Financial Performance - First quarter 2025 revenues were $898.3 million, a decrease of $30.3 million or 3.3% compared to $928.6 million in the prior year quarter[3]. - Net income for the first quarter 2025 was $61.8 million, down from $80.0 million in the prior year quarter, primarily due to lower revenues and a $25.3 million special charge[3]. - Adjusted EBITDA for the first quarter 2025 was $115.2 million, representing 12.8% of revenues, compared to $111.1 million or 12.0% of revenues in the prior year quarter[3]. - First quarter 2025 earnings per diluted share (EPS) were $1.74, down from $2.23 in the prior year quarter, with adjusted EPS of $2.29 compared to $2.23 in the prior year quarter[4]. - Operating income for Q1 2025 was $78,707 thousand, down 21.0% from $99,633 thousand in Q1 2024[31]. - Net income for Q1 2025 was $61,824 thousand, a decline of 22.7% compared to $79,965 thousand in Q1 2024[31]. - Adjusted net income for Q1 2025 was $81,320 thousand, remaining stable compared to $79,965 thousand in Q1 2024[32]. - Net income for Q1 2025 decreased to $61,824 from $79,965 in Q1 2024, representing a decline of approximately 22.7%[38]. Segment Performance - The Corporate Finance & Restructuring segment saw revenues decrease by $22.4 million or 6.1% to $343.6 million, with adjusted segment EBITDA of $55.9 million, or 16.3% of segment revenues[10]. - The Forensic and Litigation Consulting segment reported an 8.3% increase in revenues to $190.6 million, with adjusted segment EBITDA of $37.5 million, or 19.7% of segment revenues[11]. - The Economic Consulting segment experienced a revenue decline of $24.7 million or 12.1% to $179.9 million, with adjusted segment EBITDA of $14.4 million, or 8.0% of segment revenues[13]. - The Corporate Finance & Restructuring segment generated revenues of $343,645 thousand with an adjusted EBITDA margin of 16.3% in Q1 2025[35]. - The Forensic and Litigation Consulting segment reported revenues of $190,602 thousand with an adjusted EBITDA margin of 19.7% in Q1 2025[35]. Share Repurchase and Capital Management - The company repurchased 1,126,995 shares at an average price of $165.15 for a total cost of $186.1 million, with approximately $264.3 million remaining for future repurchases[7]. - The company announced a $400.0 million increase in share repurchase authorization, bringing the total authorization to $1.7 billion since the program's inception[9]. - The company repurchased common stock totaling $182,641 during the quarter, reflecting a new strategy in capital management[38]. Special Charges and Workforce Changes - A special charge of $25.3 million was recorded in the first quarter 2025, reflecting the termination of approximately 5% of the workforce, expected to yield annualized cost savings of about $85 million[16]. - The company incurred special charges of $25,295 thousand in Q1 2025, impacting net income and adjusted EPS[32]. Cash Flow and Balance Sheet - Net cash used in operating activities increased significantly to $(465,210) compared to $(274,818) in the prior year, indicating a rise of 69.1%[38]. - Cash and cash equivalents at the end of the period dropped to $151,121 from $243,960, a decrease of 38.1%[38]. - Total assets decreased to $3,347,702 thousand as of March 31, 2025, from $3,596,830 thousand as of December 31, 2024[29]. - Total liabilities decreased to $1,198,064 thousand as of March 31, 2025, from $1,338,540 thousand as of December 31, 2024[29]. - Total borrowings under the revolving line of credit amounted to $235,000, down from $280,000 in the previous year[38]. Other Financial Metrics - Depreciation of property and equipment was $10,145, slightly down from $10,424, showing a minor reduction of 2.7%[38]. - The provision for expected credit losses decreased to $7,214 from $11,420, a reduction of 36.5%[38]. - Accounts receivable, billed and unbilled, showed a negative change of $(74,890), compared to $(73,201) in the previous year[38]. - The effect of exchange rate changes on cash and cash equivalents resulted in a positive impact of $5,942, contrasting with a negative impact of $(3,635) last year[38]. - Net cash provided by (used in) investing activities was $(17,803), a significant decline from $20,606 in the prior year[38].

Core Insights - FTI Consulting has appointed Josh Harris as a Senior Managing Director in the Private Equity practice within its Corporate Finance & Restructuring segment [1][2] - Mr. Harris brings nearly 20 years of experience in partnering with private equity firms and corporate clients, focusing on value creation throughout the deal lifecycle [2] - His expertise includes portfolio strategy, performance improvement, post-merger integration, and organizational restructuring [2] Company Overview - FTI Consulting is a global expert firm specializing in crisis and transformation, with over 8,100 employees across 33 countries as of March 31, 2025 [5] - The company generated $3.70 billion in revenues during fiscal year 2024 [5] Role and Responsibilities - In his new role, Mr. Harris will focus on large-scale transformations, change management, and operational design for private equity firms and clients in regulated sectors such as aerospace, defense, and technology [3][4] - His previous experience includes leadership roles at Bain & Company and PwC Strategy&, where he managed enterprise strategy and transformation projects for Fortune 200 clients [4] Strategic Focus - Mr. Harris emphasizes the need for customized solutions to complex business challenges, aiming to help clients enhance profitability through revenue growth and cost optimization [5]

FTI Consulting, Inc. First Quarter 2025 Earnings Conference Call April 24, 2025 Cautionary Note About Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve uncertainties and risks. Forward-looking statements include statements concerning our plans, initiatives, projections, prospects, policies, processes and practices, obje ...

Financial Data and Key Metrics Changes - First quarter 2025 revenues were $898.3 million, a decrease of $30.3 million or 3.3% compared to the first quarter of the previous year [49] - GAAP earnings per share (EPS) were $1.74 compared to $2.23 in the prior year quarter, while adjusted EPS was $2.29 compared to $2.23 in the prior year quarter [50] - Net income decreased to $61.8 million from $80 million in the prior year quarter, primarily due to lower revenues and a special charge [51] - Adjusted EBITDA for the first quarter 2025 was $115.2 million, or 12.8% of revenues, compared to $111.1 million, or 12% of revenues in the prior year quarter [53] Business Line Data and Key Metrics Changes - **Corporate Finance and Restructuring**: Revenues decreased by 6.1% to $343.6 million, with adjusted segment EBITDA of $55.9 million or 16.3% of segment revenues [56] - **Forensic and Litigation Consulting (FLC)**: Achieved record revenues of $190.6 million, an increase of 8.3%, with adjusted segment EBITDA of $37.5 million or 19.7% of segment revenues [59] - **Economic Consulting**: Revenues decreased by 12.1% to $179.9 million, with adjusted segment EBITDA of $14.4 million or 8% of segment revenues [62] - **Technology**: Revenues decreased by 3.5% to $97.2 million, with adjusted segment EBITDA of $11.6 million or 11.9% of segment revenues [64] - **Strategic Communications**: Revenues increased by 7.2% to $87 million, with adjusted segment EBITDA of $12.9 million or 14.8% of segment revenues [67] Market Data and Key Metrics Changes - The restructuring market is currently not particularly strong, impacting the Corporate Finance and Restructuring segment [21] - The M&A market has seen a decline, with U.S. deal volume falling 13% year over year [75] - The federal premerger notification program recorded the lowest monthly filing total in nearly five years, with only 89 transactions in March 2025 [66] Company Strategy and Development Direction - The company is focused on enhancing its visibility and expertise in various sectors, particularly in forensic and litigation consulting, which has shown strong performance [12][18] - There is a commitment to investing in talent acquisition, particularly in areas like antitrust, financial economics, and digital assets, despite the near-term financial impact [78] - The company is cautious about the potential impacts of regulatory changes on its business, particularly in areas like anti-consumer fraud and anti-money laundering [90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the medium to long-term trajectory of the business despite current uncertainties in the market [42][43] - The company anticipates potential headwinds in 2025, particularly in the Economic Consulting segment due to recent departures and market conditions [30][34] - Management highlighted the importance of adapting to macroeconomic factors and maintaining a focus on client needs amidst regulatory changes [25][41] Other Important Information - The company funded $162 million in forgivable loans to attract new talent, which will impact adjusted EBITDA in the near term [73] - The board of directors authorized an additional $400 million for share repurchases, with approximately $568.3 million remaining available under the program [71] Q&A Session Summary Question: Impact of tariffs on business - Management noted that tariffs could have both positive and negative impacts across various segments, particularly in restructuring and supply chain consulting [83][86] Question: Effect of regulatory changes on forensic and litigation consulting - Management indicated that while there has not been a significant effect yet, potential regulatory rollbacks could impact the business in the future [89][90] Question: Guidance for the year - Management confirmed that the guidance provided at the fourth quarter 2024 earnings call remains applicable and will be updated at the second quarter earnings call [93][94] Question: Revenue headwinds from departures in Economic Consulting - Management acknowledged that the financial impact from departures is expected to be significant, with a potential increase in the estimated revenue headwind [102] Question: Trends in healthcare business within FLC - Management reported positive performance in healthcare practices, with good business activity compared to the previous year [112][113] Question: Distribution of headcount actions - Management provided details on headcount actions, indicating a balanced distribution across segments and geographies, with a slight emphasis on senior roles [119]

Financial Data and Key Metrics Changes - First quarter 2025 revenues were $898.3 million, a decrease of $30.3 million or 3.3% compared to the first quarter of the previous year [49] - GAAP earnings per share (EPS) were $1.74 compared to $2.23 in the prior year quarter, while adjusted EPS was $2.29 compared to $2.23 in the prior year quarter [50] - Net income decreased to $61.8 million from $80 million in the prior year quarter, primarily driven by lower revenues and a special charge [51] - Adjusted EBITDA for the first quarter 2025 was $115.2 million, or 12.8% of revenues, compared to $111.1 million, or 12% of revenues in the prior year quarter [53] Business Line Data and Key Metrics Changes - Corporate Finance and Restructuring revenues were $343.6 million, a decrease of 6.1% compared to the previous year, with Restructuring representing 46% of segment revenues [56] - Forensic and Litigation Consulting (FLC) achieved record revenues of $190.6 million, an increase of 8.3%, driven by higher realized bill rates for Risk and Investigation services [59] - Economic Consulting revenues decreased by 12.1% to $179.9 million, primarily due to lower demand for M&A-related antitrust services [61] - Technology revenues decreased by 3.5% to $97.2 million, mainly due to lower demand for M&A-related second request services [64] - Strategic Communications revenues increased by 7.2% to $87 million, driven by higher demand for corporate reputation services [66] Market Data and Key Metrics Changes - The federal premerger notification program recorded just 89 transactions in March 2025, marking the lowest monthly filing total in nearly five years [66] - U.S. deal volume fell 13% year over year, with only one mega-deal over $10 billion announced in Q1 [75] Company Strategy and Development Direction - The company is focused on helping clients navigate disruptions in areas such as cybersecurity, export controls, and regulatory advocacy [79] - The restructuring practice is positioned to assist clients globally, with a strong emphasis on adapting to changing market conditions [79] - The company continues to invest in talent acquisition, particularly in areas like antitrust, financial economics, and digital assets, despite the near-term financial impact [78] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the potential impact of regulatory changes on business performance, particularly in areas like anti-consumer fraud and anti-money laundering [17][90] - There is significant uncertainty in the M&A market, which could affect demand for related services in Economic Consulting and Technology [75] - Despite challenges, management remains confident in the company's long-term prospects and the strength of its various business segments [44][48] Other Important Information - The company funded $162 million in forgivable loans to attract new talent, which will impact adjusted EBITDA in the near term [73] - The board of directors authorized an additional $400 million for share repurchases, with approximately $568.3 million remaining available under the program [71] Q&A Session Summary Question: Impact of tariffs on business - Management noted that tariffs could create stress for clients dependent on cost of goods sold from China, leading to increased demand for restructuring services [86] Question: Effect of regulatory changes on business - Management indicated that while there has not been a significant effect from recent regulatory changes, they are monitoring the situation closely [90] Question: Guidance for the year - Management confirmed that the guidance provided at the fourth quarter 2024 earnings call is still applicable and will be updated at the second quarter earnings call [94] Question: Revenue headwind from departures in Economic Consulting - Management acknowledged that the financial impact from departures is likely to be higher than previously speculated, affecting EBITDA significantly [102] Question: Trends in healthcare business within FLC - Management reported good performance in healthcare practices, with both regulatory-oriented and performance improvement segments showing positive results [112] Question: Distribution of headcount actions - Management stated that headcount actions were spread across all levels and geographies, with a slight bias towards senior positions [119]

Core Insights - FTI Consulting reported revenue of $898.28 million for Q1 2025, a year-over-year decline of 3.3%, with an EPS of $2.29 compared to $2.23 a year ago, indicating a positive EPS surprise of 27.93% against the consensus estimate of $1.79 [1][2] Revenue Performance by Segment - Technology segment generated $97.16 million, below the average estimate of $98.64 million, reflecting a year-over-year decline of 3.5% [4] - Strategic Communications segment achieved $87.02 million, exceeding the average estimate of $86.30 million, with a year-over-year increase of 7.2% [4] - Corporate Finance & Restructuring segment reported $343.65 million, below the estimated $352.91 million, marking a decline of 6.1% year-over-year [4] - Economic Consulting segment earned $179.86 million, under the average estimate of $182.74 million, showing a year-over-year decrease of 12.1% [4] - Forensic and Litigation Consulting segment reached $190.60 million, surpassing the estimated $180.63 million, with an 8.3% increase compared to the previous year [4] Stock Performance - FTI Consulting shares have returned +3.8% over the past month, contrasting with the Zacks S&P 500 composite's -5.1% change, although the stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance in the near term [3]

Financial Data and Key Metrics Changes - First quarter 2025 revenues were $898.3 million, a decrease of $30.3 million or 3.3% compared to the first quarter of the previous year [32] - GAAP earnings per share (EPS) were $1.74 compared to $2.23 in the prior year quarter, while adjusted EPS was $2.29 compared to $2.23 in the prior year quarter [33] - Net income decreased to $61.8 million from $80 million in the prior year quarter, primarily due to lower revenues and a special charge [33] - Adjusted EBITDA for the first quarter was $115.2 million or 12.8% of revenues, compared to $111.1 million or 12% of revenues in the prior year quarter [35] Business Line Data and Key Metrics Changes - **Corporate Finance and Restructuring**: Revenues decreased 6.1% to $343.6 million, with adjusted segment EBITDA of $55.9 million or 16.3% of segment revenues [37][38] - **Forensic and Litigation Consulting (FLC)**: Record revenues of $190.6 million increased 8.3%, with adjusted segment EBITDA of $37.5 million or 19.7% of segment revenues [39][40] - **Economic Consulting**: Revenues decreased 12.1% to $179.9 million, with adjusted segment EBITDA of $14.4 million or 8% of segment revenues [41][42] - **Technology**: Revenues decreased 3.5% to $97.2 million, with adjusted segment EBITDA of $11.6 million or 11.9% of segment revenues [44] - **Strategic Communications**: Revenues increased 7.2% to $87 million, with adjusted segment EBITDA of $12.9 million or 14.8% of segment revenues [46] Market Data and Key Metrics Changes - The restructuring market is currently booming, but the M&A market is not, impacting the Corporate Finance and Restructuring segment [14][17] - The federal pre-merger notification program recorded the lowest monthly filing total in nearly five years, indicating a slowdown in M&A activity [45] - The economic consulting segment is facing headwinds due to lower demand for M&A related antitrust services [41][90] Company Strategy and Development Direction - The company is focused on enhancing its capabilities in areas such as cybersecurity, export controls, and regulatory advocacy [52] - There is a commitment to investing in talent across various sectors, including antitrust and financial economics, despite the near-term financial pressures [51][52] - The company remains optimistic about its medium-term trajectory, particularly in the FLC and Corporate Finance segments [11][20] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the potential impact of regulatory changes on the business, particularly in areas like anti-consumer fraud and anti-money laundering [11][60] - There is significant uncertainty in the macroeconomic environment, affecting M&A activity and overall demand for consulting services [17][28] - Despite challenges, management remains confident in the company's long-term prospects and ability to navigate market fluctuations [28][31] Other Important Information - The company funded $162 million in forgivable loans to retain professionals and attract new talent, primarily in the economic consulting segment [47][49] - Share repurchases totaled approximately 1.7 million shares, with an additional $400 million authorized for future buybacks [48][52] Q&A Session Summary Question: Impact of tariffs on business - Management noted that tariffs could create stress for clients dependent on Chinese goods, leading to increased demand for restructuring services [57] Question: Effect of regulatory changes on forensic and litigation consulting - Currently, there has been no significant effect from regulatory changes, but potential future impacts are being monitored closely [60][61] Question: Guidance for the year - The guidance provided at the fourth quarter 2024 earnings call remains applicable, with updates expected at the second quarter earnings call [62] Question: Revenue headwinds from departures in economic consulting - Departures are expected to have a significant impact on EBITDA, with a potential revenue headwind greater than previously speculated [69] Question: Trends in healthcare business within FLC - The healthcare practices within FLC performed well, showing improvement compared to the previous year [78][79] Question: Distribution of headcount actions - Headcount reductions were spread across all levels and geographies, with a slight emphasis on senior positions [84]

Core Insights - FTI Consulting reported quarterly earnings of $2.29 per share, exceeding the Zacks Consensus Estimate of $1.79 per share, and showing a slight increase from $2.23 per share a year ago, resulting in an earnings surprise of 27.93% [1] - The company posted revenues of $898.28 million for the quarter ended March 2025, which fell short of the Zacks Consensus Estimate by 0.27% and decreased from $928.55 million year-over-year [2] - FTI Consulting has surpassed consensus EPS estimates two times over the last four quarters, while it has only topped revenue estimates once during the same period [2] Earnings Outlook - The immediate price movement of FTI Consulting's stock will largely depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.89, with projected revenues of $916.33 million, and for the current fiscal year, the EPS estimate is $7.85 on revenues of $3.69 billion [7] Industry Context - The Consulting Services industry, to which FTI Consulting belongs, is currently ranked in the top 9% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% of industries [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] Stock Performance - FTI Consulting shares have declined approximately 11.8% since the beginning of the year, while the S&P 500 has decreased by 8.6% [3] - The estimate revisions trend for FTI Consulting is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expectations of underperformance in the near future [6]

Core Viewpoint - FTI Consulting reported a decline in revenues and net income for the first quarter of 2025, primarily due to lower performance in the Economic Consulting and Corporate Finance & Restructuring segments, although some segments showed growth. The company also announced an increase in its share repurchase authorization. Financial Performance - First quarter 2025 revenues were $898.3 million, a decrease of $30.3 million or 3.3% from $928.6 million in the prior year quarter [2] - Net income for the first quarter was $61.8 million, down from $80.0 million in the prior year quarter, impacted by a special charge of $25.3 million related to severance and employee-related costs [2][3] - Adjusted EBITDA was $115.2 million, representing 12.8% of revenues, compared to $111.1 million or 12.0% of revenues in the prior year quarter [2] Earnings Per Share - Earnings per diluted share (EPS) for the first quarter 2025 was $1.74, down from $2.23 in the prior year quarter, with a special charge reducing EPS by $0.55 [3] - Adjusted EPS for the first quarter was $2.29, slightly up from $2.23 in the prior year quarter [3] Segment Performance - Corporate Finance & Restructuring segment revenues decreased by $22.4 million or 6.1% to $343.6 million, primarily due to lower demand for transformation and strategy services [9] - Forensic and Litigation Consulting segment revenues increased by $14.5 million or 8.3% to $190.6 million, driven by higher realized bill rates for risk and investigations services [12] - Economic Consulting segment revenues decreased by $24.7 million or 12.1% to $179.9 million, mainly due to lower demand for M&A-related services [13] - Technology segment revenues decreased by $3.6 million or 3.5% to $97.2 million, attributed to lower demand for M&A-related services [14] - Strategic Communications segment revenues increased by $5.8 million or 7.2% to $87.0 million, supported by higher demand for corporate reputation services [15] Cash Position and Capital Allocation - Net cash used in operating activities was $465.2 million for the quarter, compared to $274.8 million in the prior year quarter, primarily due to increased forgivable loan issuances and higher variable compensation [5] - The company repurchased 1,126,995 shares at an average price of $165.15, totaling $186.1 million, with approximately $264.3 million remaining for future repurchases [6][8] - Cash and cash equivalents decreased to $151.1 million from $244.0 million a year ago, with total debt net of cash at $8.9 million [7] Special Charges - The company incurred a special charge of $25.3 million in the first quarter, part of a broader restructuring effort that included a total of $33.5 million in special charges over two quarters, reflecting a reduction of approximately 5% of its workforce [16]

Financial Performance - Revenues for Q1 2025 decreased by $30.3 million, or 3.3%, to $898.3 million compared to Q1 2024[76] - Net income for Q1 2025 decreased by $18.1 million, or 22.7%, to $61.8 million compared to Q1 2024[80] - Adjusted EBITDA for Q1 2025 increased by $4.1 million, or 3.7%, to $115.2 million, with an Adjusted EBITDA Margin of 12.8%[81] - Total revenues for the three months ended March 31, 2025, were $898,282,000, a decrease of 3.2% from $928,553,000 in the same period of 2024[86] - Net income for the three months ended March 31, 2025, was $61,824,000, down 22.7% from $79,965,000 in the prior year[86] - Adjusted EBITDA for the three months ended March 31, 2025, increased to $115,164,000, compared to $111,073,000 in 2024, reflecting a growth of 3.5%[87] Cash Flow and Expenses - Free Cash Flow was an outflow of $483.0 million in Q1 2025, compared to an outflow of $279.5 million in Q1 2024[84] - Net cash used in operating activities increased by $190.4 million, or 69.3%, to $465.2 million in Q1 2025[83] - The company reported a net cash used in operating activities of $465,210,000 for the three months ended March 31, 2025, compared to $274,818,000 in 2024[89] - Unallocated corporate expenses decreased by $19.8 million, or 50.0%, to $19.8 million for the three months ended March 31, 2025, primarily due to a legal settlement gain[91] - Net cash used in investing activities was $17.8 million, a decrease of $38.4 million compared to net cash provided by investing activities of $20.6 million in the prior year[131] - Net cash used in financing activities increased by $230.9 million to $32.3 million, primarily due to $182.6 million in common stock repurchases[132] Segment Performance - The decrease in revenues was primarily due to lower performance in the Economic Consulting and Corporate Finance segments[77] - Revenues for the Corporate Finance segment decreased by $22.4 million, or 6.1%, to $343.6 million, primarily due to lower demand and realized bill rates for transformation & strategy and restructuring services[102] - Gross profit for the Corporate Finance segment decreased by $15.7 million, or 12.3%, with a gross profit margin decline of 2.3 percentage points to 32.6%[103] - Revenues for the Forensic and Litigation Consulting segment increased by $14.5 million, or 8.3%, to $190.6 million, driven by higher realized bill rates and increased demand for data & analytics services[106] - Gross profit for the Forensic and Litigation Consulting segment increased by $9.0 million, or 14.1%, with a gross profit margin of 38.1%[107] - Revenues for the Economic Consulting segment decreased by $24.7 million, or 12.1%, to $179.9 million, primarily due to lower demand for M&A-related services[110] - Gross profit for the Economic Consulting segment decreased by $3.7 million, or 8.2%, with a gross profit margin increase of 1.0 percentage points to 23.0%[111] - Revenues for the Technology segment decreased by $3.6 million, or 3.5%, to $97.2 million, primarily due to lower demand for M&A-related services[114] - Gross profit for the Technology segment decreased by $3.7 million, or 10.2%, with a gross profit margin decline of 2.5 percentage points to 33.9%[115] Employee Metrics - The total number of employees increased to 8,105 in Q1 2025 from 8,055 in Q1 2024[76] - The company experienced a net reduction in headcount of 269, or 3.2%, from December 31, 2024, to March 31, 2025[85] - The total number of billable professionals increased to 6,395, up from 6,366, reflecting a 0.5% increase year-over-year[1] - The number of billable professionals decreased by 4.5% to 937 compared to 981 in the prior year[118] Financial Obligations and Risks - Future contractual obligations include long-term obligations of $160.0 million related to outstanding borrowings under the Credit Facility as of March 31, 2025[141] - Current obligations under operating leases amount to $33.8 million, with non-current obligations totaling $201.2 million[141] - The company was contingently liable under bank guarantees totaling $13.1 million as of March 31, 2025, up from $10.9 million as of December 31, 2024[143] - Available amounts under guarantee facilities were $33.7 million as of March 31, 2025, compared to $31.8 million as of December 31, 2024[143] - Key risks include changes in demand for services, ability to recruit qualified professionals, and competition for clients and key personnel[146] - The company has no material changes in market risk exposure during the period covered by the report[148] - Future events could cause actual payments to differ from projected amounts due to various assumptions including interest rates[142] Forward-Looking Statements - The company emphasizes that forward-looking statements involve uncertainties and risks that could cause actual results to differ materially[144] - The company does not intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances[147] - The company has guaranteed facilities totaling $46.8 million as of March 31, 2025[143] - The company anticipates additional capital expenditures of between $50 million and $60 million for the remainder of 2025, including costs related to new office space[138] - During the three months ended March 31, 2025, the company made $182.6 million in payments for common stock repurchases, with $264.3 million remaining available under the Repurchase Program[140]