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Segment Reporting | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting We manage our business in five reportable segments: Corporate Finance, FLC, Economic Consulting, Technology and Strategic Communications. Our Corporate Finance segment focuses on the strategic, operational, financial, transactional and capital needs of our clients around the world and delivers a wide range of service offerings related to restructuring, business transformation and transactions. Our restructuring practice includes corporate restructuring, including bankruptcy and interim management services. Our business transformation and transactions practices include financial, operational and performance improvement services, as well as due diligence, financing advisory, mergers and acquisitions ("M&A") advisory, M&A integration, carveout support and valuations. Our FLC segment provides law firms, companies, government clients and other interested parties with multidisciplinary and independent services related to risk advisory, investigations and disputes. We have expertise in anti-corruption/anti-money laundering investigations and compliance, cybersecurity, data analytics, export controls and sanctions, and monitorship. We offer specialized industry expertise in the areas of insurance, construction, healthcare, environmental and trial services. Our Economic Consulting segment provides law firms, companies, government entities and other interested parties with analysis of complex economic issues for use in legal, regulatory and international arbitration proceedings, strategic decision making and public policy debates in the U.S. and around the world. Our Technology segment provides companies and law firms with a comprehensive and global portfolio of consulting and services for information governance, privacy and security, electronic discovery and insight analytics. Our consulting expertise enables clients to more confidently govern, secure, find, analyze and rapidly understand their data in the context of compliance and risk. Our Strategic Communications segment designs and executes communications strategies for CEOs, management teams and boards of directors that help them seize opportunities, manage financial, regulatory and reputational challenges, navigate market disruptions, articulate their corporate brand, stake a competitive position, and preserve their freedom to operate. We evaluate the performance of our operating segments based on Adjusted Segment EBITDA, a GAAP financial measure. We define Adjusted Segment EBITDA as a segment’ The table below presents revenues and Adjusted Segment EBITDA for our reportable segments for the years ended December 31, 2019, 2018 and 2017.
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Revenues |  |  |  |  |
Corporate Finance | $ | 723,721 |  |  | $ | 564,479 |  |  | $ | 482,041 |
FLC | 577,780 |  |  | 520,333 |  |  | 462,324 |
Economic Consulting | 592,542 |  |  | 533,979 |  |  | 496,029 |
Technology | 215,584 |  |  | 185,755 |  |  | 174,850 |
Strategic Communications | 243,090 |  |  | 223,331 |  |  | 192,488 |
Total revenues | $ | 2,352,717 |  |  | $ | 2,027,877 |  |  | $ | 1,807,732 |
Adjusted Segment EBITDA |  |  |  |  |
Corporate Finance | $ | 160,735 |  |  | $ | 121,660 |  |  | $ | 82,863 |
FLC | 104,435 |  |  | 96,821 |  |  | 72,705 |
Economic Consulting | 84,112 |  |  | 69,955 |  |  | 61,964 |
Technology | 45,688 |  |  | 27,387 |  |  | 22,171 |
Strategic Communications | 44,544 |  |  | 42,918 |  |  | 27,732 |
Total Adjusted Segment EBITDA | $ | 439,514 |  |  | $ | 358,741 |  |  | $ | 267,435 |
The table below reconciles net income to Total Adjusted Segment EBITDA. Unallocated corporate expenses primarily include indirect costs related to centrally managed administrative functions that have not been allocated to the segments. These administrative costs include costs related to executive management, legal, corporate office support costs, information technology, accounting, marketing, human resources and company-wide business development and strategy functions.
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Net income | $ | 216,726 |  |  | $ | 150,611 |  |  | $ | 107,962 |
Add back: |  |  |  |  |
Income tax provision (benefit) | 71,724 |  |  | 57,181 |  |  | (20,857 | )
Interest income and other | (2,061 | ) |  | (4,977 | ) |  | (3,752 | )
Interest expense | 19,206 |  |  | 27,149 |  |  | 25,358 |
Gain on sale of business | — |  |  | (13,031 | ) |  | — |
Loss on early extinguishment of debt | — |  |  | 9,072 |  |  | — |
Unallocated corporate expenses | 98,398 |  |  | 96,595 |  |  | 83,140 |
Segment depreciation expense | 27,369 |  |  | 27,979 |  |  | 27,112 |
Amortization of intangible assets | 8,152 |  |  | 8,162 |  |  | 10,563 |
Segment special charges | — |  |  | — |  |  | 37,207 |
Remeasurement of acquisition-related contingent consideration | — |  |  | — |  |  | 702 |
Total Adjusted Segment EBITDA | $ | 439,514 |  |  | $ | 358,741 |  |  | $ | 267,435 |
The table below presents assets by segment. Segment assets primarily include accounts and notes receivable, fixed assets purchased specifically for the segment, goodwill and other intangible assets.
| December 31,
| 2019 |  | 2018
Corporate Finance | $ | 814,820 |  |  | $ | 707,924 |
FLC | 462,155 |  |  | 412,667 |
Economic Consulting | 543,475 |  |  | 516,123 |
Technology | 200,430 |  |  | 171,002 |
Strategic Communications | 217,129 |  |  | 212,147 |
Total segment assets | 2,238,009 |  |  | 2,019,863 |
Unallocated corporate assets | 545,133 |  |  | 359,258 |
Total assets | $ | 2,783,142 |  |  | $ | 2,379,121 |
The table below details information on our revenues for the years ended December 31, 2019, 2018 and 2017. Revenues have been attributed to locations based on the location of the legal entity generating the revenues.
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
U.S. | $ | 1,555,133 |  |  | $ | 1,372,116 |  |  | $ | 1,262,682 |
United Kingdom | 389,338 |  |  | 302,576 |  |  | 251,843 |
All other foreign countries | 408,246 |  |  | 353,185 |  |  | 293,207 |
Total revenues | $ | 2,352,717 |  |  | $ | 2,027,877 |  |  | $ | 1,807,732 |
We do not have a single customer that represents 10% or more of our consolidated revenues. The table below details information on our long-lived assets and net assets by geographic location, which is based on the location of the legal entity holding the assets. We define net assets as total assets less total liabilities.
| December 31, 2019 |  | December 31, 2018
| U.S. |  | United Kingdom |  | All Other Foreign Countries |  | U.S. |  | United Kingdom |  | All Other Foreign Countries
Property and equipment, net | $ | 63,563 |  |  | $ | 16,423 |  |  | $ | 13,686 |  |  | $ | 59,611 |  |  | $ | 14,023 |  |  | $ | 10,943 |
Net assets | $ | 925,288 |  |  | $ | 196,087 |  |  | $ | 367,767 |  |  | $ | 867,321 |  |  | $ | 160,894 |  |  | $ | 320,610 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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