving just didn&#146;t happen early in the year. The data we have suggest that this quarter was one of the lowest quarters for success fees in Corp Fin in some time. That&#146;s not because, and this is important, we don&#146;t believe
we&#146;re going to get any success fees. We continue to believe we are going to get substantial success fees in 2017, but due to a variety of timing issues, not a lot came to fruition in the first quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So we had a slowing market, and on top of that, we had 2 forces, conflicts and timing of success fees, that exacerbated the problem, just by happening to be
particularly bad 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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Client Id: 77 </B></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">APRIL 27, 2017 / 1:00PM, FCN - Q1 2017 FTI Consulting Inc Earnings Call </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">Then in addition to market forces and some random factors like conflicts and success
fees, we also had a couple of businesses that simply didn&#146;t perform to our expectations. As many of you know, we have a terrific TMT business. That has been one of our successful mainstays for a long time. It&#146;s a business with great
professionals, and interestingly, it&#146;s a versatile business, one that has historically been able to perform well, not only in boom restructuring times, but also in slow restructuring times because it&#146;s a pretty broad practice. This
business just happened to have a significantly off quarter. And then similarly, our performance improvement business in North America also significantly underperformed our hopes and expectations this quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We did have some offsets to these disappointments. Our transaction advisory services and real estate businesses in the U.S. were strong, as was our overall
business in Europe. But having said that, the positive factors were far from sufficient to offset the drags provided by the market, the conflicts, the lower success fees and the underperformance of the 2 businesses I mentioned. Ajay will give a
little more detail on that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let me turn to the prospects of this business going forward. In aggregate, it&#146;s a mixed bag. We do not anticipate the
market forces getting better over the course of this year. Not overall, maybe some subsectors like retail, but not overall. Having said that, the conflicts and success fee issues are more random. We don&#146;t believe we are now somehow more prone
to conflicts or more prone to postponements of success fees. So we expect those factors to normalize as the year goes on. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And in terms of the parts of
the businesses that were underperforming, these are businesses with very good professionals and a lot of pride. And as you know, we have a new leadership team in Corp Fin. It&#146;s a very strong leadership team, a committed one and one that is
aggressive about growing and improving the business. That leadership team is focused on making significant improvements, both in the businesses that underperformed this quarter, supporting them, figuring out how to help them go forward as well as
supporting some of the businesses that are performing well. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The management team and I anticipate that the net of all this as though this will not be a
great year for Corp Fin. We do expect to do considerably better than replicating our first quarter results over the course of this year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Given that the
main shortfall in the quarter was in Corp Fin, I spent a bulk of my time there, but let me lightly touch on some of the other businesses. Econ consulting delivered record revenues and strong earnings in the quarter, driven particularly by strength
in the Compass Lexecon subsidiary. Our tech business, as you know, was a business that engage in a strategic relook last year with a view that we needed to make 2016 the bottom of this business and we could make 2016 the bottom for that business
with progress showing up already in 2017. I would say that, so far, the results from this year are fully on track with those positive expectations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Strat
Comm, on the other hand, underperformed our expectations this quarter, but that&#146;s importantly &#150; important to note that, that&#146;s after 3 years in a row of terrific performance. It is unfortunate that the shortfall happened to be in the
quarter where we had underperformance in other businesses. But we continue to believe that this business is a business that&#146;s overall moving briskly in a positive direction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Finally, in FLC, we have high hopes of returning FLC to being a core growth engine. In aggregate, we are seeing progress in FLC. The management team and I had
some hope that we could be seeing even more progress by now, but we are making progress. And the team and I are focused on enhancing that basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So
that&#146;s an overview of the quarter at a high level. Let me reflect on a few thoughts on where that leaves us. I have &#150; Ajay and I have, the management team and I have &#150; and I believe all of our professionals have extraordinarily high
expectations for this company. This quarter was disappointing. It is a bad quarter. But it is a quarter. Last year, we had a great first quarter. That great first quarter a year ago didn&#146;t herald simple easy times as smooth road forevermore,
and similarly, a bad quarter doesn&#146;t change the underlying fundamentals of this business nor its potential. We still have truly outstanding professionals. We still have many strong positions around the world. We still have proven that where we
make bold bets, like we have in Europe and Strat Comm and elsewhere, we can take businesses that we&#146;re doing okay or worse and move them ahead considerably. And as we&#146;ve discussed, we still have a substantially stronger and, in fact,
continually getting stronger balance sheet, which gives us the flexibility to support shareholder returns through lots of different means. And important, I would say now, we have as aligned and committed a group of leaders as I have seen during my
tenure. </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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Client Id: 77 </B></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">APRIL 27, 2017 / 1:00PM, FCN - Q1 2017 FTI Consulting Inc Earnings Call </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">This was a quarter. The quarter reinforces the fact that we have real work to do. We
have to absorb this quarter, learn from it, reinforce what is working, take whatever corrective actions make sense and leverage in the fundamentals that will allow us to improve this business over the course of this year, and then ultimately
continue to deliver on double-digit sustained EPS over time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management, Ajay and I are committed to do just that. So with that, let me turn this over to
Ajay to give you more details on the quarter and then leave plenty of time for your questions. Ajay? </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="ex99_1391273_1"></A>Ajay J.
</B><B>Sabherwal</B><B> </B><I>&#150; FTI Consulting, Inc. &#150; CFO</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Steve. In my prepared remarks, first, I will summarize our quarterly
results. Then, I will review significant segment level, quarter over prior quarter and sequential quarter comparisons. After that, I will discuss our balance sheet and our revised guidance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Starting with earnings per share, or EPS, for the first quarter of 2017, GAAP EPS and adjusted EPS were $0.34 compared to GAAP EPS of $0.73 and adjusted EPS
of $0.83 in the prior year quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The revenues for the first quarter of 2017 were $446.3&nbsp;million, down 5.1% compared to record revenues of
$470.3&nbsp;million in the prior year quarter. Excluding the estimated impact of FX, revenues were $454.1&nbsp;million or down 3.4% compared to the prior year quarter. First quarter net income of $14&nbsp;million decreased 53.6% compared to
$30.2&nbsp;million in the prior year quarter. First quarter adjusted EBITDA was $38.3&nbsp;million or 8.6% of revenues compared to $68.9&nbsp;million or 14.6% of revenues in the prior year quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Steve said, we&#146;re disappointed in our first quarter results. Our disappointment was primarily driven by our U.S. restructuring business, which was the
main driver of our year-over-year revenue and adjusted EBITDA declines. This business was up against tough comparisons compared to the first quarter of 2016, and was affected by the lower demand for restructuring services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To a lesser extent, looking at our businesses in aggregate, the decline in the adjusted EBITDA was also a result of higher compensation from higher headcount
and higher SG&amp;A, primarily related to an increase in bad debt expense compared to a relatively low level of bad debt in the prior year quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sequentially, compared to Q4 of 2016, our results were better. Revenue increased 1%, net income increased 97.4% and adjusted EBITDA increased 26.3% as our
Forensic and Litigation Consulting, or FLC, and Technology segments both reported <FONT STYLE="white-space:nowrap">mid-single</FONT> digit increases in revenues and double-digit increases in adjusted segment EBITDA, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, I will provide more insight at the segment level. In Corporate Finance&nbsp;&amp; Restructuring, year-over-year revenue and adjusted segment EBITDA
declined 16.7% and 67.3%, respectively. This decline was even steeper than we anticipated due to lower demand for restructuring services in North America. This was largely due to a weakening restructuring market. According to Debtwire, large Chapter
11 filings fell nearly 20% compared to the prior year quarter, while S&amp;P rated corporate debt defaults were down 35% compared to the prior year period. The average size of filings is smaller. In fact, in the retail sector, where there has been
an uptick in activity, the average size of filings by liabilities according to the deal was about $250&nbsp;million in the first quarter of this year, which is down significantly from about $460&nbsp;million in the first quarter of last year, and
overall filings are down. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Looking at energy restructurings, another area of strength in the prior year quarter, the number of filings is down versus the
first quarter of last year. In metals and mining, where we also benefited from heightened activity in the prior year quarter, we were impacted by lower demand for our services as we have seen significant price gains for industrial commodities since <FONT
STYLE="white-space:nowrap">mid-2016.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Last year in the first quarter, there were 8 S&amp;P rated debt defaults. This quarter, there were 0. Also we
had very successful completions of client projects. In one case, we were pleased to see our client reemerge from bankruptcy and be relisted on the New York Stock Exchange earlier this month. </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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Client Id: 77 </B></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">APRIL 27, 2017 / 1:00PM, FCN - Q1 2017 FTI Consulting Inc Earnings Call </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">As Steve said, the majority of the year-over-year shortfall in Corporate
Finance&nbsp;&amp; Restructuring was driven by the market forces I just highlighted, which were accentuated with some unfortunate conflicts for us, lower success fees in the quarter and a couple of our performance improvement, our business
transformation businesses underperforming our expectations. But I do want to make clear that we continue to have the leading position in restructuring in the United States. We continue to lead the deals most current U.S. bankruptcy lead tables by
total number of new engagements, and earlier this month, we were named Turnaround Firm of the Year for the third year in a row by the Global M&amp;A Network. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we have been investing in our business transformation businesses, we had expectations that they would help offset some of that declines in our
restructuring business in slower markets. Unfortunately, while they were not down as much as our restructuring business in the quarter, they were not up in aggregate. Nondistressed revenues made up about 45% of Corporate Finance revenues in the
quarter compared to about 40% of such revenues in the same quarter last year. Our nondistressed businesses include offerings like transaction advisory services, merger integration services, performance improvement and office of the CFO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to FLC, revenues decreased 6.4% and adjusted segment EBITDA declined 31.7% compared to the prior year quarter. Our FLC business offers many services,
including investigations, dispute advisory, data and analytics, health solutions and construction solutions offerings, among others, with the investigations and disputes being our largest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The year-over-year revenue and adjusted segment EBITDA declines were largely due to lower demand and realized pricing for our health solution services and a
decline in demand for our global investigations service offerings. This decline was partially offset by increased demand for our construction solution services, which we continue to invest in. We added 8 construction solutions professionals in our
Asia Pacific business, where we announced earlier this &#150; which we announced earlier this quarter as we look to further strengthen our already strong expert witness and dispute resolution offerings in the region. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also saw increased demand for our data and analytics services in North America, largely driven by mortgage-backed security related projects. As you may
recall, we have discussed on previous calls that FLC has been and continues to be an important focus for us, and we have a lot of efforts committed to returning this business to being a growth engine. In that connection, I think it is important to
note that, sequentially, FLC has rebounded from a weak fourth quarter, with broad-base top and bottom line improvements across most of our product lines. Sequentially, FLC revenues increased 5.6% and adjusted segment EBITDA more than doubled from
$6.3&nbsp;million to $13.5&nbsp;million. Higher utilization and realized pricing for our dispute advisory, data and analytics and construction solutions offerings in North America, a region we stated we performed below our expectations in the fourth
quarter, was the biggest factor in the sequential improvement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EMEA also delivered sequential improvements, driven by improved utilization for our
investigations and disputes offerings. So while this business is not where we expected to be longer term, in terms of utilization and EBITDA, we are moving in the right direction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Economic Consulting business had another solid quarter, reporting record revenues of $139.2&nbsp;million, increasing 6.5% year-over-year and 7.7%,
sequentially. Year-over-year revenue growth in this business was primarily due to increased demand for antitrust services in our Compass Lexecon subsidiary. The small decline in adjusted segment EBITDA was primarily due to lower utilization with
higher headcount in international arbitration and other litigation services in EMEA, and an increase in bad debt expense. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Technology, revenues
declined 4.5% or 3.4%, excluding the estimated negative impact of FX. Compared to the prior year quarter, the decrease in revenues was primarily due to lower demand for cross-border investigations. Adjusted segment EBITDA was consistent with the
prior year quarter as the decrease in revenues was more than offset by lower compensation, resulting from headcount reductions taken in 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sequentially, the improvement in our technology business was meaningful. Revenues increased 6% and adjusted EBITDA increased 40% compared to the fourth
quarter. The sequential improvements can be attributed to our refreshed software and services strategies and cost actions, which are beginning to gain traction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Overall, we believe we are on the right trajectory in Technology. Strategic communications revenues decreased 3.1% compared to the prior year quarter.
Excluding the estimated negative impact of FX, revenues increased 1.2%. Excluding FX, the increase in revenues was primarily due to higher revenues in the EMEA region, particularly in our public affairs business. </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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Client Id: 77 </B></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">APRIL 27, 2017 / 1:00PM, FCN - Q1 2017 FTI Consulting Inc Earnings Call </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">Adjusted segment EBITDA declined $1.9&nbsp;million year-over-year. The decrease in
adjusted segment EBITDA was due to higher compensation related to increase in billable professionals. A decline in the higher-margin, project-based revenues in North America and the estimated negative impact of FX. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I will now discuss our balance sheet. In the first quarter, as usual, we consumed cash as we made our annual bonus payments for the prior year. Net cash used
by operating activities was $93.1&nbsp;million compared to net cash used by operating activities of $33.1&nbsp;million in the prior year quarter. The year-over-year difference in operating cash flows is due to a decline in cash collected from lower
revenues compared to a record revenues in the prior year quarter, and an increase in bonus payments for 2016 performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the quarter, the company
spent $36.9&nbsp;million to repurchase 879,585 shares of its common stock at an average price of $41.95. As of March&nbsp;31, 2017, approximately $44.5&nbsp;million remained available under our $100&nbsp;million share repurchase authorization,
which, as discussed in February, we intend to complete in 2017. Now this will be dependent on fluctuations in the price per share of the company&#146;s common stock, market conditions and other future events that may be beyond our control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents were $121&nbsp;million at March&nbsp;31, 2017, compared to $114.5&nbsp;million at March&nbsp;31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An important final point to make. Notwithstanding the use of cash for share repurchases and bonuses in the quarter, total debt, net of cash, was
$286&nbsp;million at the end of the quarter, which is down more than $100&nbsp;million compared to $392.5&nbsp;million at March&nbsp;31, 2016. This is a reflection of the strength of our balance sheet and the powerful cash flow characteristics of
the company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to our guidance. Given the weaker than anticipated performance in the first quarter, we are revising our 2017 guidance downwards. We
now expect revenues will range between $1.775&nbsp;billion and $1.875&nbsp;billion. This compares to our previous guidance range of between $1.8&nbsp;billion and $1.9&nbsp;billion. We now estimate that EPS will range between $1.75 and $2.10. This
compares to the previous EPS range of between $1.95 and $2.30. We now estimate that adjusted EPS will range between $1.90 and $2.20. This compares to the previous EPS &#150; adjusted EPS range of between $2.10 and $2.40. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a reminder, and as we mentioned on our <FONT STYLE="white-space:nowrap">year-end</FONT> call, the variance between GAAP and adjusted EPS guidance for 2017
is related to estimated lease cancellation charges for our Washington, D.C. office move, which will result in an estimated charge of between $0.10 and $0.15 in the second quarter of 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In closing, while we recognize that we had a disappointing quarter, we are optimistic for the remainder of the year because our prior revenue and cost
initiatives are already showing results in certain segments like FLC and Technology, and we expect their performance to improve. We have a management team that is committed to improving performance, both by revenue enhancing initiatives and, where
appropriate, by cost reductions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With our strong balance sheet, we can enhance shareholder returns through a variety of capital deployment strategies.
For example, we followed through on our commitment to buy back shares and have adequate ability to continue to do so. And our leading businesses and practitioners are well-positioned to win in the market. And where we have the right to win, we will
not shy away from adding talented practitioners and adjacent businesses when we find opportunities to do so. With that, I will open the call for your questions. </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>QUESTIONS AND ANSWERS </B></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) We&#146;ll go first to
Tobey Sommer with SunTrust. </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:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Client Id: 77 </B></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">APRIL 27, 2017 / 1:00PM, FCN - Q1 2017 FTI Consulting Inc Earnings Call </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"><B><A NAME="ex99_1391273_6"></A>Tobey O&#146;Brien</B><B> </B><B>Sommer</B><B>
</B><I>&#150; SunTrust Robinson Humphrey, Inc., Research Division &#150; MD</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I wanted to start out by asking, you&#146;ve been at the helm now looking
at this collection of businesses and how it performs together in a relatively slow economic growth environment. What are the &#150; in aggregate with the collection of businesses, what&#146;s the best backdrop in terms of economies to &#150; in
order for you to grow, not only the top line, but increase EBITDA? </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. </B><B>Gunby</B><B> </B><I>&#150; </I><I>FTI Consulting, Inc. &#150; CEO, President and Director</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, thanks, Tobey. Shall I take that, Ajay? </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ajay J. </B><B>Sabherwal</B><B> </B><I>&#150; FTI
Consulting, Inc. &#150; CFO</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby </B><I>&#150; FTI Consulting, Inc.
&#150; CEO, President and Director</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Look, let me answer that in 2 ways. In our current situation and then where I think we&#146;re moving, let me start
with where I think we&#146;re moving. I think, I believe our business has enormous potential to actually grow even without the benefit from the economy. And I think where we have made the right investments aggressively, and hard-nosed investments,
you can&#146;t just invest, you have to invest in the right places. We are showing that. The change in the trajectory of Strat Comm wasn&#146;t because the economy got better, it was because we started to invest behind the better propositions and
stop investing behind some of the propositions where we didn&#146;t have the right to win. And in Europe, I mean, you can&#146;t say the European economy has been doing better than the U.S. economy, and that&#146;s going forward, I think, so that is
the aspiration. But that requires some hard-nosed look at each of the positions and hard-nosed investments, and we&#146;ve been moving through the business to get there. And I think we are getting there, but we&#146;re not fully there. And you see
that this quarter. I think in the absence of that, this business is so affected by the restructuring market, right? I mean, It&#146;s just &#150; It is such a powerful competitive position that when there were deals out there, we tend to win, and
it&#146;s a business with great professionals. We have a pretty high fixed cost structure because of our comp structure. And therefore, when we win, a lot of it goes to the bottom line, when we don&#146;t have it a lot of them hits the bottom line.
So over the history of this company, the best market is when there&#146;s a lot of restructuring. It&#146;s clearly you can tie that. The second best thing is a lot of M&amp;A, and sometimes those are inconsistent. But I would say that&#146;s the
history. What I am trying to do and what I think we now have the management team committed to do is to never belie the &#150; some reality to that, but make sure we&#146;re doing enough to offset that. And we just haven&#146;t yet got there some
places in the U.S. Let me say one more thing on that. For example, performance improvement is not dependent on that. And we&#146;re just behind on where I would hope we would be in performance improvement. And the people who were doing really good
performance improvement work, the downturn in restructuring doesn&#146;t affect it. But given where we are, it affects us a lot. Did I get that part of your question Tobey? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tobey O&#146;Brien</B><B> </B><B>Sommer</B><B> </B><I>&#150; SunTrust Robinson Humphrey, Inc., Research Division &#150; MD</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You did. I just had 1 <FONT STYLE="white-space:nowrap">follow-up,</FONT> if I could. What does your guidance imply for the trajectory of EBITDA this year? Will
that be kind of down a comparable amount to EPS? Or how should we think about, certainly you&#146;ve got some repurchase in the guidance? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ajay J.
</B><B>Sabherwal</B><B> </B><I>&#150; FTI Consulting, Inc. &#150; CFO</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The answer is we haven&#146;t given specific EBITDA guidance. But this change
relates to EBITDA, not repurchase. Repurchases were already factored into our earlier guidance. So it is corresponding reduction. </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; 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 Kevin McVeigh with Deutsche Bank. </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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Client Id: 77 </B></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">APRIL 27, 2017 / 1:00PM, FCN - Q1 2017 FTI Consulting Inc Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="ex99_1391273_4"></A>Kevin Damien McVeigh </B><I>&#150; Deutsche Bank AG, Research Division &#150; Head of Business and Information Services
Company Research</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Just wanted to follow up on the restructuring a little bit in terms of trying to just get a better understanding of the timing from
when you folks would get engaged relative to actual distress. So kind of looking at the retail space, I&#146;d imagine you folks start to come in before there&#146;s actually filing. So has the process started where you&#146;re coming in to maybe
try to optimize cost structures and things like that? And in an effort to try to stave off of bankruptcy and without getting too specific with clients, how does that typically come about in terms of lead time and when you start to see that firm up
in the revenue? </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. </B><B>Gunby</B><B> </B><I>&#150; </I><I>FTI Consulting, Inc. &#150; CEO, President and Director</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, it&#146;s a good question, Kevin. Look, it varies by what role we play in the restructuring. And I&#146;m not the expert on the exact timing. But what I
think is the case is, when we take creditors side positions, those tend to be later, those tend to be actually after &#150; often after somebody has filed occasionally we&#146;ll start to get involved ahead of time. On company side positions,
sometimes it&#146;s late, but often you&#146;re right, we&#146;re getting involved earlier to try to help somebody stave off bankruptcy. And so there&#146;s some lead time. And certainly the conversations start quite a bit ahead of time. And so
it&#146;s just a mixture depending on the role we play. Does that begin to address your question? </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kevin Damien McVeigh </B><I>&#150; Deutsche Bank
AG, Research Division &#150; Head of Business and Information Services Company Research</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It does. And then just another question on that was it looks
like the FTEs on the restructuring side picked up a little bit, utilization down, is there any way to think about or rather up sequentially but still kind of <FONT STYLE="white-space:nowrap">sub-60?</FONT> Is there any way to think about kind of
utilization targets in that business in the back half of the year? </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby </B><I>&#150; FTI Consulting, Inc. &#150; CEO, President and Director</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, yes, I don&#146;t know what we disclosed publicly, but I would say that nobody in the business thinks utilization targets in the 50s is a good target.
Can I say that? </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kevin Damien McVeigh </B><I>&#150; Deutsche Bank AG, Research Division &#150; Head of Business and Information Services Company Research</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby </B><I>&#150; FTI Consulting, Inc.
&#150; CEO, President and Director</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And look, I think the trick is that what you have to do in a professional services business is always be careful.
If you have great talent, you can&#146;t do something based on a bad quarter, because it&#146;s too hard to get good talent. Now you have to do 2 other things in addition. You have to make sure that you&#146;re looking for people who are going to be
here long term, and that&#146;s something you should be doing even in good times. Because if you have &#150; you just have to continually look through and make sure you have the right group of people, and you have to do that, and that&#146;s an
ongoing thing. And then obviously, if you have bad businesses, you have to confront those and exit them like we did for Brazil and some parts of FLC in Brazil and so forth. In Corp Fin in the U.S., it&#146;s a complicated thing because it&#146;s a
really good business where we have a lot of good people. And so there&#146;s &#150; you got to go always prune the people who aren&#146;t doing well, but you also have to then say, if I got really good people, I got to go bust my tail and get them
busy because I want these people here for the next boom. And I would say all of those things are being looked at. And Carlyn Taylor is <FONT STYLE="white-space:nowrap">co-leader</FONT> to this. I think he&#146;s flown 3x to Australia to help sell
project back there, and we have people flying around, and I think there&#146;s real opportunity to get people busy. But nobody thinks utilization in the 50s is the right number. Does that help? </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:1px solid #000000">&nbsp;</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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Client Id: 77 </B></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">APRIL 27, 2017 / 1:00PM, FCN - Q1 2017 FTI Consulting Inc Earnings Call </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"><B>Kevin Damien McVeigh </B><I>&#150; Deutsche Bank AG, Research Division &#150; Head of
Business and Information Services Company Research</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. That&#146;s very helpful. </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; 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) We&#146;ll go next to
Tim McHugh with William Blair. </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="ex99_1391273_5"></A>Timothy John McHugh </B><I>&#150; William Blair</I><I></I><I>&nbsp;&amp; Company L.L.C., Research Division &#150; Partner and
Global Services Analyst</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">First, I guess, I just wanted to ask, and somewhat connected to the last question, but expense growth as we go through the
remainder of the year. I guess, have you already started to take actions or what would be the expectation? Are you &#150; is the guidance assuming you grow into the expense base? Can you help give us any context for, I guess, how you&#146;re
approaching it at this point? </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby </B><I>&#150; FTI Consulting, Inc. &#150; CEO, President and Director</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Look, I would say this that in terms of you&#146;re talking about overhead expenses, I think the answer is you either do 1 of 2 things. You either grow into
the expense base or you reduce the expense space. And those have to be conversations that one has after a tough quarter. And I&#146;ll just maybe leave it at that, Tim. </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy John McHugh </B><I>&#150; William
Blair</I><I></I><I>&nbsp;&amp; Company L.L.C., Research Division &#150; Partner and Global Services Analyst</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. Well, I have &#150; I am going to
guess have you had those conversations? Or... </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby </B><I>&#150; FTI Consulting, Inc. &#150; CEO, President and Director</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Of course, we had those conversations, right? I mean, the question is but the both of those are very viable because we have such different parts of our
business. I mean, we do have, even in the slow quarter, some businesses that are growing extraordinary successfully. And you&#146;re not going to address cost issues there and you&#146;re not going to address cost issues in business that have a
temporally blipped down. But where you have now a rethinking of where &#150; what the trajectory of the business is, you have to have cost structures that support them in the right way. And those conversations, I mean, of course, are going on. </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy John McHugh </B><I>&#150; William Blair</I><I></I><I>&nbsp;&amp; Company L.L.C., Research Division &#150; Partner and Global Services Analyst</I>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. And then in Strat Comm, I know it&#146;s, obviously, it&#146;s had a good run for a while, but weaker this quarter. Is there &#150; I guess, what
part was weaker? And could give more color there, and how comfortable are you that, that&#146;s just timing or kind of a blip versus has something changed in the demand environment or your positioning or something? </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby </B><I>&#150; FTI Consulting, Inc. &#150; CEO, President and Director</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. Look, so let me be clear on that. I don&#146;t think you can ever hold any one of our businesses to having no blips down. If you&#146;re going to hold any
business to that, they&#146;re going to fail at some point. And so &#150; there&#146;s a certain number of &#150; certain amount of randomness in the business. So could Strat Comm or any other business have another down quarter? Of course, they can.
What you can have is a sense of whether you feel like it&#146;s on the right trajectory, which actually, I think, if you have that clear sense, it means over any multi-quarter period, it will be up. And we clearly have that conviction with Strat
Comm. This was just a little bit off. There&#146;s no change. Actually, frankly, our competitive position continues to grow in that business, we are attracting very talented people from the outside, we have good discipline promotion processes and so
forth. But I think this &#150; I not only this business has ever been in a better shape competitively as we have it now. The first quarter just happen to be an off quarter. But I can&#146;t guarantee, Tim, that any business doesn&#146;t have another
off quarter in this year, but there&#146;s no change in our confidence that this business is positioned in the right way going forward. Does that answer? </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>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<div style="width:790px"></div>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Client Id: 77 </B></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">APRIL 27, 2017 / 1:00PM, FCN - Q1 2017 FTI Consulting Inc Earnings Call </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy John McHugh </B><I>&#150; William Blair</I><I></I><I>&nbsp;&amp; Company L.L.C., Research Division &#150; Partner and Global Services Analyst</I>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, it does. And then, lastly, just the comments around, I guess, going back to the restructuring market, you mentioned you&#146;re conflicted out some
of the bigger engagements. But, I guess, just market share wise, did you feel like you&#146;ve won, absent factors like that? Has your &#150; I guess your ability to capture the work that&#146;s come out remain consistent with what you would&#146;ve
thought and it&#146;s just the number of opportunities? Or I guess, talk about that dynamic. </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. </B><B>Gunby</B><B> </B><I>&#150;
</I><I>FTI Consulting, Inc. &#150; CEO, President and Director</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. It&#146;s certainly mostly the number of opportunities. I mean, as overall, we
can&#146;t see that we&#146;ve lost share. I mean, we look pretty hard at different subsectors and say, Geez, how many did we win in this quarter? And then it gets really hard, because when you look at subsectors, you can be looking at there were 3
jobs for this subsector and did you win 1 or did you win 2 and those sorts of things. We feel pretty good about our competitive position in the various verticals that have historically been strong here, mining, energy, and retail. And we don&#146;t
feel like we&#146;ve &#150; were worse competitively. But we do think the market is down, and we think energy and mining will continue to be down. I think it&#146;ll be important that we continue to win our &#150; a good share of the retail things
going forward. Because the retail business, there are more filings now, they want the biggest filings. But we think the dip in retail that we saw the second half of last year was a temporary dip down. And we think that business is going to come
back. So it&#146;ll be important that we win our share of those going forward. But as of now, we&#146;re feeling pretty good about our competitive position. Does that answer your question, Tim? </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy John McHugh </B><I>&#150; William Blair</I><I></I><I>&nbsp;&amp; Company L.L.C., Research Division &#150; Partner and Global Services Analyst</I>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; 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">And with no further questions in the queue at this time, we will &#150; that does conclude today&#146;s presentation. We thank you for your participation. </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:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby </B><I>&#150; FTI Consulting, Inc. &#150; CEO, President and Director</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, all. </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:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt;page-break-before:always"></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DISCLAIMER</B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The company reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any
person of such changes.</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">In the conference calls upon which Event Transcripts are
based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially
from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies&#146; most recent SEC filings. Although the companies may indicate and believe that the
assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be
realized.</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">THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION
OF THE COMPANY&#146;S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES THE COMPANY
ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE COMPANY&#146;S CONFERENCE CALL ITSELF AND THE COMPANY&#146;S SEC FILINGS BEFORE MAKING ANY
INVESTMENT OR OTHER DECISIONS.</P> <P STYLE="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</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>

</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
