<SEC-DOCUMENT>0001193125-19-057782.txt : 20190228
<SEC-HEADER>0001193125-19-057782.hdr.sgml : 20190228
<ACCEPTANCE-DATETIME>20190228164602
ACCESSION NUMBER:		0001193125-19-057782
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190226
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190228
DATE AS OF CHANGE:		20190228

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:		19644129

	BUSINESS ADDRESS:	
		STREET 1:		555 12TH STREET NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20004
		BUSINESS PHONE:		202-312-9100

	MAIL ADDRESS:	
		STREET 1:		555 12TH STREET NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FORENSIC TECHNOLOGIES INTERNATIONAL CORP
		DATE OF NAME CHANGE:	19960306
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d715377d8k.htm
<DESCRIPTION>8-K
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<TITLE>8-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <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): February&nbsp;26, 2019 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>FTI CONSULTING, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><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>555 12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Street NW, Washington, D.C. 20004 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (202) <FONT STYLE="white-space:nowrap">312-9100</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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> </P></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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><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> </P></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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><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> </P></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-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">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&nbsp;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>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;2.02.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Results of Operations and Financial Condition </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;26, 2019, FTI Consulting, Inc. (&#147;FTI Consulting&#148;) held a conference call relating to the press release issued on
February&nbsp;26, 2019 announcing financial results for the three months and year ended December&nbsp;31, 2018 and guidance for the year-ending December&nbsp;31, 2019. 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="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;7.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Regulation FD Disclosure </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the call, FTI Consulting may have used information derived from consolidated and segment financial information that may not be presented
in its financial statements or prepared in accordance with generally accepted accounting principles in the United States (&#147;GAAP&#148;). Certain of these measures are considered <FONT STYLE="white-space:nowrap">&#147;non-GAAP</FONT> financial
measures&#148; under rules promulgated by the Securities and Exchange Commission. Specifically, FTI Consulting has 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>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Total Segment Operating Income </P></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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Adjusted EBITDA </P></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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Total Adjusted Segment EBITDA </P></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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Adjusted EBITDA Margin </P></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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Adjusted Net Income </P></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="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Adjusted Earnings per Diluted Share </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Free Cash Flow </P></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 <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures. 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. 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 for all segments, which excludes unallocated
corporate expenses. FTI Consulting uses Segment Operating Income 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 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. </P>
<P STYLE="margin-top:12pt; 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, gain or loss on sale of a business, and losses on early extinguishment of debt. FTI Consulting defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of total revenues. 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:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; 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 (loss) and earnings (loss) per diluted share, respectively, excluding the impact of remeasurement of
acquisition-related contingent consideration, special charges, goodwill impairment charges, losses on early extinguishment of debt, <FONT STYLE="white-space:nowrap">non-cash</FONT> interest expense on convertible notes, gain or loss on sale of a
business, and the impact of adopting the 2017 U.S. Tax Cuts and Jobs Act (the &#147;2017 Tax Act&#148;). 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, losses on early extinguishment of debt, <FONT STYLE="white-space:nowrap">non-cash</FONT> interest expense on convertible notes, gain or loss on sale of a business, and the impact of
adoption of the 2017 Tax Act, 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 &#147;Free Cash Flow&#148; as net cash provided by (used in) operating activities less cash payments for purchases of
property and equipment. We believe this <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure, when considered together with our 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 Consolidated Statements of Comprehensive Income. Reconciliations of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying
FTI Consulting&#146;s press release dated February&nbsp;26, 2019 for the three months and year ended December&nbsp;31, 2018 filed with the Securities and Exchange Commission on February&nbsp;27, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information included herein, including Exhibit 99.1 furnished herewith, shall not be deemed to be &#147;filed&#148; for purposes of
Section&nbsp;18 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filing pursuant to the Securities Act of
1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, except as expressly set forth by specific reference in such filing. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">99.1 <U><A HREF="d715377dex991.htm">Transcript dated February
</A></U><A HREF="d715377dex991.htm" --><U></U><U>&nbsp;26, 2019 of FTI Consulting, Inc.</U> <B></B></A> </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, FTI Consulting, Inc. has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>FTI CONSULTING, INC.</B></TD></TR>
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<TD VALIGN="top">Dated: February&nbsp;28, 2019</TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ CURTIS LU</TD></TR>
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<TD VALIGN="bottom">General Counsel</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EDITED TRANSCRIPT </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FCN - Q4 2018 FTI Consulting Inc
Earnings Call </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EVENT DATE/TIME: FEBRUARY 26, 2019 / 2:00PM GMT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>OVERVIEW: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Co. reported 2018 revenues of $2.03b and GAAP
EPS of $3.93. 4Q18 revenues were $505m, GAAP net income was $23.7m and GAAP EPS was $0.61. Expects 2019 revenues to be $2.0-2.1b and GAAP EPS (including non-cash interest expense related to convertible notes of approx. $0.17 per share) to be
$3.33-3.83. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 26, 2019 / 2:00PM, FCN - Q4 2018 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>C O R P O R A T E&nbsp;&nbsp;&nbsp;&nbsp;P A R T I C I P A N T S </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ajay J. Sabherwal</B> FTI Consulting, Inc. - CFO&nbsp;&amp; Interim CAO </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mollie Hawkes</B> FTI Consulting, Inc. - VP of IR&nbsp;&amp; Communications </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby</B> FTI Consulting, Inc. - President, CEO&nbsp;&amp; Director </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>C O N F E R E N C E&nbsp;&nbsp;&nbsp;&nbsp;C A L L&nbsp;&nbsp;&nbsp;&nbsp;P A R T I C I P A N T S </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Joseph Marberry Thompson</B> SunTrust Banks, Inc. - Head of SunTrust Private Wealth Management </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marc Frye Riddick</B> Sidoti&nbsp;&amp; Company, LLC - Business and Consumer Services Analyst </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael J. Winter</B> Otter Creek Management, Inc. - Portfolio Manager and Research Analyst </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy John McHugh</B> William Blair&nbsp;&amp; Company L.L.C., Research Division - Partner&nbsp;&amp; Global Services Analyst </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>P R E S E N T A T I O N </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">Welcome to the FTI Consulting Fourth Quarter and Full Year 2018 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At this time, I would like to turn the conference over to Mollie Hawkes, Vice President of Investor Relations. Please go ahead. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mollie Hawkes</B> - FTI Consulting, Inc. - VP of IR&nbsp;&amp; Communications </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Good morning, and welcome to FTI Consulting conference call to discuss the company&#146;s fourth quarter and full year 2018 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
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our
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 annual report, Form <FONT STYLE="white-space:nowrap">10-K</FONT> and in our
other finance filings 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 total segment operating income, adjusted
EBITDA, total adjusted segment EBITDA, adjusted earnings per diluted share, adjusted net income, adjusted 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 the company&#146;s financial tables that we issued this
morning, which include the 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 Investor Relations website section of our website this
morning for your reference. These include quarterly earnings presentation, and an Excel and PDF of our historical financial and operating data, which have been updated to include our fourth quarter and full year 2018 results. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 26, 2019 / 2:00PM, FCN - Q4 2018 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">Of note, during today&#146;s prepared remarks, management will not speak directly to the
quarterly earnings presentation posted to the Investor Relations section of our website. To ensure disclosures are consistent, these slides provide the same details as they have historically. And as I said, are available on the &#151; our Investor
Relations section of our website. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With these formalities out of the way, I&#146;m joined today by Steven 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="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby</B> - FTI Consulting, Inc. - President, CEO&nbsp;&amp; Director </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Mollie. And good morning, and thank you all for joining us. I&#146;m sure many of you saw our press release this morning. This quarter, once again,
we had record results. Record fourth quarter revenues and record fourth quarter adjusted EPS. The record fourth quarter together with record performances in the first 3 quarters of the year resulted, not surprisingly, in the best year this company
has ever had. In 2018, our teams delivered record revenues. In particular, they drove double-digit organic growth, which in turn led to record GAAP EPS and in fact marking 6 consecutive years of EPS growth and record adjusted EPS, marking 4
consecutive years of adjusted EPS growth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And important, we also exited 2018 with arguably the best balance sheet this company has ever had. Terrific
results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let me take a moment to caveat the results just a tiny bit. As we discussed in the past, our results in any quarter, in fact any year, are
driven not only by the underlying fundamental improvements we make in the business but also in part by something we call noise. Short-term factors that don&#146;t necessarily say much about the underlying business. Factors like the timing of success
fees, the ending or starting of huge jobs, temporary influencers of cost, or whether we happen to have a particularly high or low batting average in winning big jobs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Noise, as we&#146;ve discussed is not important over any extended period of time, but it can significantly affect quarterly and annual results. You may recall
our discussion in the beginning of 2017, when we shared our view that the underlying fundamentals of this company at that time were significantly better than the indicated by the reported results. That some of the underlying good fundamentals were
being obscured by a bunch of negative noise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2018, in contrast, as we talked about during each of our quarterly earnings calls, we didn&#146;t have
much negative noise. In fact, to the contrary, more things seem to break we expected. We have, as I&#146;m going to talk about in a moment, improved this company enormously. And importantly, the teams involved are continuing to do that everyday. But
given the event-driven nature of our business, I never expect, no matter what our teams are doing perfectly at a moment, that even if we&#146;re doing everything right, that every business in region will be up. And yet that&#146;s what happened in
2018. And though we expect sustained double-digit growth and adjusted EPS overtime, and we have delivered it, we don&#146;t expect to be up more than 70% in adjusted EPS. A number that we saw in 2018. So our conclusion is, we&#146;re doing a
terrific job, but we did have some positive noise in 2018 and that noise contributed to record financial performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To me, what is much more important
and much more powerful is that, when you look below the positive noise, you can see the ways that our folks are building upon a great institution and driving a much more powerful FTI. There are so many ways, I don&#146;t believe I can do them even
partial justice but let me illustrate a few. Some of these you&#146;ve heard before, some of these you haven&#146;t, but they&#146;re powerful things that our people everyday are building in this institution. They include the many initiative driven
by our Stratcom team, whether you talk about the public affair side, the com side, the work we&#146;re doing in London, in the U.S., in the continent, in Asia-Pacific or Latin America, or in terms of their work collaborating across FTI and across
segment initiatives. All of those initiatives have allowed a business that was once struggling to soar, and to soar not just for a year but to soar over multiple years. If you have a moment, go back and look at that, the business&#146; history, and
look at the trajectory over the last 4 years. That team&#146;s focused in changing its trajectory, controlling its destiny, building a better institution, are to me both impressive and inspiring. Or you can look at this myriad of initiatives driven
by our tech team, in the U.S. and abroad, on the software side, and the services side, on <FONT STYLE="white-space:nowrap">e-discovery</FONT> front, the information governance front. And our team drove these past couple of years to allow business in
a tough market, to fix the strategic disadvantage and return that business to growth. Or you can look at the initiatives that our E Con teams have driven, to reinforce the strength we have in the U.S. or extend that U.S. leadership position around
the world. Or most significant in terms of this year&#146;s P&amp;L improvement, you can look at the huge number of changes driven by the teams in Corp Fin and FLC that have allowed these core pillars of the company to return to be key drivers of
our growth. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 26, 2019 / 2:00PM, FCN - Q4 2018 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">In FLC, those efforts included vesting, to grow some of our most powerful growth
businesses, so this is like that global construction business we&#146;ve talked about a few times. Or reinvesting to return some core business historically back to growth. Importantly, it&#146;s all innovation. For example, combining our
historically strong investigations business with a powerful set of new offerings in cyber to allow leadership in cyber crisis response. And it&#146;s involved geographical expansion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On Corp Fin, it involves, on one hand, successful extensions into adjacencies. In business&#146;s transformation and transaction services moves, that both
leverage our core restructuring heritage but also extend their offerings into new areas, such as the office of the CFO or merger integration or performance improvement. But it&#146;s not just the adjacencies, at the same time, it included investing
behind our core businesses via lateral hires, and acquisition, promotions that allowed our creditor rights and company side restructuring businesses, strong businesses to grow. Again, we didn&#146;t sit on their laurels and those businesses, we
built on those positions. And we continue to extend our leading restructuring position to new geographies. I think 5 years ago, many people in EMEA didn&#146;t know who we were. Today. We&#146;re a credible #1 or #2 player in many places across
EMEA. And that&#146;s just a quick review of the types of progress that our teams are driving and have driven <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">business-by-business</FONT></FONT> over the last several years, to build
a fundamentally stronger firm for our clients, for our people and for our shareholders. And thereby, drive growth and opportunity on a sustained basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let me take a minute to slight &#151; share a slightly different lens on that same progress. A softer lens, which is to look at the progress in terms of
people and culture. I believe we&#146;ve been accomplishing what we&#146;ve been accomplishing for a lot of softer reasons as well. In part because we&#146;ve turned into a firm that knows how to make record numbers of well-considered promotions.
And then how to support those promotions, those people, and become successful leaders in our firm and in turn develop other people. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In part, because the
phone is ringing off the hook, from folks wanting to join us in a way that I think is unprecedented in our history, allowing us to be extremely selective in who we take into the firm, and yet still have record numbers of senior hires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is also in my mind because today, I believe we have an executive committee that knows its job is to build a brighter future for the next generation and
takes it seriously as a personal commitment. And because those leaders, the leaders in each of our segments and regions, understand in professional services you need to lead in part by encouraging others to lead. To take advantage of the tremendous
professionals we have, the ambitious-driven professionals and support their business-building behavior. Those are softer developments. It&#146;s hard to put financial values against each of them. But to me, those are critical basis and have been
critical basis for the sustained progress. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To close off on the review of the year, 2018&#146;s results probably reflected some good fortune. Even Bryce
Harper, whether he&#146;s a (inaudible) or a Philly, we&#146;ll not hit home runs every time. And I&#146;m sure we will have quarters that are impacted by negative noise at some point in the future. But I hope you take away the far more important
message that below any volatility driven by noise, we have a set of teams that have built and are building on a sustained basis, an extraordinary firm, a powerful firm, a stronger firm. An important one that knows how to evolve, to grow, to take
advantage of market opportunities, to make itself better. It is that progress that makes me so bullish on the years ahead. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before I turn the call over to
Ajay, let me give some perspective on the 2019 guidance. First, I&#146;m sure you noticed that the midpoint of our adjusted EPS guidance is below what we delivered in 2018. Let me say a few words on that. The midpoint of our 2019 guidance is up more
than 60% compared to the 2017 actual adjusted EPS. So if we hit the midpoint of our adjusted EPS guidance, we won&#146;t have had sustained double-digit growth, we will have sustained extraordinary growth. Even at the low end of the adjusted EPS
guidance range for 2019, we will have more than doubled adjusted EPS of 5 years prior. This guidance range far exceeds what I believe most folks, 9 or 12 months ago were expecting for 2019 and in many cases for 2020. So I hope we have some
perspective. Our guidance is quote, &#147;down&#148;, only in comparison in a year where adjusted EPS was up more than 70%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Second, our guidance is also
informed by the fact that we&#146;re making significant investments in people. We&#146;ve had a record number of senior hires join us in the 2017 &#151; sorry, the second half of 2018 with some actually coming in at the beginning of 2019. We&#146;re
excited about those hires. We see those folks helping us drive growth in 2020 and beyond. But we do not expect senior hires, in general, or this specific group of seniors hires to be </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 26, 2019 / 2:00PM, FCN - Q4 2018 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">accretive in our first year. And of course, we&#146;re also building our junior
headcount, both because we got behind in junior headcount recruiting in the first half 2018, and to support the new senior hires and promotions. Those investments will weight on 2019 results. Senior talent usually costs you EBITDA in the first 12 to
18 months but please don&#146;t misunderstand what we&#146;re saying. We&#146;ve made those investments quite consciously and very bullishly, we&#146;re very bullish about those hires. Just as we see 2018 as the results of the many important
investments we made in several prior years, we see these investments helping us drive the bright picture that we have in our mind for the next several years. So let me close by reinforcing that bullish note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The last 5 years, to me, have proved that this firm, this group of people can be an incredibly powerful growth engine. They show that we can grow a business
that supports our terrific people&#146;s goals, their ambitions. And at the same time, drives work, results that delight our clients and deliver returns for our shareholders. The last 5 years have been terrific. And yet in my view, the next 5 years
look even brighter than the last. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I very much look forward to working with each of you to see that potential unfold. Ajay? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ajay J. Sabherwal</B> - FTI Consulting, Inc. - CFO&nbsp;&amp; Interim CAO </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Steve. And good morning, everybody. In my prepared remarks, I will take you through our results for 2018 and our financial guidance for 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But first, let me begin with some highlights. As Steve just discussed, we had a great year. In fact, a record year where every one of our business segments
grew both revenues and EBITDA and at healthy levels. Revenues for 2018 of $2.03&nbsp;billion increased $220.1&nbsp;million or 12.2%. 2018 GAAP EPS of $3.93 compared to $2.75 in 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Full year 2018 adjusted EPS were $4, up 72.4% compared to $2.32 in the prior year. Full year 2018 adjusted EBITDA of $265.7&nbsp;million grew 38.4%, compared
to $192&nbsp;million in 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA margin of 13.1% improved 250 basis points from 10.6% in 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before I take you through the fourth quarter, let me share with you my perspectives on the year. The excellent performance in 2018 resulted from organic
growth with strong utilization. Our Corporate Finance, FLC and Strategic Communications segments grew revenues by double-digit percentages with Corporate Finance up 17.1%, Strat Com up 16% and FLC up 12.5% year-over-year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now after delivering record revenues in the first 3 quarters of 2018, we have anticipated a slowdown in the fourth quarter. We did see sequential slowdowns in
Economic Consulting and Technology as large engagement that led to strong third quarter results were completed. However, contrary to our expectations, we saw sequential revenue growth in Corporate Finance, FLC and Strategic Communications. This
resulted in the fourth quarter being our third consecutive quarter with revenues over $500&nbsp;million. In fact, the fourth quarter of 2018 revenues were the highest fourth quarter revenues ever for the company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Despite the year-over-year increase in revenues for the quarter, adjusted EBITDA declined compared to the prior year quarter, primarily because of increased
compensation and SG&amp;A expenses. In Q4, we accrued up bonus accruals to reflect the record year and costs were also boosted by increased headcount in the third and fourth quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Through the first half of 2018, our headcount was relatively flat. But in the second half, hiring ramped up. As of December 31, billable headcount increased
by 183 professionals, a 5.1% year-over-year increase. <FONT STYLE="white-space:nowrap">Non-billable</FONT> headcount decreased by 24%, primarily due to the sale of Ringtail in September. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2018 SG&amp;A expenses of $465.6&nbsp;million compared to $432&nbsp;million in 2017. The year-over-year increase in SG&amp;A resulted from many areas and
initiatives, including record results that drove higher variable compensation, investments in regional leadership and key account programs, an increase in rent and occupancy cost and an increase in bad debt proportionate to higher revenues. Having
said that, SG&amp;A as a percentage of revenues declined 90 basis points from 23.9% of revenues in the prior year to 23% of revenues in 2018. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 26, 2019 / 2:00PM, FCN - Q4 2018 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">I will remind you that in 2017, we took several headcount and real estate related cuts
that resulted in special charges of $40.9&nbsp;million, but did not impact adjusted EBITDA. Noteworthy, in 2018, there were no such actions or special charges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our 2018 effective tax rate of 27.5% was almost unchanged compared to 27.6% in 2017, which excluded the $44.9&nbsp;million discrete tax benefit from the
adoption of the 2017 U.S. Tax Act. In 2018, despite U.S. tax reform, which reduced U.S. federal tax rates from 35% to 21%, our tax rate was relatively flat year-over-year as we benefited from a higher mix of earnings in foreign jurisdictions with
lower tax rates. Overall, as you might expect, we are extremely pleased with these results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now I will turn to fourth quarter results. For the quarter,
revenues of $505&nbsp;million increased $37.3&nbsp;million or 8% compared to $467.7&nbsp;million in the prior year quarter. GAAP EPS of $0.61 includes the $9.1&nbsp;million loss on early extinguishment of debt related to the redemption of our
$300&nbsp;million 6% senior notes, which decreased EPS by $0.17 and a $2.1&nbsp;million of noncash interest expense related to our convertible notes, which also decreased EPS by $0.05. This compares to GAAP EPS of $1.78 in the fourth quarter of
2017. As a reminder, fourth quarter of 2017 EPS included a 2017 Tax Act benefit of $44.9&nbsp;million, which increased EPS by $1.19, which was then partially offset by a $10.8&nbsp;million special charge related to headcount reductions, which
reduced EPS by $0.19. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fourth quarter 2018 adjusted EPS of $0.83, which excludes the loss and early extinguishment of debt and noncash interest expense
compared to $0.78 in the prior year quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Net income for the quarter was $23.7&nbsp;million compared to $66.9&nbsp;million in the fourth quarter of
2017. The decrease was largely due to the $44.9&nbsp;million discrete tax benefit in 2017 related to U.S. tax reform. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA was
$53.7&nbsp;million or 10.6% of revenues compared to $55.5&nbsp;million or 11.9% of revenues in the prior year quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA declined compared
to the prior year quarter due to an increase in compensation and SG&amp;A expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now turning to our performance at the segment level. In Corporate
Finance and Restructuring, revenues of $144.8&nbsp;million increased 10.9% compared to Q4 of 2017. The increase in revenues was primarily due to higher demand for business transformation and transaction services. In fact, our business transformation
and transaction services made up 48% of Corporate Finance&#146;s fourth quarter revenues, which compares to 40% of revenue in the prior year quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted segment EBITDA was $24.3&nbsp;million or 16.8% of revenue compared to $25.8&nbsp;million or 19.7% of revenues in the prior year quarter. Adjusted
segment EBITDA declined as the increase in revenues was offset by higher compensation and an increase in SG&amp;A expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sequentially, revenues
increased 6.9% for Corporate Finance as we continued to win an increasing share of restructuring opportunities in the U.S., even though the U.S. restructuring market remained subdued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving on to FLC, revenues of $132.1&nbsp;million increased 9.3% compared to the prior year quarter. This was largely driven by increased demand for our
construction solutions and dispute services. Adjusted segment EBITDA was $21.5&nbsp;million or 16.3% of revenues compared to $23.6&nbsp;million or </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.5%
of revenues in the prior year quarter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted segment EBITDA declined as the increase in revenues was offset by higher compensation and an increase in
SG&amp;A. Sequentially, revenues increased 4.3%, as we saw improved demand for our operations and advisory offerings within our health solutions practice, and for our dispute services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Economic Consulting revenues of $128.4&nbsp;million increased 6.1% compared to Q4 of &#145;17. The increase in revenues was primarily due to higher demand for
antitrust and Financial Economic services. Adjusted segment EBITDA was $12.1&nbsp;million or 9.4% of revenues compared to $14.3&nbsp;million or 11.8% of revenues in the prior year 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">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 26, 2019 / 2:00PM, FCN - Q4 2018 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 was down, due to higher compensation. Sequentially, both
revenues and adjusted segment EBITDA declined as that surge in demand for <FONT STYLE="white-space:nowrap">M&amp;A-related</FONT> antitrust services that resulted in near-record revenues for the segment of the third quarter declined as those
engagements rolled off. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Technology, revenues of $41.7&nbsp;million increased 2% compared to Q4 of 2017. The increase in revenues was largely due to
higher demand for consulting services, primarily related to our information governance, privacy and security offerings, which was partially offset by a $2.8&nbsp;million decline in licensing revenues related to the Ringtail divestiture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted segment EBITDA was $2.7&nbsp;million or 6.4% of revenues compared to $3&nbsp;million or 7.3% of revenues in the prior year quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adjusted segment EBITDA was down slightly as the increase in revenues and lower SG&amp;A, primarily related to the decline in R&amp;D expenses was more than
offset by higher compensation my reflecting both increased variable compensation and the hiring of senior professionals in various countries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sequentially, the declines on both the top and bottom line related to the role off of the large <FONT STYLE="white-space:nowrap">M&amp;A-related</FONT> second
request engagements that contributed to a very strong third quarter for Technology. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lastly, in Strategic Communications, revenues of $58&nbsp;million
increased 6.7% compared to Q4 of 2017. The increase in revenues was primarily due to increased demand for both retainer and project-based services. Adjusted segment EBITDA of $11.3&nbsp;million or 19.5% of revenues compared to $10.5&nbsp;million or
19.4% of revenues in the prior year quarter. The increase in adjusted segment EBITDA was due to higher revenues, which was only partially offset by increased in variable compensation and SG&amp;A expenses. Sequentially, Strategic Communications
delivered growth on both the top and bottom line, capping off a tremendous year for them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I will now discuss certain cash flow and balance sheet items.
Net cash provided by operating activities of $230.7&nbsp;million as of December 31, 2018, compared to $147.6&nbsp;million at December 31, 2017. Free cash flow of $198.4&nbsp;million compared to free cash flow of $115.6&nbsp;million in the prior
year. The increase was primarily due to higher cash collections from increased revenues, which was partially offset by an increase in cash paid for salaries and benefits and higher income tax payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the quarter, we spent $26.5&nbsp;million to repurchase 418,728 shares of stock at an average price of $63.31. On February 21, 2019, the Board of
Directors authorized an additional $100&nbsp;million for an aggregate authorization of $400&nbsp;million. As of February 22, 2019, we have purchased 6.2&nbsp;million shares at an average price per share of $40.10, for an aggregate cost of
approximately $249&nbsp;million, leaving us with approximately $151&nbsp;million available for share repurchases under the program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to our 2019
guidance. As usual, we are providing revenues, GAAP EPS and adjusted EPS guidance for the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Starting with revenues. We estimate that our revenues for
2019 will be between $2&nbsp;billion and $2.1&nbsp;billion. We expect our GAAP EPS, which includes the noncash interest expense related to our convertible notes of approximately $0.17 per share to range between $3.33 and $3.83. We expect full year
2019 adjusted EPS, which excludes the impact of the noncash interest expense to range between 350 &#151; $3.50 and $4. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2019, we expect our effective
tax rate to range between 27% and 29%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our 2019 guidance assumes lower revenue growth compared to a record 2018. As we continue to have the expectation
that our intake of and success rate in, winning business may moderate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After a year, where revenues grew 12.2% and adjusted EPS grew 72.4%, we believe it
is prudent to moderate expectations. Additionally, we have higher cost related to our increased headcount, particularly, at the senior levels who, as Steve just said, can often take 12 to 18 months to become fully accretive. At the end of January,
2019, we had 513 senior managing directors, which include our most recent round of promotes and lateral SMD hires, and compares to the 439 SMDs we had at the end of 2017. And we are finding opportunities to hire more. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 26, 2019 / 2:00PM, FCN - Q4 2018 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">Finally, guidance is also shaped by a relatively fixed cost structure, which means that
small shifts in revenue have a much larger impact, both positive and negative on EPS in the short term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I want to emphasize though, that the strength of
the last few quarters is continuing in 2019. Our guidance assumes and we expect the first half of 2019 to be stronger than the second half of 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A few
closing remarks on why we are confident about our prospects before we open the call up to questions. First, whilst there is no surge in restructuring or a huge uptick in financial fraud, there is dislocation taking place around the world that
creates opportunities for FTI. This dislocation creates a need for our professionals who are the leading experts in their respective fields to help our clients overcome and resolve critical issues. Second, several jobs ending at the same time can
cause volatility in our earnings. This is part of the reason we are prudent in our guidance, but let me assure you, our practitioners are working hard to win the largest opportunities in the market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lastly, our balance sheet has never been stronger. This strength gives us the flexibility to allocate capital and create shareholder value in numerous ways,
including organic investments, acquisitions, when we see the right ones and share repurchases. This is the 6 quarter in a row that we have come out ahead of our own expectations, and I hope that we can continue to exceed expectations for our
shareholders, our employees and our clients for many quarters to come. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that, let&#146;s open the call up for your questions. </P>
<P STYLE="margin-top:18pt; 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) And the first question
will come from Marc Riddick of Sidoti. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marc Frye Riddick</B> - Sidoti&nbsp;&amp; Company, LLC - Business and Consumer Services Analyst </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I was wondering if you could give an update on how you feel towards regionally, especially, with so much focus around Brexit. I was wondering if you could
sort of give an update as to maybe what you&#146;re seeing there. And what types of opportunities and &#151; or things we should be thinking about for the region based on what you&#146;re seeing today? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby</B> - FTI Consulting, Inc. - President, CEO&nbsp;&amp; Director </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. Mark, look, I think &#151; let me answer that in 2 ways. We feel very bullish about our EMEA region. If you look at &#151; and I know we don&#146;t
disclose the details, but if you look at the stuff we do disclose, we have made a major change in that region over the last year. That business is growing, we strengthened our competitive positions, both in London and also on the continent. And we
are really bullish about where we can take it over time. Now the question you asked about Brexit, I got to tell you, I spent a lot of time talking with people about Brexit. I don&#146;t think the people in parliament in London know where Brexit is
going. And I don&#146;t think anybody actually knows what the implications would be if different scenarios come out. And I don&#146;t want to pretend I&#146;m smarter than that. I would say that we believe with Brexit or without Brexit, there&#146;s
huge opportunity for our firm. And we&#146;re going to have to sort those out as as it comes through. I wish I could give you more specific weed on that. But I suspect if you and I knew exactly what was going to happen with Brexit, we would be the
only 2 people in the world. Then we could figure out lots of ways to make money off of that. For us, we&#146;re just trying to figure out how to make a business regardless. And I think we can. So does that help a little? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael J. Winter</B> - Otter Creek Management, Inc. - Portfolio Manager and Research Analyst </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It does. And then I guess maybe, we can sort of shift a little bit as to maybe what type of acquisition opportunities that you might be seeing? And how
you&#146;re feeling about valuations on some target areas that might be attracted to you going forward? </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 26, 2019 / 2:00PM, FCN - Q4 2018 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>Steven H. Gunby</B> - FTI Consulting, Inc. - President, CEO&nbsp;&amp; Director </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. Look, I think as we&#146;ve said before, we are always looking for acquisitions. I mean, the &#151; I think what we &#151; the philosophy we have here
though is that &#151; at one point, this was a totally acquisition-driven company and that can&#146;t be. I mean because you never know whether a good acquisition is going to come along. And what you have to do is commit to organic growth <FONT
STYLE="white-space:nowrap">day-in</FONT> and <FONT STYLE="white-space:nowrap">day-out</FONT> by betting behind your best people, by attracting people laterally and so forth. So we&#146;ve committed to that. The acquisition strategy is on top of that
and that&#146;s opportunistic. It depends on when we find really good opportunities with people who we believe will join us, stay with us and help us build the institution. We&#146;re not interested in temporary acquisitions that look good on
P&amp;L and then people leave after 5 years. And that takes a lot of work to find those. And then as you pointed out, valuations haven&#146;t been low in the market. So we&#146;ve done, one of consequence since I&#146;ve been here. But we are
actively in the market always looking at that. I suspect if the market slows down, if there is recessions in different places around the world, valuations will also become much more reasonable. The last thing I&#146;ll say is, we have a balance
sheet that allows us to do any acquisition we want. And so we&#146;ll actively monitor it. But we&#146;re not going to do an acquisition just because cash is burning a hole in our pocket. We will use the cash wisely as we&#146;ve been trying to do
the last 5 years. Does that help, Marc? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question will be from Tobey Sommer of SunTrust. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Joseph Marberry Thompson</B> - SunTrust Banks, Inc. - Head of SunTrust Private Wealth Management </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This is Joseph on the line for Tobey this morning. I just want to talk a little bit about big projects. I think you mentioned that you didn&#146;t expect as
many in 2019. But are you &#151; sorry, are you seeing less big projects in the marketplace so far this year? And what do you think the effect on productivity will be for 2019? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby</B> - FTI Consulting, Inc. - President, CEO&nbsp;&amp; Director </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Joseph, it&#146;s a good question. This is not a market phenomenon and it&#146;s not a science. Let me clear, this is &#151; I mean, I used the
batting average analogy consciously. I think somebody starts hitting 450 in May &#151; April and May, and you say, well maybe they could continue it for the year. And sometimes people do. I guess, Rod Carew did for a whole year. I feel like last
year, there was no restructuring boom in the market. We just swung and hit on so many of the jobs and the same thing across all of our segments. I think when Ajay and I here &#151; sit here, and you have visibility always into the first part of the
year. And you can see whether you think big jobs you have today are continuing and so forth. It&#146;s very hard to have visibility into the second half of this year. And therefore, very hard to predict that you&#146;re going to have a 450 batting
average in the second half of the year. So it&#146;s much more of a statistically grounded thing about of our swing and hit rate than it is on any position of market forces. Does that help, Joseph? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Joseph Marberry Thompson</B> - SunTrust Banks, Inc. - Head of SunTrust Private Wealth Management </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. That&#146;s helpful. And do you think that&#146;s &#151; I guess, having won a bunch of big projects recently, do you think that makes client &#151;
that&#146;s going to make clients in the future more confident in your ability to complete projects of scale as they come up? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby</B> -
FTI Consulting, Inc. - President, CEO&nbsp;&amp; Director </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I do. Look, I think what happens here is &#151; you&#146;re exactly right. This is what
we&#146;re doing, that is the underlying phenomena that has me positive. You just don&#146;t know what a quarter is going to be. But what we&#146;re doing is, we&#146;re attracting better people, we&#146;re promoting people, we&#146;re winning more
big jobs. That enhances our brand reputation, which is the sustainable trajectory that we are writing. And that&#146;s what I&#146;m excited about. I don&#146;t think any of us can know what a given quarter can be, this business is so volatile. But
that&#146;s why I&#146;m so excited. When you look over 5 years, there is no noise in a <FONT STYLE="white-space:nowrap">5-year</FONT> trajectory. We&#146;ve more than doubled the EPS in 5 years. And we&#146;ve more than built this institution. And
that&#146;s because we&#146;re attracting people, we&#146;re developing them. We&#146;re more competitive in big jobs, in every segments we&#146;re in, and the market is noticing. So I think you&#146;ve got the right point. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 26, 2019 / 2:00PM, FCN - Q4 2018 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>Operator</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The next question will be from Tim McHugh of William Blair. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy John McHugh</B> - William Blair&nbsp;&amp; Company L.L.C., Research Division - Partner&nbsp;&amp; Global Services Analyst </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Just wanted to ask for more color maybe on the business transformation side. I know you&#146;ve talked about building that long term, but seems like &#151;
you&#146;re kind of saying you took a big step forward in kind of Q4 in terms of contribution. Was there &#151; that just big jobs? Is there something more tangible, I guess, changing or happening in that outcome? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Steven H. Gunby</B> - FTI Consulting, Inc. - President, CEO&nbsp;&amp; Director </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think the team there has done a incredible job of both supporting the people we had historically in that business. As you know, we changed leadership there.
And Carlyn has done an incredible job of supporting the people there, the existing people. But also attracting talent from outside. And the thing you don&#146;t know when you have a bunch of new people and a small practice, and you have some big
jobs, you have these <FONT STYLE="white-space:nowrap">0-1</FONT> variables. The big jobs go away, and you&#146;re utilization can drop and how soon is it going to be till you get the next big job. So that business has done better than my expectation
based on lots of time and history in hitting the ground running and just building itself. It&#146;s just &#151; it&#146;s been a constant delightful surprise. And Carlyn gets all obsessed, if we have a month where it feels low utilization, but the
truth is, that business is on fire and it&#146;s doing a great job of both delivering on its current work, but then extending that via references into other work. So we&#146;re excited about that business. There&#146;s huge amount of upside to it.
I&#146;m sure that business at least as much as any of them, will have swings <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">quarter-to-quarter,</FONT></FONT> just because the law of large numbers doesn&#146;t yet apply to it. But
it&#146;s done extremely well, and it&#146;s been a &#151; it&#146;s not a positive surprise in the sense of long term, we have enormous confidence in the long term. The speed with which it&#146;s taken hold has been a positive surprise. Does that
makes sense, Tim? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy John McHugh</B> - William Blair&nbsp;&amp; Company L.L.C., Research Division - Partner&nbsp;&amp; Global Services Analyst
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. That helps. Now let me follow up the Senior Managing Director headcount growth you talked about. I know you probably hired a little bit in every
part of the business, but where are the disproportional bets being made as we go here in 2019 with that headcount growth? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ajay J. Sabherwal</B> - FTI
Consulting, Inc. - CFO&nbsp;&amp; Interim CAO </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks Tim, for the question. It&#146;s Ajay here. So as you would imagine, success breeds hiring. So
outside of United States, a lot more &#151; I think 51% of them are outside of the United States. Tremendous, tremendous growth. Earlier question on EMEA, EMEA grew year-over-year 24%. So I mean we are doing extremely well and we are hiring both
there and in the U.S. In terms of segments, FLC a little bit higher than the average, CF right at the average, and the others, slightly below. I mean, that&#146;s &#151; in Technology too, we were able to attract some really good talent in various
countries around the world. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy John McHugh</B> - William Blair&nbsp;&amp; Company L.L.C., Research Division - Partner&nbsp;&amp; Global Services
Analyst </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. And then maybe related to that, you talked about EMEA. I know it&#146;s probably not a driver in historical results, but how are you
thinking about the potential changes to audit rules in the U.K? And the opportunity, I guess, relative to the big 4 in the U.K. market over the next couple of years here. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FEBRUARY 26, 2019 / 2:00PM, FCN - Q4 2018 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>Steven H. Gunby</B> - FTI Consulting, Inc. - President, CEO&nbsp;&amp; Director </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. That&#146;s a good question here. I mean I think we like to believe &#151; the part of the reason we&#146;re attracting so much talent is because I think
we&#146;re now seen as a really winning firm is Europe. But I have to admit that some of the reason we&#146;re attracting so much of talent, is some of the dislocation in the big 4 over there. I mean, it&#146;s &#151; as you know, Tim, it&#146;s
pretty serious. And our parts of the big 4 are the most contentious parts of the big 4. They&#146;re the parts, which have the most conflict, the most chance of conflict, right? It&#146;s bit litigation, it&#146;s big investigations, it&#146;s
bankruptcy. So the big 4 parts that are most likely to get shaken loose by the disruptions over that are the parts that we are specialize in. And so it is a very fertile ground for us right now, and who knows how this sorts out over the next couple
of years. But based on what I read in the paper, it&#146;s likely to continue to be that for some time to come. You read it differently? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Timothy John
McHugh</B> - William Blair&nbsp;&amp; Company L.L.C., Research Division - Partner&nbsp;&amp; Global Services Analyst </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No. That&#146;s the same &#151;
consistent with what I&#146;m hearing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And ladies and gentlemen, that will conclude our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">question-and-answer</FONT></FONT> session
and will also conclude our conference call for today. We thank you for attending today&#146;s presentation. And at this time, you may disconnect your lines. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">D I S C L A I M E R </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">FTI
Consulting, Inc. 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="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the conference calls upon which Event Transcripts are based, FTI Consulting, Inc. 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 FTI Consulting, Inc.&#146;s 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="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE 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 TRANSCRIBER OR FTI CONSULTING, INC. ASSUME ANY RESPONSIBILITY FOR
ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW FTI CONSULTING, INC.&#146;S CONFERENCE CALL ITSELF AND SEC FILINGS BEFORE MAKING ANY INVESTMENT OR
OTHER DECISIONS. </P>
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